Applied Digital (NASDAQ:APLD) Coverage Initiated by Analysts at Cantor Fitzgerald

Cantor Fitzgerald began coverage on shares of Applied Digital (NASDAQ:APLD - Free Report) in a research report released on Friday, MarketBeat Ratings reports. The firm issued an overweight rating and a $15.00 target price on the stock.

Several other research firms also recently commented on APLD. Craig Hallum lifted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Thursday, October 10th. Needham & Company LLC reiterated a "buy" rating and set a $11.00 price target on shares of Applied Digital in a research note on Friday, November 1st. B. Riley raised their price objective on Applied Digital from $8.00 to $9.00 and gave the stock a "buy" rating in a research note on Friday, September 13th. Roth Mkm reiterated a "buy" rating and issued a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Finally, HC Wainwright raised their price target on shares of Applied Digital from $5.00 to $10.00 and gave the stock a "buy" rating in a research report on Wednesday, October 16th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $11.14.

Applied Digital Stock Down 0.5 %

Shares of Applied Digital stock traded down $0.04 on Friday, reaching $8.01. The stock had a trading volume of 33,219,902 shares, compared to its average volume of 8,624,057. Applied Digital has a 1 year low of $2.36 and a 1 year high of $11.25. The company has a 50 day moving average price of $8.45 and a 200 day moving average price of $6.49. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $1.69 billion, a P/E ratio of -6.85 and a beta of 4.67.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The firm had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. During the same period in the previous year, the business earned ($0.10) EPS. The firm's revenue for the quarter was up 67.2% on a year-over-year basis. As a group, equities research analysts forecast that Applied Digital will post -0.4 EPS for the current year.

Insider Activity at Applied Digital

In other news, CEO Wes Cummins sold 200,000 shares of the company's stock in a transaction that occurred on 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 directly owns 3,875,955 shares of the company's stock, valued at $35,658,786. This represents a 4.91 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total value of $80,100.00. Following the transaction, the director now owns 208,506 shares in the company, valued at $1,670,133.06. This trade represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 359,369 shares of company stock worth $3,115,161 in the last three months. Company insiders own 11.81% of the company's stock.

Institutional Trading of Applied Digital

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP boosted its holdings in Applied Digital by 8.8% in the 3rd quarter. Wellington Management Group LLP now owns 37,411 shares of the company's stock worth $309,000 after buying an additional 3,040 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake 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 worth $355,000 after acquiring an additional 5,423 shares during the last quarter. FMR LLC increased its position in shares of 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 purchasing an additional 6,507 shares in the last quarter. ICA Group Wealth Management LLC increased its position in shares of Applied Digital by 56.8% during the second quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company's stock worth $112,000 after purchasing an additional 6,795 shares in the last quarter. Finally, Headlands Technologies LLC raised its stake in Applied Digital by 381.8% in the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company's stock valued at $52,000 after purchasing an additional 6,933 shares during 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.