Applied Digital (NASDAQ:APLD) Stock Price Expected to Rise, Northland Securities Analyst Says

Applied Digital (NASDAQ:APLD - Get Free Report) had its target price lifted by investment analysts at Northland Securities from $12.00 to $20.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Northland Securities' target price indicates a potential upside of 156.74% from the stock's current price.

A number of other research firms have also recently commented on APLD. Lake Street Capital boosted their price target on shares of Applied Digital from $7.00 to $11.00 and gave the stock a "buy" rating in a research note on Thursday, October 10th. Cantor Fitzgerald cut 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. HC Wainwright raised their price target on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Wednesday, January 15th. Needham & Company LLC reaffirmed a "buy" rating and set a $11.00 price target on shares of Applied Digital in a research note on Wednesday, January 15th. Finally, Craig Hallum boosted their price objective on shares of Applied Digital from $10.00 to $12.00 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, Applied Digital presently has an average rating of "Buy" and a consensus target price of $12.11.

Applied Digital Price Performance

NASDAQ APLD traded down $0.09 during trading hours on Tuesday, hitting $7.79. The company had a trading volume of 18,224,809 shares, compared to its average volume of 24,213,975. The firm has a 50 day simple moving average of $8.63 and a 200 day simple moving average of $7.14. Applied Digital has a 52 week low of $2.36 and a 52 week high of $11.25. 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 debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its earnings results 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 business had revenue of $63.87 million for the quarter, compared to analysts' expectations of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The business's revenue for the quarter was up 51.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.05) EPS. Equities research analysts expect that Applied Digital will post -0.96 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the completion of the transaction, the director now owns 342,923 shares of the company's stock, valued at $3,034,868.55. The trade was a 5.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Wes Cummins sold 200,000 shares of the stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the sale, the chief executive officer now directly owns 3,875,955 shares in the company, valued at $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. Insiders have sold 270,000 shares of company stock valued at $2,477,000 over the last quarter. Corporate insiders own 11.81% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of APLD. Marshall Wace LLP bought a new stake in shares of Applied Digital during the second quarter valued at approximately $720,000. The Manufacturers Life Insurance Company increased its holdings in shares of Applied Digital by 25.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company's stock worth $224,000 after purchasing an additional 7,517 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Applied Digital in the third quarter worth $426,000. Exchange Traded Concepts LLC lifted its holdings in shares of Applied Digital by 4.9% during the third quarter. Exchange Traded Concepts LLC now owns 728,424 shares of the company's stock valued at $6,009,000 after purchasing an additional 34,166 shares in the last quarter. Finally, Jade Capital Advisors LLC purchased a new stake in shares of Applied Digital during the third quarter valued at $236,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

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.