Applied Digital (NASDAQ:APLD) Price Target Raised to $12.00 at HC Wainwright

Applied Digital (NASDAQ:APLD) had its target price raised by HC Wainwright from $10.00 to $12.00 in a research report sent to investors on Wednesday,Benzinga reports. HC Wainwright currently has a buy rating on the stock.

A number of other research analysts also recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a report on Wednesday. Lake Street Capital boosted their price target on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Craig Hallum boosted their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Finally, Cantor Fitzgerald dropped their price target on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Wednesday. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $11.29.

Applied Digital Stock Performance

Applied Digital stock opened at $8.37 on Wednesday. The company has a 50 day moving average price of $8.77 and a 200 day moving average price of $6.95. Applied Digital has a 52 week low of $2.36 and a 52 week high of $11.25. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. The firm 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 74.95% and a negative return on equity of 88.87%. The company’s revenue was up 51.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.05) EPS. On average, equities analysts forecast that Applied Digital will post -0.4 earnings per share for the current year.

Insider Buying and Selling at Applied Digital

In related news, CEO Wes Cummins sold 200,000 shares of the stock in a transaction on 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 completion of the transaction, the chief executive officer now owns 3,875,955 shares in the company, valued at approximately $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 SEC, which can be accessed through this hyperlink. Also, Director Richard N. Nottenburg sold 19,369 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $7.51, for a total transaction of $145,461.19. Following the transaction, the director now owns 384,317 shares of the company’s stock, valued at $2,886,220.67. The trade was a 4.80 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 269,369 shares of company stock valued at $2,445,461. Corporate insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Applied Digital during the third quarter worth $59,000. Beacon Harbor Wealth Advisors Inc. bought a new stake in Applied Digital during the third quarter worth $83,000. Wealth Enhancement Advisory Services LLC bought a new stake in Applied Digital during the third quarter worth $88,000. Gunderson Capital Management Inc. bought a new stake in Applied Digital during the fourth quarter worth $83,000. Finally, Chesapeake Capital Corp IL bought a new stake in Applied Digital during the third quarter worth $94,000. 65.67% of the stock is 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.