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

Applied Digital Co. (NASDAQ:APLD - Get Free Report) shares rose 2.2% during mid-day 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 were traded during 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 firms also recently commented on APLD. HC Wainwright boosted their target price on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Wednesday, January 15th. Compass Point began coverage on shares of Applied Digital in a report on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price target for the company. 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. Craig Hallum boosted their target price on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Thursday, October 10th. Finally, Lake Street Capital raised their price target on Applied Digital from $7.00 to $11.00 and gave the stock a "buy" rating in a research report on Thursday, October 10th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $12.11.

Insiders Place Their Bets

In related news, CEO Wes Cummins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $1,840,000.00. Following the transaction, the chief executive officer now owns 3,875,955 shares of the company's stock, valued at $35,658,786. This represents a 4.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction on Friday, January 17th. The shares were 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 of the company's stock, valued at approximately $3,034,868.55. This trade represents 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 worth $2,477,000 over the last quarter. Company insiders own 11.81% of the company's stock.

Hedge Funds Weigh In On Applied Digital

Several institutional investors have recently made changes to their positions in the company. Wilmington Savings Fund Society FSB increased its position in Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock valued at $31,000 after purchasing an additional 2,000 shares during the period. R Squared Ltd purchased a new position in Applied Digital during the fourth quarter valued at approximately $36,000. US Bancorp DE bought a new stake in Applied Digital during the 4th quarter valued at $37,000. Jones Financial Companies Lllp purchased a new stake in shares of Applied Digital during the 4th quarter worth $39,000. Finally, Spire Wealth Management bought a new stake in Applied Digital during the fourth quarter valued at about $43,000. Hedge funds and other institutional investors own 65.67% of the company's stock.

Applied Digital Price Performance

The company has a market cap of $1.74 billion, a PE ratio of -4.50 and a beta of 4.77. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a 50 day simple moving average of $8.58 and a 200-day simple moving average of $7.16.

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 (EPS) for the quarter, topping analysts' consensus estimates of ($0.14) by $0.08. The business had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business's quarterly revenue was up 51.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.05) earnings per share. As a group, research analysts predict that Applied Digital Co. will post -0.96 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.