Shares of Applied Digital Co. (NASDAQ:APLD – Get Free Report) have been assigned an average rating of “Buy” from the seven research firms that are covering the stock, Marketbeat Ratings reports. Seven research analysts have rated the stock with a buy rating. The average twelve-month price objective among brokerages that have covered the stock in the last year is $11.29.
A number of brokerages have recently commented on APLD. Cantor Fitzgerald dropped their price objective on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Lake Street Capital raised their price target 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 reiterated a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. Craig Hallum raised 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. Finally, HC Wainwright upped their price target on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th.
View Our Latest Stock Report on Applied Digital
Applied Digital Trading Down 0.9 %
Applied Digital (NASDAQ:APLD – Get Free Report) last released its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. The firm had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. 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 business earned ($0.05) earnings per share. Sell-side analysts anticipate that Applied Digital will post -0.4 EPS for the current year.
Insiders Place Their Bets
In other news, CEO Wes Cummins sold 200,000 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 3,875,955 shares in the company, valued at $35,658,786. This represents a 4.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Richard N. Nottenburg sold 19,369 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $7.51, for a total transaction of $145,461.19. Following the transaction, the director now owns 384,317 shares in the company, valued at $2,886,220.67. The trade was a 4.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 269,369 shares of company stock worth $2,445,461. Corporate insiders own 11.81% of the company’s stock.
Institutional Investors Weigh In On Applied Digital
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC boosted its stake in Applied Digital by 414.5% during the fourth quarter. SG Americas Securities LLC now owns 265,792 shares of the company’s stock worth $2,031,000 after buying an additional 214,133 shares during the last quarter. Dakota Wealth Management purchased a new stake in shares of Applied Digital in the fourth quarter valued at about $115,000. Nisa Investment Advisors LLC increased its position in Applied Digital by 16.8% during the fourth quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company’s stock worth $90,000 after purchasing an additional 1,692 shares during the last quarter. SeaCrest Wealth Management LLC acquired a new position in Applied Digital in the 4th quarter valued at about $586,000. Finally, Gunderson Capital Management Inc. purchased a new stake in shares of Applied Digital in the 4th quarter valued at approximately $83,000. Institutional investors and hedge funds own 65.67% of the company’s stock.
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.
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