Wall Street Zen Upgrades Applied Digital (NASDAQ:APLD) to “Hold”

Posted by Grant Hamersma on Jan 12th, 2026

Applied Digital (NASDAQ:APLD – Get Free Report) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Saturday.

APLD has been the topic of a number of other reports. Lake Street Capital reaffirmed a “buy” rating and issued a $45.00 target price on shares of Applied Digital in a research report on Tuesday, December 30th. Freedom Capital raised Applied Digital to a “strong-buy” rating in a report on Tuesday, January 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a research report on Wednesday, October 8th. HC Wainwright upped their target price on Applied Digital from $20.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, October 10th. Finally, Craig Hallum raised their price target on Applied Digital to $39.00 and gave the stock a “buy” rating in a research note on Thursday, October 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $33.27.

Read Our Latest Report on Applied Digital

Applied Digital Price Performance

Shares of NASDAQ APLD opened at $37.68 on Friday. The stock’s 50-day simple moving average is $27.33 and its 200-day simple moving average is $21.91. The firm has a market capitalization of $10.53 billion, a PE ratio of -69.78 and a beta of 6.89. Applied Digital has a fifty-two week low of $3.31 and a fifty-two week high of $40.20. The company has a debt-to-equity ratio of 1.79, a quick ratio of 4.82 and a current ratio of 4.82.

Applied Digital (NASDAQ:APLD – Get Free Report) last announced its quarterly earnings results on Wednesday, January 7th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The business had revenue of $126.59 million during the quarter, compared to analyst estimates of $82.22 million. Applied Digital had a negative net margin of 43.49% and a negative return on equity of 13.53%. The business’s revenue for the quarter was up 250.1% compared to the same quarter last year. During the same period last year, the company earned ($0.06) earnings per share. As a group, equities research analysts forecast that Applied Digital will post -0.96 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Ella G. Benson sold 42,569 shares of Applied Digital stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $35.30, for a total value of $1,502,685.70. Following the transaction, the director directly owned 69,256 shares in the company, valued at $2,444,736.80. This trade represents a 38.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Rachel H. Lee sold 24,213 shares of the business’s stock in a transaction on Friday, October 24th. The shares were sold at an average price of $33.20, for a total transaction of $803,871.60. Following the completion of the transaction, the director directly owned 59,400 shares in the company, valued at $1,972,080. This represents a 28.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 328,035 shares of company stock worth $11,376,479. 9.50% of the stock is currently owned by insiders.

Institutional Trading of Applied Digital

Hedge funds and other institutional investors have recently made changes to their positions in the company. ProShare Advisors LLC boosted its position in shares of Applied Digital by 1.0% in the 3rd quarter. ProShare Advisors LLC now owns 36,652 shares of the company’s stock worth $841,000 after buying an additional 376 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Applied Digital by 7.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 5,951 shares of the company’s stock valued at $137,000 after acquiring an additional 408 shares in the last quarter. Wedbush Securities Inc. raised its position in Applied Digital by 5.7% during the third quarter. Wedbush Securities Inc. now owns 10,785 shares of the company’s stock worth $247,000 after acquiring an additional 585 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Applied Digital by 87.5% in the fourth quarter. GAMMA Investing LLC now owns 1,376 shares of the company’s stock valued at $34,000 after purchasing an additional 642 shares in the last quarter. Finally, Allworth Financial LP lifted its holdings in shares of Applied Digital by 70.0% in the third quarter. Allworth Financial LP now owns 1,746 shares of the company’s stock valued at $40,000 after purchasing an additional 719 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

More Applied Digital News

Here are the key news stories impacting Applied Digital this week:

Positive Sentiment: Company delivered a blowout Q2: revenue jumped ~250% YoY to ~$126.6M driven by Polaris Forge 1 ramp and HPC tenant fit-outs; management disclosed a large lease pipeline and multi-year contracts that underpin long-term growth. Applied Digital beats quarterly revenue estimates on AI data center demand, shares jump
Positive Sentiment: Multiple bullish analyst moves: Arete Research initiated coverage with a Buy and $99 price target (large bullish signal), Freedom Capital initiated a Buy ($36 PT) and Needham reiterated Buy ($41 PT) — these upgrades and high targets amplify buying interest. Arete Research Initiates Applied Digital (APLD) with $99 PT, Buy Rating
Positive Sentiment: Market commentary highlights accelerating momentum: analysts and outlets point to a growing backlog (reported ~$15B), plans to add ~900 MW of capacity, a goal of $1B NOI over coming years, and potential new hyperscaler customers — all supportive of higher future cash flows. Applied Digital Reignites Momentum After a Blowout Quarter
Positive Sentiment: Press coverage flags an impending hyperscaler lease and continued AI demand as near-term catalysts that could drive additional revenue and give the stock more upside. Applied Digital Teases New AI Hyperscaler Customer in 2026. The Stock Rises.
Neutral Sentiment: Detailed company disclosures and the full Q2 earnings/call transcript are available for investors evaluating execution, margin trends and cadence of lease signings. Review the transcript for operator commentary and guidance signals. Applied Digital Corporation (APLD) Q2 2026 Earnings Call Transcript
Negative Sentiment: GAAP/profitability caveats: higher costs dragged reported EPS below consensus (company reported a loss per share vs. mixed adjusted metrics), with negative net margin and negative ROE on a GAAP basis — investors should watch margin recovery and cash flow conversion. Applied Digital’s Q2 Earnings Miss Estimates, Revenues Rise Y/Y

About Applied Digital

(Get Free Report)

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.