Applied Digital (NASDAQ:APLD) Stock Price Up 10.6% Following Analyst Upgrade

Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) traded up 10.6% 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 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 weighed in on the stock. Cantor Fitzgerald reduced their price objective on shares of Applied Digital from $15.00 to $14.00 and set an "overweight" rating for the company in a research report on Wednesday. Craig Hallum boosted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Thursday, October 10th. 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 report on Thursday, October 10th. Needham & Company LLC reiterated a "buy" rating and set a $11.00 target price on shares of Applied Digital in a research report on Wednesday. Finally, Roth Mkm reissued a "buy" rating and issued a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $11.29.

Insider Activity

In other news, Director Richard N. Nottenburg sold 19,369 shares of Applied Digital stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $7.51, for a total value of $145,461.19. Following the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 transaction, the chief executive officer now owns 3,875,955 shares in the company, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 269,369 shares of company stock valued at $2,445,461. Insiders own 11.81% of the company's stock.

Institutional Trading of Applied Digital

Hedge funds have recently modified their holdings of the business. SeaCrest Wealth Management LLC acquired a new position in Applied Digital during the fourth quarter worth $586,000. Gunderson Capital Management Inc. purchased a new stake in shares of Applied Digital during the 4th quarter worth $83,000. JPMorgan Chase & Co. grew its stake in shares of Applied Digital by 18.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 56,355 shares of the company's stock worth $465,000 after purchasing an additional 8,774 shares during the period. Tidal Investments LLC purchased a new position in shares of Applied Digital in the 3rd quarter valued at about $95,000. Finally, Virtu Financial LLC purchased a new position in shares of Applied Digital in the 3rd quarter valued at about $2,030,000. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Price Performance

The stock has a market cap of $1.90 billion, a price-to-earnings ratio of -7.68 and a beta of 4.78. The company's 50 day moving average is $8.79 and its 200 day moving average is $6.96. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22.

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

About Applied Digital

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.