Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price was up 10.6% during trading on Thursday after HC Wainwright raised their price target on the stock from $10.00 to $12.00. HC Wainwright currently has a buy rating on the stock. Applied Digital traded as high as $9.38 and last traded at $9.26. Approximately 13,820,163 shares traded hands during trading, a decline of 39% from the average daily volume of 22,568,014 shares. The stock had previously closed at $8.37.
Several other equities research analysts also recently commented on the stock. Cantor Fitzgerald lowered their price objective on shares of Applied Digital from $15.00 to $14.00 and set an "overweight" rating for the company in a research note on Wednesday. Craig Hallum boosted their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Thursday, October 10th. Roth Mkm restated a "buy" rating and set a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Needham & Company LLC restated a "buy" rating and set a $11.00 target price on shares of Applied Digital in a research report on Wednesday. Finally, Lake Street Capital boosted their target price 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. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $11.29.
Get Our Latest Analysis on APLD
In other news, Director Richard N. Nottenburg sold 50,000 shares of the business's stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $460,000.00. Following the completion of the sale, the director now owns 334,317 shares of the company's stock, valued at $3,075,716.40. The trade was a 13.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Wes Cummins sold 200,000 shares of the business's stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the sale, the chief executive officer now directly owns 3,875,955 shares of the company's stock, valued at $35,658,786. This represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 269,369 shares of company stock worth $2,445,461. Company insiders own 11.81% of the company's stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Applied Digital during the third quarter worth about $59,000. Beacon Harbor Wealth Advisors Inc. purchased a new stake in shares of Applied Digital during the third quarter worth about $83,000. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Applied Digital during the third quarter worth about $88,000. Gunderson Capital Management Inc. purchased a new stake in shares of Applied Digital during the fourth quarter worth about $83,000. Finally, Chesapeake Capital Corp IL purchased a new stake in shares of Applied Digital during the third quarter worth about $94,000. Hedge funds and other institutional investors own 65.67% of the company's stock.
The company has a market cap of $1.90 billion, a PE ratio of -7.68 and a beta of 4.78. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. The firm's 50 day moving average is $8.79 and its 200-day moving average is $6.96.
Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The company had revenue of $63.87 million during the quarter, compared to analysts' expectations of $62.41 million. During the same quarter in the prior year, the company earned ($0.05) EPS. Applied Digital's revenue was up 51.3% compared to the same quarter last year. On average, research analysts anticipate that Applied Digital Co. will post -0.4 earnings per share for the current fiscal year.
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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