Applied Digital (NASDAQ:APLD) Stock Price Up 2.2% on Analyst Upgrade

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s share price was up 2.2% during trading on Tuesday after Northland Securities raised their price target on the stock from $12.00 to $20.00. Northland Securities currently has an outperform rating on the stock. Applied Digital traded as high as $7.65 and last traded at $7.51. Approximately 8,326,866 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 24,148,041 shares. The stock had previously closed at $7.35.

A number of other research analysts also recently issued reports on APLD. Cantor Fitzgerald cut their price objective on Applied Digital from $15.00 to $14.00 and set an "overweight" rating for the company in a research note on Wednesday, January 15th. Craig Hallum increased 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. Roth Mkm reaffirmed a "buy" rating and issued a $10.00 target price on shares of Applied Digital in a report on Thursday, October 10th. Compass Point assumed coverage on Applied Digital in a research note on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price target for the company. Finally, Lake Street Capital upped 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. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $12.11.

Insiders Place Their Bets

In related news, CEO Wes Cummins sold 200,000 shares of the 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 transaction, the chief executive officer now owns 3,875,955 shares of the company's stock, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard N. Nottenburg sold 20,000 shares of the business's stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the sale, the director now directly owns 342,923 shares in the company, valued at $3,034,868.55. The trade was a 5.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 270,000 shares of company stock valued at $2,477,000 in the last quarter. 11.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Van ECK Associates Corp lifted its holdings in shares of Applied Digital by 113.8% in the 4th quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company's stock worth $33,649,000 after acquiring an additional 2,344,572 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Applied Digital by 48.7% during the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company's stock valued at $25,258,000 after buying an additional 1,002,862 shares during the period. State Street Corp grew its stake in shares of Applied Digital by 14.0% during the third quarter. State Street Corp now owns 2,337,267 shares of the company's stock valued at $19,282,000 after buying an additional 286,852 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Applied Digital by 100.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,798,431 shares of the company's stock worth $13,740,000 after acquiring an additional 899,138 shares during the last quarter. Finally, Royce & Associates LP boosted its holdings in Applied Digital by 1.4% during the 3rd quarter. Royce & Associates LP now owns 1,132,140 shares of the company's stock valued at $9,340,000 after acquiring an additional 15,763 shares during the period. 65.67% of the stock is owned by hedge funds and other institutional investors.

Applied Digital Stock Down 1.1 %

The company has a market cap of $1.74 billion, a P/E ratio of -4.50 and a beta of 4.77. The company has a 50-day simple moving average of $8.63 and a 200 day simple moving average of $7.14. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.08. The company had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The firm's revenue was up 51.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.05) EPS. On average, equities analysts anticipate that Applied Digital Co. will post -0.96 EPS for the current year.

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.