Applied Digital (NASDAQ:APLD) Stock Price Expected to Rise, HC Wainwright Analyst Says

Applied Digital (NASDAQ:APLD - Get Free Report) had its target price hoisted by analysts at HC Wainwright from $10.00 to $12.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. HC Wainwright's price target points to a potential upside of 43.37% from the stock's current price.

Other equities analysts have also recently issued research reports about the stock. 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 research note on Thursday, October 10th. Cantor Fitzgerald dropped their price target on Applied Digital from $15.00 to $14.00 and set an "overweight" rating on the stock in a research note on Wednesday. Needham & Company LLC restated a "buy" rating and set a $11.00 target price on shares of Applied Digital in a research report on Wednesday. Lake Street Capital raised their price objective on Applied Digital from $7.00 to $11.00 and gave the stock a "buy" rating in a research note on Thursday, October 10th. Finally, Roth Mkm restated a "buy" rating and set a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital has a consensus rating of "Buy" and an average price target of $11.29.

Applied Digital Trading Down 2.0 %

Shares of APLD stock traded down $0.17 during mid-day trading on Wednesday, reaching $8.37. The stock had a trading volume of 35,173,048 shares, compared to its average volume of 23,673,061. Applied Digital has a 52-week low of $2.36 and a 52-week high of $11.25. The firm has a market capitalization of $1.77 billion, a PE ratio of -7.15 and a beta of 4.78. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62. The stock's 50-day moving average price is $8.74 and its two-hundred day moving average price is $6.94.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted 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 return on equity of 88.87% and a negative net margin of 74.95%. The firm had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. During the same quarter in the prior year, the business earned ($0.05) EPS. The business's revenue for the quarter was up 51.3% on a year-over-year basis. Equities analysts expect that Applied Digital will post -0.4 earnings per share for the current fiscal year.

Insider Activity at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total value of $80,100.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Richard N. Nottenburg sold 50,000 shares of the company's stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $460,000.00. Following the sale, the director now owns 334,317 shares of the company's stock, valued at $3,075,716.40. This trade represents a 13.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 279,369 shares of company stock valued at $2,525,561. Insiders own 11.81% of the company's stock.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in APLD. Bank of New York Mellon Corp increased its stake in shares of Applied Digital by 36.2% during the second quarter. Bank of New York Mellon Corp now owns 304,869 shares of the company's stock worth $1,814,000 after buying an additional 80,958 shares during the period. Commonwealth Equity Services LLC increased its holdings in shares of Applied Digital by 115.7% in the second quarter. Commonwealth Equity Services LLC now owns 66,688 shares of the company's stock valued at $397,000 after purchasing an additional 35,768 shares during the period. Rhumbline Advisers raised its position in Applied Digital by 30.0% during the 2nd quarter. Rhumbline Advisers now owns 140,087 shares of the company's stock worth $834,000 after buying an additional 32,336 shares during the last quarter. L & S Advisors Inc acquired a new stake in Applied Digital in the second quarter valued at about $122,000. Finally, Thomist Capital Management LP purchased a new stake in shares of Applied Digital in the second quarter valued at approximately $2,529,000. 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.