Applied Digital (NASDAQ:APLD) Coverage Initiated at Cantor Fitzgerald

Stock analysts at Cantor Fitzgerald started coverage on shares of Applied Digital (NASDAQ:APLD) in a note issued to investors on Friday, MarketBeat Ratings reports. The brokerage set an “overweight” rating and a $15.00 price target on the stock. Cantor Fitzgerald’s price target would suggest a potential upside of 87.27% from the company’s previous close.

APLD has been the topic of several other reports. B. Riley upped their price target on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Craig Hallum lifted their price target on shares of Applied Digital from $10.00 to $12.00 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 price target on shares of Applied Digital in a research report on Thursday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a report on Friday, November 1st. Finally, Lake Street Capital increased their target price on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $11.14.

Applied Digital Trading Down 0.5 %

Shares of NASDAQ:APLD opened at $8.01 on Friday. Applied Digital has a 12-month low of $2.36 and a 12-month high of $11.25. The business has a 50 day moving average of $8.47 and a 200-day moving average of $6.54. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. The stock has a market cap of $1.69 billion, a PE ratio of -6.85 and a beta of 4.67.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.13. The business had revenue of $60.70 million during the quarter, compared to the consensus estimate of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The firm’s quarterly revenue was up 67.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.10) EPS. As a group, equities research analysts forecast that Applied Digital will post -0.4 earnings per share for the current year.

Insider Transactions 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 transaction of $1,840,000.00. Following the sale, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Richard N. Nottenburg sold 50,000 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $460,000.00. Following the completion of the transaction, the director now directly owns 334,317 shares of the company’s stock, valued at approximately $3,075,716.40. The trade was a 13.01 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 359,369 shares of company stock valued at $3,115,161. Corporate insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Hedge funds and other institutional investors have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Applied Digital during the third quarter valued at about $59,000. Headlands Technologies LLC boosted its position in Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after buying an additional 6,933 shares during the period. Beacon Harbor Wealth Advisors Inc. bought a new stake in Applied Digital during the 3rd quarter worth approximately $83,000. Wealth Enhancement Advisory Services LLC acquired a new position in Applied Digital in the 3rd quarter valued at approximately $88,000. Finally, Chesapeake Capital Corp IL bought a new position in shares of Applied Digital during the third quarter valued at $94,000. Institutional investors own 65.67% of the company’s stock.

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.