Cantor Fitzgerald Issues Pessimistic Forecast for Applied Digital (NASDAQ:APLD) Stock Price

Applied Digital (NASDAQ:APLD) had its price target lowered by stock analysts at Cantor Fitzgerald from $15.00 to $14.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price target indicates a potential upside of 55.90% from the company’s current price.

Several other analysts also recently commented on the stock. Needham & Company LLC restated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research report on Wednesday. Lake Street Capital boosted their price objective 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 reiterated a “buy” rating and set a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Craig Hallum boosted their price target on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, HC Wainwright increased their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Digital has an average rating of “Buy” and a consensus target price of $11.29.

Applied Digital Price Performance

Shares of Applied Digital stock opened at $8.98 on Wednesday. The stock’s fifty day moving average is $8.79 and its 200 day moving average is $6.96. Applied Digital has a one year low of $2.36 and a one year high of $11.25. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. The stock has a market cap of $1.90 billion, a P/E ratio of -7.68 and a beta of 4.78.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. The firm had revenue of $63.87 million for the quarter, compared to analysts’ expectations of $62.41 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The business’s quarterly revenue was up 51.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.05) EPS. Sell-side analysts anticipate that Applied Digital will post -0.4 earnings per share for the current year.

Insider Activity

In related news, Director Richard N. Nottenburg sold 50,000 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $460,000.00. Following the sale, the director now owns 334,317 shares in the company, valued at approximately $3,075,716.40. This represents a 13.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the transaction, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at $35,658,786. The trade was a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 269,369 shares of company stock worth $2,445,461. 11.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Applied Digital

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Applied Digital during the 3rd quarter valued at about $59,000. Beacon Harbor Wealth Advisors Inc. bought a new position in shares of Applied Digital during the third quarter valued at approximately $83,000. Gunderson Capital Management Inc. purchased a new stake in shares of Applied Digital in the fourth quarter worth approximately $83,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Applied Digital during the 3rd quarter worth approximately $88,000. Finally, Chesapeake Capital Corp IL purchased a new position in Applied Digital during the 3rd quarter valued at $94,000. Hedge funds and other institutional investors 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.