Applied Digital (NASDAQ:APLD) Shares Up 10.6% on Analyst Upgrade

Applied Digital Co. (NASDAQ:APLDGet Free Report)’s share price shot up 10.6% on Thursday after HC Wainwright raised their price target on the stock from $10.00 to $12.00. HC Wainwright currently has a buy rating on the stock. Applied Digital traded as high as $9.38 and last traded at $9.26. 13,820,163 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 22,568,014 shares. The stock had previously closed at $8.37.

APLD has been the topic of a number of other reports. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research report on Wednesday. Cantor Fitzgerald dropped their target price on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Wednesday. Roth Mkm restated a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Craig Hallum upped their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, Lake Street Capital upped their target price on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $11.29.

Check Out Our Latest Stock Report on Applied Digital

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 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. This trade represents a 4.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Richard N. Nottenburg sold 19,369 shares of Applied Digital stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total transaction of $145,461.19. Following the transaction, the director now directly owns 384,317 shares in the company, valued at approximately $2,886,220.67. The trade was a 4.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 269,369 shares of company stock valued at $2,445,461 over the last ninety days. 11.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Applied Digital

Several institutional investors and hedge funds have recently bought and sold shares of the company. SeaCrest Wealth Management LLC purchased a new position in Applied Digital in the fourth quarter worth $586,000. Gunderson Capital Management Inc. purchased a new position in Applied Digital in the fourth quarter worth $83,000. JPMorgan Chase & Co. grew its holdings in Applied Digital by 18.4% in the third quarter. JPMorgan Chase & Co. now owns 56,355 shares of the company’s stock worth $465,000 after purchasing an additional 8,774 shares during the last quarter. Tidal Investments LLC purchased a new position in Applied Digital in the third quarter worth $95,000. Finally, Virtu Financial LLC purchased a new position in Applied Digital in the third quarter worth $2,030,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

Applied Digital Stock Up 7.3 %

The company’s fifty day simple moving average is $8.79 and its 200-day simple moving average is $6.96. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. The firm has a market capitalization of $1.90 billion, a PE ratio of -7.68 and a beta of 4.78.

Applied Digital (NASDAQ:APLDGet Free Report) last posted its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $62.41 million. During the same period in the previous year, the firm posted ($0.05) earnings per share. The business’s revenue for the quarter was up 51.3% compared to the same quarter last year. On average, analysts forecast that Applied Digital Co. will post -0.4 EPS for the current year.

About Applied Digital

(Get Free Report)

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.

Read More

Receive News & Ratings for Applied Digital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Applied Digital and related companies with MarketBeat.com's FREE daily email newsletter.