HC Wainwright Forecasts Strong Price Appreciation for Applied Digital (NASDAQ:APLD) Stock

Applied Digital (NASDAQ:APLD) had its target price upped by research analysts at HC Wainwright from $10.00 to $12.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s target price points to a potential upside of 33.63% from the company’s previous close.

Other equities research analysts have also issued research reports about 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. 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. Lake Street Capital raised their target price on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Roth Mkm reissued a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a research note on Thursday, October 10th. Finally, Craig Hallum raised their price objective 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. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $11.29.

Applied Digital Trading Up 7.3 %

Shares of APLD opened at $8.98 on Wednesday. Applied Digital has a twelve month low of $2.36 and a twelve month high of $11.25. The stock has a market cap of $1.90 billion, a PE ratio of -7.68 and a beta of 4.78. 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 business’s 50-day moving average price is $8.79 and its 200-day moving average price is $6.96.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The business had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. During the same quarter in the prior year, the firm posted ($0.05) EPS. Applied Digital’s revenue was up 51.3% on a year-over-year basis. On average, equities analysts forecast that Applied Digital will post -0.4 EPS for the current fiscal year.

Insiders Place Their Bets

In other Applied Digital news, Director Richard N. Nottenburg sold 19,369 shares of Applied Digital stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $7.51, for a total value of $145,461.19. Following the transaction, the director now directly owns 384,317 shares of the company’s stock, valued at $2,886,220.67. The trade was a 4.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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. The trade was a 4.91 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 269,369 shares of company stock valued at $2,445,461. 11.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

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