Applied Digital (NASDAQ:APLD) PT Raised to $10.00 at HC Wainwright

Applied Digital (NASDAQ:APLD) had its price objective lifted by equities research analysts at HC Wainwright from $5.00 to $10.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price target indicates a potential upside of 36.99% from the stock’s current price.

Several other equities analysts also recently weighed in on APLD. Lake Street Capital boosted their target price on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. B. Riley lifted their target price on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Roth Mkm reissued a “buy” rating and set a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Craig Hallum upped their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, Needham & Company LLC restated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a report on Thursday, October 10th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $10.50.

Applied Digital Stock Performance

NASDAQ:APLD opened at $7.30 on Wednesday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.08 and a quick ratio of 0.08. Applied Digital has a 1 year low of $2.36 and a 1 year high of $8.78. The stock’s 50 day simple moving average is $5.68 and its two-hundred day simple moving average is $4.84. The company has a market cap of $1.00 billion, a price-to-earnings ratio of -9.24 and a beta of 4.56.

Applied Digital (NASDAQ:APLD) last released its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.13. The firm had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. The company’s revenue for the quarter was up 67.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.10) EPS. As a group, equities analysts anticipate that Applied Digital will post -1.12 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $5.50, for a total value of $55,000.00. Following the transaction, the director now directly owns 218,506 shares in the company, valued at approximately $1,201,783. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 20.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Several large investors have recently modified their holdings of the business. Headlands Technologies LLC increased its holdings in Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after buying an additional 6,933 shares during the period. ARS Investment Partners LLC bought a new position in shares of Applied Digital in the 2nd quarter worth $60,000. Principal Financial Group Inc. purchased a new stake in shares of Applied Digital during the 1st quarter worth $50,000. ICA Group Wealth Management LLC bought a new stake in Applied Digital during the fourth quarter valued at about $81,000. Finally, Crumly & Associates Inc. purchased a new position in Applied Digital in the second quarter valued at about $110,000. 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.