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

Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) have been assigned an average rating of "Buy" from the nine analysts that are presently covering the company, Marketbeat.com reports. Nine investment analysts have rated the stock with a buy rating. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $12.11.

Several equities research analysts have recently issued reports on APLD shares. Northland Securities increased their price objective on shares of Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a research report on Tuesday, February 4th. Compass Point started coverage on shares of Applied Digital in a report on Tuesday, January 28th. They set a "buy" rating and a $10.00 price target for the company. HC Wainwright raised their price target 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. Needham & Company LLC reaffirmed a "buy" rating and set a $11.00 price target on shares of Applied Digital in a report on Wednesday, January 15th. Finally, Cantor Fitzgerald lowered their price target on shares of Applied Digital from $15.00 to $14.00 and set an "overweight" rating for the company in a report on Wednesday, January 15th.

Applied Digital Trading Up 15.2 %

Shares of Applied Digital stock traded up $1.20 during trading hours on Wednesday, hitting $9.11. The company's stock had a trading volume of 42,892,479 shares, compared to its average volume of 25,388,150. Applied Digital has a 1-year low of $2.36 and a 1-year high of $11.25. The business has a fifty day moving average of $8.40 and a 200 day moving average of $7.30. The company has a market capitalization of $2.03 billion, a PE ratio of -5.27 and a beta of 4.77. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. During the same quarter in the prior year, the business earned ($0.05) earnings per share. The business's quarterly revenue was up 51.3% compared to the same quarter last year. As a group, equities analysts forecast that Applied Digital will post -0.96 EPS for the current year.

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. Nottenburg sold 50,000 shares of the firm's stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $460,000.00. Following the transaction, the director now directly owns 334,317 shares in the company, valued at approximately $3,075,716.40. This trade represents a 13.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Wes Cummins sold 200,000 shares of the firm's stock in a transaction dated Wednesday, November 27th. The stock was 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 in the company, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 270,000 shares of company stock worth $2,477,000 in the last ninety days. 11.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Vontobel Holding Ltd. lifted its position in Applied Digital by 9.8% in the 4th quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company's stock valued at $128,000 after purchasing an additional 1,500 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in Applied Digital by 16.8% in the 4th quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company's stock valued at $90,000 after purchasing an additional 1,692 shares during the last quarter. Wilmington Savings Fund Society FSB lifted its position in Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock valued at $31,000 after purchasing an additional 2,000 shares during the last quarter. Wellington Management Group LLP lifted its position in Applied Digital by 8.8% in the 3rd quarter. Wellington Management Group LLP now owns 37,411 shares of the company's stock valued at $309,000 after purchasing an additional 3,040 shares during the last quarter. Finally, Amalgamated Bank lifted its position in Applied Digital by 113.3% in the 4th quarter. Amalgamated Bank now owns 6,538 shares of the company's stock valued at $50,000 after purchasing an additional 3,473 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.