Compass Point Upgrades Applied Digital (NASDAQ:APLD) to Buy

Applied Digital (NASDAQ:APLD) was upgraded by research analysts at Compass Point from a “neutral” rating to a “buy” rating in a report released on Friday, MarketBeat.com reports. The brokerage presently has a $13.00 target price on the stock. Compass Point’s target price suggests a potential upside of 20.93% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. Craig Hallum raised their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Tuesday, June 3rd. Citizens Jmp raised shares of Applied Digital to a “strong-buy” rating and set a $12.00 target price on the stock in a research note on Thursday, May 22nd. JMP Securities raised their target price on shares of Applied Digital from $12.00 to $18.00 and gave the company a “market outperform” rating in a research note on Tuesday, June 3rd. Cantor Fitzgerald lowered their target price on shares of Applied Digital from $14.00 to $7.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 15th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research note on Monday, June 2nd. Twelve investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $12.73.

Applied Digital Trading Down 4.0%

Shares of Applied Digital stock opened at $10.75 on Friday. Applied Digital has a 12-month low of $3.01 and a 12-month high of $15.42. The company has a market cap of $2.42 billion, a price-to-earnings ratio of -7.85 and a beta of 6.04. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.56. The company’s 50-day moving average price is $10.06 and its 200-day moving average price is $7.90.

Insider Buying and Selling

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total transaction of $169,484.00. Following the transaction, the director directly owned 83,613 shares in the company, valued at $585,291. This trade represents a 22.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 11.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Personalized Indexing Management LLC bought a new position in Applied Digital during the second quarter valued at approximately $102,000. Sovereign Financial Group Inc. bought a new position in shares of Applied Digital in the second quarter worth approximately $194,000. SLT Holdings LLC bought a new position in shares of Applied Digital in the second quarter worth approximately $176,000. Blair William & Co. IL grew its holdings in shares of Applied Digital by 42.6% in the second quarter. Blair William & Co. IL now owns 138,163 shares of the company’s stock worth $1,391,000 after purchasing an additional 41,253 shares during the last quarter. Finally, Clear Creek Financial Management LLC grew its holdings in shares of Applied Digital by 56.1% in the second quarter. Clear Creek Financial Management LLC now owns 78,383 shares of the company’s stock worth $789,000 after purchasing an additional 28,177 shares during the last quarter. 65.67% of the stock is currently owned by 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.