Brokerages Set Applied Digital Co. (NASDAQ:APLD) Price Target at $12.11

Applied Digital Co. (NASDAQ:APLD) has earned an average rating of “Buy” from the nine ratings firms that are presently covering the stock, MarketBeat Ratings reports. Nine investment analysts have rated the stock with a buy recommendation. The average 12-month price target among brokers that have issued a report on the stock in the last year is $12.11.

Several equities analysts have recently weighed in on the stock. HC Wainwright raised their price target 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. Compass Point initiated coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They issued a “buy” rating and a $10.00 target price on the stock. Cantor Fitzgerald dropped their price target on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Northland Securities lifted their price objective on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 4th. Finally, Needham & Company LLC restated a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a report on Wednesday, January 15th.

Insider Activity at Applied Digital

In related news, CEO Wes Cummins sold 200,000 shares of Applied Digital 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 in the company, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard N. Nottenburg sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.85, for a total value of $177,000.00. Following the completion of the sale, the director now directly owns 342,923 shares in the company, valued at approximately $3,034,868.55. The trade was a 5.51 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 270,000 shares of company stock worth $2,477,000. Company insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Several institutional investors and hedge funds have recently modified their holdings of APLD. Vontobel Holding Ltd. grew its position in Applied Digital by 9.8% in the 4th quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company’s stock valued at $128,000 after acquiring an additional 1,500 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Applied Digital by 16.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company’s stock valued at $90,000 after purchasing an additional 1,692 shares during the period. Wilmington Savings Fund Society FSB boosted its stake in shares of Applied Digital by 100.0% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after purchasing an additional 2,000 shares during the period. Wellington Management Group LLP grew its holdings in shares of Applied Digital by 8.8% in the third quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock valued at $309,000 after purchasing an additional 3,040 shares in the last quarter. Finally, Amalgamated Bank lifted its holdings 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 buying an additional 3,473 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Trading Up 15.2 %

APLD stock opened at $9.11 on Wednesday. The business’s 50-day moving average is $8.40 and its 200 day moving average is $7.32. Applied Digital has a 12-month low of $2.36 and a 12-month high of $11.25. The stock has a market cap of $2.03 billion, a price-to-earnings ratio of -5.27 and a beta of 4.77. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22.

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