Brokerages Set Applied Digital Co. (NASDAQ:APLD) Price Target at $12.11

Applied Digital Co. (NASDAQ:APLD - Get Free Report) has received an average rating of "Buy" from the nine ratings firms that are currently covering the stock, MarketBeat reports. Nine investment analysts have rated the stock with a buy rating. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $12.11.

APLD has been the topic of a number of recent research reports. Cantor Fitzgerald dropped their target price on Applied Digital from $15.00 to $14.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 15th. HC Wainwright lifted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a report on Wednesday, January 15th. Northland Securities increased their target price on shares of Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a report on Tuesday, February 4th. Compass Point assumed coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price target on the stock. Finally, Needham & Company LLC restated a "buy" rating and set a $11.00 price objective on shares of Applied Digital in a research note on Monday, February 24th.

Applied Digital Stock Down 13.1 %

APLD traded down $0.74 during trading on Thursday, reaching $4.92. The company had a trading volume of 33,203,530 shares, compared to its average volume of 26,370,748. The company has a market cap of $1.10 billion, a P/E ratio of -2.84 and a beta of 5.18. Applied Digital has a 12 month low of $2.36 and a 12 month high of $12.48. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The business's fifty day moving average price is $7.48 and its 200 day moving average price is $7.98.

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Applied Digital (NASDAQ:APLD - Get Free Report) last announced its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates of ($0.14) by $0.08. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The firm had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. During the same period in the prior year, the business earned ($0.05) EPS. The company's revenue for the quarter was up 51.3% compared to the same quarter last year. Equities analysts anticipate that Applied Digital will post -0.96 EPS for the current year.

Insiders Place Their Bets

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the firm's stock in a transaction on Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the completion of the sale, the director now owns 342,923 shares of the company's stock, valued at $3,034,868.55. This trade represents a 5.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 11.81% of the company's stock.

Hedge Funds Weigh In On Applied Digital

Institutional investors and hedge funds have recently made changes to their positions in the company. Intech Investment Management LLC bought a new stake in Applied Digital in the 3rd quarter valued at $115,000. Charles Schwab Investment Management Inc. boosted its position in shares of Applied Digital by 36.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company's stock valued at $7,419,000 after acquiring an additional 240,554 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Applied Digital by 14.4% in the third quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company's stock valued at $355,000 after acquiring an additional 5,423 shares during the period. Quantbot Technologies LP acquired a new position in shares of Applied Digital in the third quarter valued at about $283,000. Finally, FMR LLC increased its position in Applied Digital by 99.1% during the third quarter. FMR LLC now owns 13,071 shares of the company's stock worth $108,000 after acquiring an additional 6,507 shares during the period. Institutional investors and hedge funds own 65.67% of the company's stock.

About Applied Digital

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.