Applied Digital (NASDAQ:APLD) Price Target Raised to $20.00

Applied Digital (NASDAQ:APLD) had its price target raised by Northland Securities from $12.00 to $20.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an outperform rating on the stock.

APLD has been the subject of a number of other reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a report on Wednesday, January 15th. Lake Street Capital raised their price target on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Cantor Fitzgerald reduced their price objective on 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 raised their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Finally, Craig Hallum 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 report on Thursday, October 10th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital has a consensus rating of “Buy” and a consensus target price of $12.11.

Applied Digital Stock Down 2.7 %

Shares of NASDAQ APLD opened at $7.88 on Tuesday. 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 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The stock has a 50 day moving average price of $8.66 and a 200 day moving average price of $7.13. The firm has a market capitalization of $1.76 billion, a price-to-earnings ratio of -4.55 and a beta of 4.78.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. The firm had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business’s revenue was up 51.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.05) earnings per share. Sell-side analysts expect that Applied Digital will post -0.96 earnings per share for the current year.

Insider Transactions at Applied Digital

In related news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $177,000.00. Following the sale, the director now directly owns 342,923 shares in the company, valued at $3,034,868.55. The trade was a 5.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Wes Cummins sold 200,000 shares of the 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 completion of the transaction, the chief executive officer now 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 disclosure for this sale can be found here. In the last three months, insiders have sold 270,000 shares of company stock worth $2,477,000. 11.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Applied Digital

Several hedge funds have recently made changes to their positions in APLD. Van ECK Associates Corp raised its holdings in shares of Applied Digital by 113.8% during the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock worth $33,649,000 after acquiring an additional 2,344,572 shares in the last quarter. Geode Capital Management LLC increased its position in Applied Digital by 48.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock worth $25,258,000 after purchasing an additional 1,002,862 shares during the last quarter. State Street Corp raised its stake in shares of Applied Digital by 14.0% during the 3rd quarter. State Street Corp now owns 2,337,267 shares of the company’s stock worth $19,282,000 after purchasing an additional 286,852 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Applied Digital by 100.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,798,431 shares of the company’s stock valued at $13,740,000 after buying an additional 899,138 shares during the last quarter. Finally, Royce & Associates LP grew its stake in shares of Applied Digital by 1.4% in the 3rd quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock valued at $9,340,000 after buying an additional 15,763 shares in the last quarter. Hedge funds and other 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.