Applied Digital (NASDAQ:APLD) Price Target Raised to $20.00 at Northland Securities

Applied Digital (NASDAQ:APLD - Get Free Report) had its target price upped by stock analysts at Northland Securities from $12.00 to $20.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Northland Securities' target price would indicate a potential upside of 156.74% from the stock's previous close.

APLD has been the subject of a number of other reports. Needham & Company LLC reiterated a "buy" rating and issued a $11.00 price target on shares of Applied Digital in a research report on Wednesday, January 15th. Cantor Fitzgerald dropped their target price 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, January 15th. Craig Hallum upped their target price 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. Lake Street Capital upped their price target on shares of Applied Digital from $7.00 to $11.00 and gave the company a "buy" rating in a research note on Thursday, October 10th. Finally, Compass Point assumed coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They set a "buy" rating and a $10.00 price target on the stock. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $12.11.

Applied Digital Stock Performance

Shares of APLD traded down $0.09 on Tuesday, reaching $7.79. The company's stock had a trading volume of 18,224,809 shares, compared to its average volume of 25,388,150. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. Applied Digital has a 12-month low of $2.36 and a 12-month high of $11.25. The stock has a market capitalization of $1.74 billion, a P/E ratio of -4.50 and a beta of 4.77. The stock's 50 day simple moving average is $8.58 and its two-hundred day simple moving average is $7.16.

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 for the quarter, topping analysts' consensus estimates of ($0.14) by $0.08. The business had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The company's revenue was up 51.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.05) earnings per share. Research analysts forecast that Applied Digital will post -0.96 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $177,000.00. Following the transaction, the director now directly owns 342,923 shares in the company, valued at $3,034,868.55. This represents a 5.51 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Wes Cummins sold 200,000 shares of the 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. The trade was a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 270,000 shares of company stock worth $2,477,000. Insiders own 11.81% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in APLD. Vontobel Holding Ltd. boosted its holdings in shares of Applied Digital by 9.8% in the 4th quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company's stock valued at $128,000 after buying an additional 1,500 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Applied Digital by 16.8% in the 4th quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company's stock valued at $90,000 after buying an additional 1,692 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its holdings in shares of Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock valued at $31,000 after buying an additional 2,000 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Applied Digital by 8.8% in the 3rd quarter. Wellington Management Group LLP now owns 37,411 shares of the company's stock valued at $309,000 after buying an additional 3,040 shares in the last quarter. Finally, Amalgamated Bank boosted its holdings in shares of Applied Digital by 113.3% in the 4th quarter. Amalgamated Bank now owns 6,538 shares of the company's stock valued at $50,000 after buying an additional 3,473 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors.

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.