Applied Digital (NASDAQ:APLD) Trading Up 10.6% on Analyst Upgrade

Applied Digital Co. (NASDAQ:APLD) shares rose 10.6% during trading on Thursday after HC Wainwright raised their price target on the stock from $10.00 to $12.00. HC Wainwright currently has a buy rating on the stock. Applied Digital traded as high as $9.38 and last traded at $9.26. Approximately 13,820,163 shares were traded during trading, a decline of 39% from the average daily volume of 22,568,014 shares. The stock had previously closed at $8.37.

Several other research firms also recently weighed in on APLD. 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. Lake Street Capital increased their price objective 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. Roth Mkm reiterated a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Craig Hallum boosted their price target on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research report on Wednesday. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $11.29.

Insider Buying and Selling

In related news, Director Richard N. Nottenburg sold 50,000 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 $460,000.00. Following the transaction, the director now owns 334,317 shares in the company, valued at $3,075,716.40. This trade represents a 13.01 % decrease in their ownership of the stock. The transaction 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 business’s stock in a transaction that occurred on 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 transaction, 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 269,369 shares of company stock valued at $2,445,461. Corporate insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

A number of institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its position in Applied Digital by 36.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after buying an additional 240,554 shares during the period. Quadrature Capital Ltd bought a new position in shares of Applied Digital during the 3rd quarter worth approximately $545,000. Barclays PLC boosted its holdings in Applied Digital by 736.8% during the third quarter. Barclays PLC now owns 486,577 shares of the company’s stock worth $4,014,000 after buying an additional 428,428 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of Applied Digital in the third quarter worth about $2,030,000. Finally, B. Riley Wealth Advisors Inc. boosted its stake in shares of Applied Digital by 66.1% in the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock valued at $4,609,000 after purchasing an additional 308,223 shares during the period. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Stock Up 13.4 %

The firm has a market capitalization of $2.00 billion, a price-to-earnings ratio of -8.11 and a beta of 4.78. The business’s fifty day moving average price is $8.77 and its 200 day moving average price is $6.95. The company has a current ratio of 0.22, a quick 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) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The firm had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. During the same quarter in the previous year, the company earned ($0.05) EPS. The business’s revenue for the quarter was up 51.3% compared to the same quarter last year. On average, equities analysts expect that Applied Digital Co. will post -0.4 EPS for the current 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.