Applied Digital (NASDAQ:APLD) Reaches New 1-Year High on Analyst Upgrade

Applied Digital Co. (NASDAQ:APLD - Get Free Report) shares reached a new 52-week high during mid-day trading 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 topic of several other reports. Citizens Jmp upgraded Applied Digital to a "strong-buy" rating and set a $12.00 target price on the stock in a research report on Thursday, May 22nd. Needham & Company LLC reaffirmed a "buy" rating and set a $10.00 price objective on shares of Applied Digital in a research report on Monday, June 2nd. 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 research note on Tuesday, April 15th. JMP Securities increased their target price on shares of Applied Digital from $12.00 to $18.00 and gave the stock a "market outperform" rating in a report on Tuesday. Finally, Northland Securities raised their target price on shares of Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 4th. Twelve research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $12.45.

Insider Buying and Selling

In other news, Director Rachel H. Lee sold 24,212 shares of Applied Digital stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total value of $169,484.00. Following the sale, the director now directly owns 83,613 shares of the company's stock, valued at approximately $585,291. The trade was a 22.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 11.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Applied Digital

Several institutional investors have recently added to or reduced their stakes in APLD. Wells Fargo & Company MN boosted its position in shares of Applied Digital by 96.6% during the 4th quarter. Wells Fargo & Company MN now owns 119,963 shares of the company's stock valued at $917,000 after acquiring an additional 58,943 shares during the last quarter. Vanguard Group Inc. raised its stake in Applied Digital by 39.1% during the fourth quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock valued at $97,487,000 after purchasing an additional 3,587,619 shares in the last quarter. Rhumbline Advisers raised its stake in Applied Digital by 68.7% during the fourth quarter. Rhumbline Advisers now owns 258,892 shares of the company's stock valued at $1,978,000 after purchasing an additional 105,428 shares in the last quarter. Numerai GP LLC bought a new position in Applied Digital during the fourth quarter valued at $790,000. Finally, Barclays PLC grew its stake in shares of 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. Hedge funds and other institutional investors own 65.67% of the company's stock.

Applied Digital Stock Up 8.5%

The business's 50 day simple moving average is $6.15 and its 200 day simple moving average is $7.55. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $3.11 billion, a PE ratio of -8.01 and a beta of 6.09.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings results on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate 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 analysts' expectations of $62.91 million. During the same quarter in the prior year, the business posted ($0.24) EPS. On average, equities research analysts forecast 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.