Cantor Fitzgerald Cuts Applied Digital (NASDAQ:APLD) Price Target to $14.00

Applied Digital (NASDAQ:APLD) had its target price reduced by analysts at Cantor Fitzgerald from $15.00 to $14.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Cantor Fitzgerald’s target price points to a potential upside of 63.93% from the company’s previous close.

Other research analysts also recently issued research reports about the company. Craig Hallum increased 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. HC Wainwright increased their price target on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research report on Wednesday. Roth Mkm reiterated a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Finally, Lake Street Capital increased their target price on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital presently has an average rating of “Buy” and a consensus price target of $11.00.

Applied Digital Stock Performance

Shares of Applied Digital stock opened at $8.54 on Wednesday. The firm has a 50 day simple moving average of $8.74 and a 200 day simple moving average of $6.94. The firm has a market cap of $1.80 billion, a P/E ratio of -7.30 and a beta of 4.78. Applied Digital has a fifty-two week low of $2.36 and a fifty-two week high of $11.25. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22.

Applied Digital (NASDAQ:APLD) last released its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The company had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. During the same period in the prior year, the company posted ($0.05) EPS. The company’s revenue was up 51.3% compared to the same quarter last year. Sell-side analysts predict that Applied Digital will post -0.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, 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 in the company, valued at $2,886,220.67. This trade represents a 4.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Wes Cummins sold 200,000 shares of the business’s 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 completion of the sale, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. The trade was a 4.91 % 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 ninety days. 11.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Applied Digital during the 3rd quarter worth approximately $59,000. Beacon Harbor Wealth Advisors Inc. bought a new stake in shares of Applied Digital during the 3rd quarter worth $83,000. Wealth Enhancement Advisory Services LLC acquired a new stake in Applied Digital in the third quarter valued at about $88,000. Gunderson Capital Management Inc. acquired a new stake in Applied Digital in the fourth quarter valued at about $83,000. Finally, Chesapeake Capital Corp IL bought a new position in Applied Digital in the third quarter valued at about $94,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.