Applied Digital (NASDAQ:APLD) Price Target Lowered to $14.00 at Cantor Fitzgerald

Applied Digital (NASDAQ:APLD) had its price objective cut by Cantor Fitzgerald from $15.00 to $14.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also recently weighed in on APLD. Craig Hallum lifted their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a report on Wednesday. Roth Mkm reissued a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a report on Thursday, October 10th. Lake Street Capital lifted their price objective on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, HC Wainwright lifted their price objective on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $11.29.

Applied Digital Price Performance

Applied Digital stock opened at $8.37 on Wednesday. The business has a 50-day simple moving average of $8.77 and a two-hundred day simple moving average of $6.95. Applied Digital has a 52-week low of $2.36 and a 52-week 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.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. The business had revenue of $63.87 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.05) EPS. On average, sell-side analysts predict that Applied Digital will post -0.4 earnings per share for the current year.

Insider Activity

In other Applied Digital news, Director Richard N. Nottenburg sold 19,369 shares of the company’s stock in a transaction 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 owns 384,317 shares of the company’s stock, valued at $2,886,220.67. This represents a 4.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Wes Cummins sold 200,000 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 3,875,955 shares in the company, valued at $35,658,786. This trade represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 269,369 shares of company stock valued at $2,445,461. 11.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Applied Digital

Hedge funds have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Applied Digital in the 3rd quarter valued at $59,000. Beacon Harbor Wealth Advisors Inc. bought a new position in Applied Digital in the 3rd quarter valued at $83,000. Wealth Enhancement Advisory Services LLC bought a new position in Applied Digital in the 3rd quarter valued at $88,000. Gunderson Capital Management Inc. purchased a new stake in shares of Applied Digital in the 4th quarter worth $83,000. Finally, Chesapeake Capital Corp IL purchased a new stake in shares of Applied Digital in the 3rd quarter worth $94,000. 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.