Applied Digital (NASDAQ:APLD) Price Target Cut to $14.00 by Analysts at Cantor Fitzgerald

Applied Digital (NASDAQ:APLD - Free Report) had its price target decreased by Cantor Fitzgerald from $15.00 to $14.00 in a report issued on Wednesday,Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the stock.

Several other analysts also recently weighed in on the company. Roth Mkm restated a "buy" rating and issued a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Needham & Company LLC reissued a "buy" rating and set a $11.00 target price on shares of Applied Digital in a research report on Wednesday. Craig Hallum upped their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Thursday, October 10th. HC Wainwright lifted their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the company a "buy" rating in a report on Wednesday, October 16th. Finally, Lake Street Capital upped their target price on Applied Digital from $7.00 to $11.00 and gave the stock a "buy" rating in a report on Thursday, October 10th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $11.29.

Applied Digital Trading Down 2.0 %

Applied Digital stock traded down $0.17 during trading hours on Wednesday, hitting $8.37. The company had a trading volume of 35,173,048 shares, compared to its average volume of 23,673,061. The firm has a market cap of $1.77 billion, a P/E ratio of -7.15 and a beta of 4.78. The company has a 50-day moving average price of $8.77 and a two-hundred day moving average price of $6.95. Applied Digital has a 1 year low of $2.36 and a 1 year high of $11.25. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share (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 analysts' expectations of $62.41 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. Applied Digital's revenue was up 51.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.05) earnings per share. On average, sell-side analysts anticipate that Applied Digital will post -0.4 earnings per share for the current year.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of the firm's stock in a transaction dated 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 completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the company's stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $8.01, for a total transaction of $80,100.00. Following the transaction, the director now owns 208,506 shares in the company, valued at approximately $1,670,133.06. This trade represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 279,369 shares of company stock worth $2,525,561 over the last three months. Corporate insiders own 11.81% of the company's stock.

Institutional Trading of Applied Digital

Large investors have recently bought and sold shares of the stock. Wellington Management Group LLP raised its holdings in shares of Applied Digital by 8.8% in the third quarter. Wellington Management Group LLP now owns 37,411 shares of the company's stock worth $309,000 after buying an additional 3,040 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in Applied Digital by 14.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company's stock worth $355,000 after acquiring an additional 5,423 shares during the last quarter. FMR LLC lifted its position in Applied Digital by 99.1% during the 3rd quarter. FMR LLC now owns 13,071 shares of the company's stock worth $108,000 after acquiring an additional 6,507 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Applied Digital during the 3rd quarter valued at about $59,000. Finally, Victory Capital Management Inc. raised its stake in shares of Applied Digital by 72.5% in the third quarter. Victory Capital Management Inc. now owns 19,535 shares of the company's stock worth $161,000 after purchasing an additional 8,212 shares during the last quarter. Hedge funds and other institutional investors own 65.67% of the company's stock.

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.