Applied Digital (NASDAQ:APLD) Given New $12.00 Price Target at HC Wainwright

Applied Digital (NASDAQ:APLD) had its target price boosted by HC Wainwright from $10.00 to $12.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

Other equities research analysts also recently issued research reports about the company. Lake Street Capital boosted their price target on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Roth Mkm reissued a “buy” rating and set a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research report on Wednesday. Cantor Fitzgerald dropped their price objective on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Craig Hallum lifted their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $11.29.

Applied Digital Trading Down 0.9 %

NASDAQ APLD opened at $8.90 on Wednesday. The company has a 50-day moving average of $8.82 and a 200-day moving average of $6.98. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. Applied Digital has a 12 month low of $2.36 and a 12 month high of $11.25. The company has a market cap of $1.98 billion, a P/E ratio of -7.61 and a beta of 4.78.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The company had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. During the same quarter last year, the firm posted ($0.05) earnings per share. Applied Digital’s revenue was up 51.3% on a year-over-year basis. As a group, equities analysts predict that Applied Digital will post -0.4 earnings per share for the current year.

Insider Buying and Selling

In other Applied Digital news, Director Richard N. Nottenburg sold 19,369 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $7.51, for a total transaction of $145,461.19. Following the completion of the sale, the director now owns 384,317 shares in the company, valued at $2,886,220.67. This trade represents a 4.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $1,840,000.00. Following the sale, the chief executive officer now owns 3,875,955 shares in the company, valued at $35,658,786. This represents a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 269,369 shares of company stock valued at $2,445,461 in the last quarter. Company insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

A number of hedge funds have recently made changes to their positions in the stock. Hood River Capital Management LLC boosted its stake in Applied Digital by 8.7% during the 2nd quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after acquiring an additional 771,699 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Applied Digital by 48.7% during the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock worth $25,258,000 after purchasing an additional 1,002,862 shares during the last quarter. State Street Corp grew its stake in Applied Digital by 14.0% in the third quarter. State Street Corp now owns 2,337,267 shares of the company’s stock worth $19,282,000 after purchasing an additional 286,852 shares in the last quarter. Royce & Associates LP increased its holdings in Applied Digital by 1.4% in the third quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock valued at $9,340,000 after buying an additional 15,763 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Applied Digital by 36.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after buying an additional 240,554 shares in the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.