Applied Digital (NASDAQ:APLD) Hits New 12-Month High After Analyst Upgrade

Applied Digital Co. (NASDAQ:APLD - Get Free Report) shares hit a new 52-week high on Wednesday after B. Riley raised their price target on the stock from $8.00 to $15.00. B. Riley currently has a buy rating on the stock. Applied Digital traded as high as $12.65 and last traded at $12.21, with a volume of 57172402 shares. The stock had previously closed at $10.25.

APLD has been the subject of several other reports. HC Wainwright raised their price target on shares of Applied Digital from $7.00 to $12.00 and gave the stock a "buy" rating in a research note on Tuesday. Needham & Company LLC reissued a "buy" rating and issued a $10.00 price objective on shares of Applied Digital in a report on Monday. Craig Hallum increased their price objective on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a report on Tuesday. Northland Securities increased their price objective on Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a report on Tuesday, February 4th. Finally, Cantor Fitzgerald cut their price objective on Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a report on Tuesday, April 15th. Ten research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Applied Digital presently has an average rating of "Buy" and a consensus price target of $12.45.

Insider Transactions at Applied Digital

In other news, Director Rachel H. Lee sold 24,212 shares of Applied Digital stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total transaction of $169,484.00. Following the completion of the sale, the director now owns 83,613 shares of the company's stock, valued at approximately $585,291. This trade represents a 22.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 11.81% of the company's stock.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Hood River Capital Management LLC lifted its holdings in shares of Applied Digital by 10.7% during the fourth quarter. Hood River Capital Management LLC now owns 15,147,422 shares of the company's stock worth $115,726,000 after buying an additional 1,464,854 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Applied Digital by 5.7% in the first quarter. Vanguard Group Inc. now owns 13,491,013 shares of the company's stock worth $75,819,000 after purchasing an additional 730,978 shares during the period. Geode Capital Management LLC increased its position in shares of Applied Digital by 54.4% in the fourth quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company's stock worth $36,117,000 after purchasing an additional 1,665,335 shares during the period. Van ECK Associates Corp increased its position in shares of Applied Digital by 113.8% in the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company's stock worth $33,649,000 after purchasing an additional 2,344,572 shares during the period. Finally, Situational Awareness LP bought a new position in shares of Applied Digital in the first quarter worth $22,680,000. Institutional investors and hedge funds own 65.67% of the company's stock.

Applied Digital Stock Down 3.6%

The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The company has a market cap of $2.87 billion, a P/E ratio of -7.38 and a beta of 6.09. The stock has a 50-day moving average of $5.85 and a 200 day moving average of $7.48.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings results on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.05). Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The company had revenue of $52.92 million during the quarter, compared to the consensus estimate of $62.91 million. During the same quarter in the previous year, the business posted ($0.24) EPS. Research analysts anticipate that Applied Digital Co. will post -0.96 earnings per share for the current year.

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.