Applied Digital (NASDAQ:APLD) Shares Up 2.2% on Analyst Upgrade

Shares of Applied Digital Co. (NASDAQ:APLD) shot up 2.2% during mid-day trading on Tuesday after Northland Securities raised their price target on the stock from $12.00 to $20.00. Northland Securities currently has an outperform rating on the stock. Applied Digital traded as high as $7.65 and last traded at $7.51. 8,326,866 shares traded hands during trading, a decline of 66% from the average session volume of 24,148,041 shares. The stock had previously closed at $7.35.

A number of other brokerages have also recently weighed in on APLD. Lake Street Capital upped their price objective on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Roth Mkm reiterated a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a report on Thursday, October 10th. Cantor Fitzgerald lowered their price target on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Wednesday, January 15th. HC Wainwright boosted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. Finally, Compass Point started coverage on shares of Applied Digital in a report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price target on the stock. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $12.11.

Insider Activity

In other news, Director Richard N. Nottenburg sold 50,000 shares of the stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $460,000.00. Following the sale, the director now directly owns 334,317 shares of the company’s stock, valued at $3,075,716.40. This represents a 13.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The shares were 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 owns 3,875,955 shares of the company’s stock, valued at $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 270,000 shares of company stock valued at $2,477,000. Company insiders own 11.81% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of APLD. US Bancorp DE acquired a new position in shares of Applied Digital during the fourth quarter valued at approximately $37,000. Amalgamated Bank boosted its stake in Applied Digital by 113.3% during the 4th quarter. Amalgamated Bank now owns 6,538 shares of the company’s stock worth $50,000 after purchasing an additional 3,473 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Applied Digital by 50.5% in the 4th quarter. Bank of New York Mellon Corp now owns 480,526 shares of the company’s stock worth $3,671,000 after purchasing an additional 161,250 shares in the last quarter. Wealthgarden F.S. LLC acquired a new position in shares of Applied Digital during the 4th quarter worth approximately $115,000. Finally, Wolverine Asset Management LLC purchased a new stake in shares of Applied Digital in the fourth quarter valued at approximately $3,056,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Stock Performance

The stock has a 50-day moving average of $8.69 and a 200 day moving average of $7.13. The stock has a market cap of $1.81 billion, a PE ratio of -4.68 and a beta of 4.78. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.

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

About Applied Digital

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.