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

Applied Digital (NASDAQ:APLD) had its price objective lowered by Cantor Fitzgerald from $15.00 to $14.00 in a report published on Wednesday morning,Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the stock.

Other analysts have also issued research reports about the company. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a research note on Thursday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research note on Wednesday. Lake Street Capital raised their price target on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. HC Wainwright raised their price target on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Finally, Craig Hallum raised their price target on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $11.29.

Applied Digital Stock Down 2.0 %

Shares of NASDAQ APLD opened at $8.37 on Wednesday. Applied Digital has a one year low of $2.36 and a one year high of $11.25. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62. The firm’s 50 day simple moving average is $8.77 and its two-hundred day simple moving average is $6.95.

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

Insider Activity

In other news, Director Richard N. Nottenburg sold 19,369 shares of the firm’s 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 completion of the transaction, the director now directly owns 384,317 shares in the company, valued at $2,886,220.67. This trade represents a 4.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Wes Cummins sold 200,000 shares of the firm’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the transaction, the chief executive officer now owns 3,875,955 shares of the company’s stock, 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 269,369 shares of company stock worth $2,445,461 over the last three months. 11.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

Several large investors have recently bought and sold shares of APLD. Geode Capital Management LLC increased its holdings in Applied Digital by 48.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock worth $25,258,000 after buying an additional 1,002,862 shares in the last quarter. Hood River Capital Management LLC increased its holdings in Applied Digital by 8.7% in the 2nd quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock worth $57,098,000 after buying an additional 771,699 shares in the last quarter. Alight Capital Management LP bought a new stake in Applied Digital in the 2nd quarter worth about $3,570,000. Barclays PLC increased its holdings in Applied Digital by 736.8% in the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock worth $4,014,000 after buying an additional 428,428 shares in the last quarter. Finally, Thomist Capital Management LP bought a new stake in Applied Digital in the 2nd quarter worth about $2,529,000. 65.67% of the stock is currently owned by institutional investors.

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.