Analysts Set Applied Digital Co. (NASDAQ:APLD) Target Price at $11.14

Shares of Applied Digital Co. (NASDAQ:APLD) have been assigned a consensus recommendation of “Buy” from the seven analysts that are currently covering the firm, Marketbeat Ratings reports. Seven analysts have rated the stock with a buy rating. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $11.14.

APLD has been the topic of several research analyst reports. B. Riley lifted their price target on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. HC Wainwright lifted their target price on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. 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 research note on Thursday, October 10th. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Friday, November 1st. Finally, Cantor Fitzgerald started coverage on shares of Applied Digital in a report on Friday, December 20th. They issued an “overweight” rating and a $15.00 target price for the company.

Insider Buying and Selling

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of the 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 approximately $35,658,786. This represents a 4.91 % 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, Director Richard N. Nottenburg sold 80,000 shares of the business’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the sale, the director now owns 433,686 shares in the company, valued at $3,196,265.82. The trade was a 15.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 359,369 shares of company stock valued at $3,115,161 over the last ninety days. Corporate insiders own 11.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Headlands Technologies LLC grew its position in shares of Applied Digital by 381.8% in the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after purchasing an additional 6,933 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Applied Digital during the 3rd quarter valued at $59,000. Beacon Harbor Wealth Advisors Inc. acquired a new stake in Applied Digital during the 3rd quarter valued at $83,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Applied Digital in the third quarter worth $88,000. Finally, Chesapeake Capital Corp IL purchased a new stake in shares of Applied Digital in the third quarter valued at $94,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

Applied Digital Trading Up 4.9 %

NASDAQ APLD opened at $9.20 on Tuesday. The firm’s fifty day moving average price is $8.52 and its 200 day moving average price is $6.62. Applied Digital has a 12 month low of $2.36 and a 12 month high of $11.25. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. The company has a market capitalization of $1.94 billion, a price-to-earnings ratio of -7.86 and a beta of 4.67.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The company had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. During the same quarter last year, the company posted ($0.10) earnings per share. The business’s quarterly revenue was up 67.2% compared to the same quarter last year. On average, sell-side analysts expect that Applied Digital will post -0.4 earnings per share for the current fiscal 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.