Applied Digital (NASDAQ:APLD) Shares Up 12.6% on Analyst Upgrade

Shares of Applied Digital Co. (NASDAQ:APLD) shot up 12.6% on Wednesday after HC Wainwright raised their price target on the stock from $5.00 to $10.00. HC Wainwright currently has a buy rating on the stock. Applied Digital traded as high as $8.26 and last traded at $8.22. 7,403,553 shares were traded during trading, an increase of 11% from the average session volume of 6,687,593 shares. The stock had previously closed at $7.30.

A number of other equities research analysts also recently weighed in on APLD. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. B. Riley raised their price objective on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Craig Hallum raised their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. Finally, Lake Street Capital raised their price objective on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $10.50.

Insiders Place Their Bets

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $5.50, for a total value of $55,000.00. Following the completion of the sale, the director now owns 218,506 shares of the company’s stock, valued at approximately $1,201,783. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Richard N. Nottenburg sold 80,000 shares of Applied Digital stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the sale, the director now owns 433,686 shares of the company’s stock, valued at $3,196,265.82. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $5.50, for a total value of $55,000.00. Following the sale, the director now directly owns 218,506 shares of the company’s stock, valued at $1,201,783. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 20.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Institutional investors and hedge funds have recently modified their holdings of the company. Headlands Technologies LLC lifted its holdings in shares of Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after purchasing an additional 6,933 shares during the period. ARS Investment Partners LLC acquired a new stake in shares of Applied Digital during the second quarter worth about $60,000. Principal Financial Group Inc. purchased a new position in Applied Digital during the first quarter valued at approximately $50,000. ICA Group Wealth Management LLC purchased a new position in Applied Digital during the fourth quarter valued at approximately $81,000. Finally, Crumly & Associates Inc. purchased a new position in Applied Digital during the second quarter valued at approximately $110,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Stock Performance

The firm has a 50-day moving average of $5.76 and a two-hundred day moving average of $4.86. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14. The company has a market capitalization of $1.10 billion, a PE ratio of -10.19 and a beta of 4.56.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.13. The company had revenue of $60.70 million during the quarter, compared to analysts’ expectations of $54.85 million. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. Applied Digital’s quarterly revenue was up 67.2% on a year-over-year basis. During the same period last year, the business earned ($0.10) earnings per share. Research analysts anticipate that Applied Digital Co. will post -1.12 EPS for the current year.

Applied Digital Company Profile

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.