Northland Securities Issues Positive Forecast for Applied Digital (NASDAQ:APLD) Stock Price

Applied Digital (NASDAQ:APLD) had its price objective upped by Northland Securities from $12.00 to $20.00 in a research note published on Tuesday morning,Benzinga reports. They currently have an outperform rating on the stock.

Several other equities research analysts have also recently weighed in on the company. Needham & Company LLC reissued a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research note on Wednesday, January 15th. Cantor Fitzgerald cut their target price on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Roth Mkm restated a “buy” rating and set a $10.00 price target on shares of Applied Digital in a report on Thursday, October 10th. Compass Point assumed coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They set a “buy” rating and a $10.00 price objective for the company. Finally, Craig Hallum increased their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Digital presently has an average rating of “Buy” and an average price target of $12.11.

Applied Digital Stock Up 4.6 %

NASDAQ APLD opened at $7.69 on Tuesday. The stock has a 50 day moving average price of $8.73 and a 200-day moving average price of $7.11. Applied Digital has a one year low of $2.36 and a one year high of $11.25. The company has a market capitalization of $1.71 billion, a P/E ratio of -4.45 and a beta of 4.78. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The business had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. During the same quarter last year, the business earned ($0.05) earnings per share. Applied Digital’s quarterly revenue was up 51.3% compared to the same quarter last year. As a group, equities analysts predict that Applied Digital will post -0.96 EPS for the current fiscal year.

Insider Transactions at Applied Digital

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 3,875,955 shares in the company, valued at approximately $35,658,786. This represents a 4.91 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction on Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the transaction, the director now directly owns 342,923 shares in the company, valued at $3,034,868.55. The trade was a 5.51 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 289,369 shares of company stock worth $2,622,461. Insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

Hedge funds have recently added to or reduced their stakes in the business. Van ECK Associates Corp raised its holdings in shares of Applied Digital by 113.8% in the 4th quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock valued at $33,649,000 after purchasing an additional 2,344,572 shares in the last quarter. Geode Capital Management LLC raised its stake in Applied Digital by 48.7% in the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock worth $25,258,000 after buying an additional 1,002,862 shares in the last quarter. Barclays PLC lifted its holdings in Applied Digital by 736.8% during the third quarter. Barclays PLC now owns 486,577 shares of the company’s stock worth $4,014,000 after buying an additional 428,428 shares during the period. Wolverine Asset Management LLC bought a new stake in Applied Digital during the 4th quarter valued at $3,056,000. Finally, State Street Corp increased its holdings in shares of Applied Digital by 14.0% in the 3rd quarter. State Street Corp now owns 2,337,267 shares of the company’s stock valued at $19,282,000 after acquiring an additional 286,852 shares during the period. 65.67% of the stock is owned by hedge funds and other institutional investors.

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.