HC Wainwright Forecasts Strong Price Appreciation for Applied Digital (NASDAQ:APLD) Stock

Applied Digital (NASDAQ:APLD - Get Free Report) had its target price upped by investment analysts at HC Wainwright from $10.00 to $12.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. HC Wainwright's target price indicates a potential upside of 33.63% from the company's current price.

Other analysts also recently issued research reports about the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $11.00 target price on shares of Applied Digital in a report on Wednesday. Cantor Fitzgerald lowered their price objective on Applied Digital from $15.00 to $14.00 and set an "overweight" rating on the stock in a report on Wednesday. Lake Street Capital increased their target price on Applied Digital from $7.00 to $11.00 and gave the stock a "buy" rating in a research note on Thursday, October 10th. Roth Mkm reissued a "buy" rating and issued a $10.00 price target on shares of Applied Digital in a report on Thursday, October 10th. Finally, Craig Hallum upped their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a report on Thursday, October 10th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $11.29.

Applied Digital Stock Performance

Applied Digital stock traded up $0.61 during mid-day trading on Wednesday, reaching $8.98. 32,629,647 shares of the company were exchanged, compared to its average volume of 24,585,256. The firm has a market cap of $1.90 billion, a PE ratio of -7.68 and a beta of 4.78. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. The firm's 50-day simple moving average is $8.77 and its two-hundred day simple moving average is $6.95. Applied Digital has a twelve month low of $2.36 and a twelve month high of $11.25.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.08. The firm had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The company's revenue for the quarter was up 51.3% on a year-over-year basis. During the same period last year, the company earned ($0.05) earnings per share. Equities analysts predict that Applied Digital will post -0.4 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

In other news, Director Richard N. Nottenburg sold 19,369 shares of Applied Digital stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $7.51, for a total transaction of $145,461.19. Following the completion of the transaction, the director now owns 384,317 shares of the company's stock, valued at $2,886,220.67. The trade was a 4.80 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Wes Cummins sold 200,000 shares of the business'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 sale, the chief executive officer now owns 3,875,955 shares in the company, valued at $35,658,786. This represents a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 269,369 shares of company stock valued at $2,445,461 in the last quarter. 11.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Applied Digital

Large investors have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Applied Digital during the 3rd quarter worth approximately $59,000. Beacon Harbor Wealth Advisors Inc. purchased a new position in Applied Digital during the third quarter worth $83,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Applied Digital in the third quarter worth $88,000. Gunderson Capital Management Inc. acquired a new position in shares of Applied Digital in the fourth quarter worth $83,000. Finally, Chesapeake Capital Corp IL purchased a new stake in shares of Applied Digital in the third quarter valued at $94,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.