Applied Digital (NASDAQ:APLD) Stock Price Up 2.2% Following Analyst Upgrade

Applied Digital Co. (NASDAQ:APLD)’s stock price 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 changed hands during mid-day trading, a decline of 66% from the average session volume of 24,148,041 shares. The stock had previously closed at $7.35.

Other equities research analysts have also issued research reports about the company. Craig Hallum lifted their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Cantor Fitzgerald reduced their target price on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. HC Wainwright upped their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Finally, Compass Point started coverage on shares of Applied Digital in a report on Tuesday, January 28th. They set a “buy” rating and a $10.00 target price on the stock. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $12.11.

Insiders Place Their Bets

In other news, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard N. Nottenburg sold 20,000 shares of the firm’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 transaction of $177,000.00. Following the completion of the sale, the director now directly owns 342,923 shares in the company, valued at $3,034,868.55. This represents a 5.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 289,369 shares of company stock worth $2,622,461 in the last three months. 11.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Applied Digital

Institutional investors have recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB grew its position in Applied Digital by 100.0% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after acquiring an additional 2,000 shares in the last quarter. R Squared Ltd bought a new stake in Applied Digital during the fourth quarter worth about $36,000. Spire Wealth Management purchased a new position in shares of Applied Digital in the 4th quarter worth about $43,000. Amalgamated Bank increased its position in shares of Applied Digital by 113.3% during the 4th quarter. Amalgamated Bank now owns 6,538 shares of the company’s stock valued at $50,000 after purchasing an additional 3,473 shares during the last quarter. Finally, KBC Group NV purchased a new position in shares of Applied Digital during the 4th quarter valued at about $55,000. Institutional investors own 65.67% of the company’s stock.

Applied Digital Stock Up 4.6 %

The company has a market cap of $1.71 billion, a P/E ratio of -4.45 and a beta of 4.78. The stock has a 50-day moving average of $8.73 and a two-hundred day moving average of $7.11. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data 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 127.86% and a negative return on equity of 117.67%. The firm had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. During the same period in the previous year, the business posted ($0.05) EPS. The business’s quarterly revenue was up 51.3% on a year-over-year basis. On average, research analysts anticipate that Applied Digital Co. 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.