Applied Digital (NASDAQ:APLD) Shares Up 2.2% After Analyst Upgrade

Applied Digital Co. (NASDAQ:APLD)’s share price traded up 2.2% during mid-day trading on Tuesday after Northland Securities raised their price target on the stock from $12.00 to $20.00. Northland Securities currently has an outperform rating on the stock. Applied Digital traded as high as $7.65 and last traded at $7.51. 8,326,866 shares traded hands during trading, a decline of 66% from the average session volume of 24,148,041 shares. The stock had previously closed at $7.35.

A number of other equities analysts have also weighed in on the stock. HC Wainwright upped their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Lake Street Capital boosted their price objective 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. Roth Mkm restated a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a report on Thursday, October 10th. Craig Hallum increased their price target 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. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a report on Wednesday, January 15th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Digital presently has an average rating of “Buy” and an average price target of $12.11.

Insider Activity at Applied Digital

In related news, Director Richard N. Nottenburg sold 19,369 shares of the business’s stock in a transaction that occurred 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 sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction 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 completion of the transaction, 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. In the last ninety days, insiders have sold 289,369 shares of company stock worth $2,622,461. 11.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Large investors have recently added to or reduced their stakes in the stock. Wealthgarden F.S. LLC bought a new position in shares of Applied Digital during the 4th quarter worth about $115,000. Wolverine Asset Management LLC acquired a new position in shares of Applied Digital in the fourth quarter valued at $3,056,000. Private Advisor Group LLC lifted its position in Applied Digital by 50.0% in the fourth quarter. Private Advisor Group LLC now owns 58,055 shares of the company’s stock worth $444,000 after purchasing an additional 19,355 shares during the period. New York State Common Retirement Fund lifted its position in Applied Digital by 75.0% in the fourth quarter. New York State Common Retirement Fund now owns 40,819 shares of the company’s stock worth $312,000 after purchasing an additional 17,500 shares during the period. Finally, Atria Wealth Solutions Inc. bought a new stake in Applied Digital in the 4th quarter valued at $149,000. Institutional investors own 65.67% of the company’s stock.

Applied Digital Trading Up 2.4 %

The business’s 50 day moving average price is $8.80 and its 200-day moving average price is $7.10. The company has a market cap of $1.68 billion, a price-to-earnings ratio of -4.35 and a beta of 4.78. 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) last released its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. During the same period in the prior year, the company earned ($0.05) EPS. Applied Digital’s revenue for the quarter was up 51.3% on a year-over-year basis. On average, research analysts forecast that Applied Digital Co. will post -0.96 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.