Applied Digital (NASDAQ:APLD) Price Target Raised to $10.00 at HC Wainwright

Applied Digital (NASDAQ:APLD) had its price target boosted by HC Wainwright from $5.00 to $10.00 in a research report report published on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also weighed in on APLD. Lake Street Capital lifted their price target on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Craig Hallum increased their target price on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a report on Thursday, October 10th. 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. Finally, B. Riley upped their price target on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $10.50.

Applied Digital Stock Up 10.3 %

Applied Digital stock opened at $8.05 on Wednesday. The business’s 50-day moving average price is $5.76 and its 200 day moving average price is $4.86. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14. The firm has a market cap of $1.10 billion, a price-to-earnings ratio of -10.19 and a beta of 4.56. Applied Digital has a 52 week low of $2.36 and a 52 week high of $8.78.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.13. The firm had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 107.05%. The business’s quarterly revenue was up 67.2% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.10) EPS. As a group, sell-side analysts anticipate that Applied Digital will post -1.12 earnings per share for the current year.

Insider Activity at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the transaction, the director now directly owns 218,506 shares in the company, valued at $1,201,783. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $5.50, for a total transaction of $55,000.00. Following the completion of the sale, the director now directly owns 218,506 shares in the company, valued at approximately $1,201,783. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard N. Nottenburg sold 80,000 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the transaction, the director now owns 433,686 shares in the company, valued at $3,196,265.82. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 20.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. B. Riley Wealth Advisors Inc. grew its holdings in shares of Applied Digital by 66.1% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock worth $4,609,000 after purchasing an additional 308,223 shares during the period. Alight Capital Management LP purchased a new position in shares of Applied Digital during the 2nd quarter worth approximately $3,570,000. Marshall Wace LLP acquired a new stake in Applied Digital in the 2nd quarter valued at approximately $720,000. Woodmont Investment Counsel LLC raised its position in Applied Digital by 4.2% in the first quarter. Woodmont Investment Counsel LLC now owns 250,319 shares of the company’s stock valued at $1,071,000 after purchasing an additional 10,149 shares during the period. Finally, Vanguard Group Inc. lifted its stake in Applied Digital by 70.2% during the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock worth $26,434,000 after purchasing an additional 2,547,485 shares in the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Company Profile

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.