Applied Digital (NASDAQ:APLD) Shares Up 3.3% After Analyst Upgrade

Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) rose 3.3% during mid-day trading on Wednesday 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 $8.07 and last traded at $7.94. Approximately 6,125,205 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 24,238,842 shares. The stock had previously closed at $7.69.

Several other equities analysts have also issued reports on APLD. 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. Cantor Fitzgerald lowered their price target on Applied Digital from $15.00 to $14.00 and set an "overweight" rating for the company in a report on Wednesday, January 15th. Compass Point assumed coverage on Applied Digital in a research report on Tuesday, January 28th. They set a "buy" rating and a $10.00 price target on the stock. Craig Hallum increased their target price on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Thursday, October 10th. Finally, Lake Street Capital raised their target price on shares of Applied Digital from $7.00 to $11.00 and gave the stock a "buy" rating in a report on Thursday, October 10th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital presently has a consensus rating of "Buy" and an average target price of $12.11.

Insider Transactions at Applied Digital

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of the stock in a transaction on 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 $35,658,786. This trade represents a 4.91 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard N. Nottenburg sold 50,000 shares of Applied Digital stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $460,000.00. Following the completion of the transaction, the director now directly owns 334,317 shares of the company's stock, valued at $3,075,716.40. This represents a 13.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 270,000 shares of company stock worth $2,477,000 in the last three months. Insiders own 11.81% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp increased its stake 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 valued at $33,649,000 after purchasing an additional 2,344,572 shares during the last quarter. Geode Capital Management LLC raised its stake in Applied Digital by 48.7% during the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company's stock worth $25,258,000 after acquiring an additional 1,002,862 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Applied Digital by 100.0% in the fourth 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. Barclays PLC boosted its stake in shares of Applied Digital by 736.8% in the 3rd quarter. Barclays PLC now owns 486,577 shares of the company's stock valued at $4,014,000 after purchasing an additional 428,428 shares in the last quarter. Finally, Wolverine Asset Management LLC bought a new stake in shares of Applied Digital during the 4th quarter valued at approximately $3,056,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Applied Digital Stock Performance

The firm has a market capitalization of $1.74 billion, a price-to-earnings ratio of -4.50 and a beta of 4.77. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The stock's 50-day moving average is $8.58 and its 200-day moving average is $7.17.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its 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. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business had revenue of $63.87 million during the quarter, compared to analysts' expectations of $62.41 million. During the same quarter in the prior year, the firm earned ($0.05) EPS. The business's revenue for the quarter was up 51.3% compared to the same quarter last year. On average, analysts predict that Applied Digital Co. will post -0.96 EPS 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.