Applied Digital (NASDAQ:APLD) Given New $12.00 Price Target at HC Wainwright

Applied Digital (NASDAQ:APLD) had its target price raised by equities researchers at HC Wainwright from $10.00 to $12.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price target indicates a potential upside of 44.93% from the stock’s current price.

Several other brokerages have also issued reports on APLD. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Lake Street Capital boosted their price objective on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Needham & Company LLC restated a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research report on Wednesday. Craig Hallum raised their price objective 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. Finally, Cantor Fitzgerald decreased 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 note on Wednesday. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital has an average rating of “Buy” and a consensus price target of $11.29.

Applied Digital Stock Down 3.0 %

Applied Digital stock traded down $0.26 during trading on Wednesday, reaching $8.28. The stock had a trading volume of 16,873,491 shares, compared to its average volume of 21,458,602. Applied Digital has a 52-week low of $2.36 and a 52-week high of $11.25. The business has a 50 day moving average price of $8.74 and a 200 day moving average price of $6.94. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. The stock has a market cap of $1.75 billion, a PE ratio of -7.08 and a beta of 4.78.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. During the same period in the previous year, the business earned ($0.05) EPS. Applied Digital’s revenue for the quarter was up 51.3% on a year-over-year basis. On average, analysts predict that Applied Digital will post -0.4 EPS for the current year.

Insider Activity at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total value of $80,100.00. Following the completion of the transaction, the director now owns 208,506 shares in the company, valued at approximately $1,670,133.06. This represents a 4.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now owns 3,875,955 shares in the company, valued at $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. Insiders sold a total of 279,369 shares of company stock worth $2,525,561 over the last 90 days. Company insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently modified their holdings of APLD. Wellington Management Group LLP increased its stake in 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 purchasing an additional 3,040 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Applied Digital by 14.4% in the third quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company’s stock valued at $355,000 after purchasing an additional 5,423 shares during the last quarter. FMR LLC raised its stake in shares of Applied Digital by 99.1% during the 3rd quarter. FMR LLC now owns 13,071 shares of the company’s stock worth $108,000 after buying an additional 6,507 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Applied Digital during the 3rd quarter valued at about $59,000. Finally, Victory Capital Management Inc. lifted its stake in Applied Digital by 72.5% in the 3rd quarter. Victory Capital Management Inc. now owns 19,535 shares of the company’s stock valued at $161,000 after buying an additional 8,212 shares in the last quarter. 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.