Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price shot up 10.6% during mid-day trading on Thursday after HC Wainwright raised their price target on the stock from $10.00 to $12.00. HC Wainwright currently has a buy rating on the stock. Applied Digital traded as high as $9.38 and last traded at $9.26. 13,820,163 shares were traded during mid-day trading, a decline of 39% from the average session volume of 22,568,014 shares. The stock had previously closed at $8.37.
Several other analysts also recently commented on APLD. Roth Mkm reaffirmed a "buy" rating and set a $10.00 price objective on shares of Applied Digital in a research note on Thursday, October 10th. Cantor Fitzgerald dropped their price objective on Applied Digital from $15.00 to $14.00 and set an "overweight" rating on the stock in a research note 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. Needham & Company LLC reissued a "buy" rating and issued a $11.00 price target on shares of Applied Digital in a research note on Wednesday. Finally, Craig Hallum lifted their price target on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research note on Thursday, October 10th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $11.29.
Read Our Latest Research Report on APLD
Insider Activity at Applied Digital
In related news, Director Richard N. Nottenburg sold 50,000 shares of Applied Digital stock in a transaction dated 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 approximately $3,075,716.40. The trade was a 13.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the sale, the chief executive officer now directly owns 3,875,955 shares in the company, valued at approximately $35,658,786. This represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 269,369 shares of company stock valued at $2,445,461. 11.81% of the stock is owned by insiders.
Hedge Funds Weigh In On Applied Digital
Hedge funds and other institutional investors have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Applied Digital during the third quarter worth about $59,000. Beacon Harbor Wealth Advisors Inc. bought a new position in Applied Digital during the third quarter worth about $83,000. Wealth Enhancement Advisory Services LLC bought a new position in Applied Digital during the third quarter worth about $88,000. Gunderson Capital Management Inc. bought a new position in Applied Digital during the fourth quarter worth about $83,000. Finally, Chesapeake Capital Corp IL bought a new position in Applied Digital during the third quarter worth about $94,000. Institutional investors own 65.67% of the company's stock.
Applied Digital Price Performance
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 firm has a market cap of $1.98 billion, a P/E ratio of -7.61 and a beta of 4.78. The business has a fifty day moving average of $8.79 and a 200 day moving average of $6.96.
Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) 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 company had revenue of $63.87 million during the quarter, compared to analysts' expectations of $62.41 million. During the same quarter in the previous year, the company posted ($0.05) earnings per share. The business's revenue was up 51.3% on a year-over-year basis. On average, sell-side analysts anticipate that Applied Digital Co. will post -0.4 earnings per share for the current year.
About Applied Digital
(
Get Free Report)
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.
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