Applied Digital (NASDAQ:APLD) Stock Price Expected to Rise, HC Wainwright Analyst Says

Applied Digital (NASDAQ:APLD - Get Free Report) had its price target hoisted by investment analysts at HC Wainwright from $7.00 to $12.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. HC Wainwright's target price would suggest a potential downside of 9.43% from the stock's previous close.

Other analysts also recently issued research reports about the company. JMP Securities initiated coverage on Applied Digital in a research note on Thursday, May 22nd. They set a "market outperform" rating and a $12.00 price target for the company. Northland Securities raised their price objective 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. Needham & Company LLC reiterated a "buy" rating and set a $10.00 target price on shares of Applied Digital in a research note on Monday. Cantor Fitzgerald decreased their price target on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 15th. Finally, Citizens Jmp raised shares of Applied Digital to a "strong-buy" rating and set a $12.00 target price on the stock in a research note on Thursday, May 22nd. Ten 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, the stock has an average rating of "Buy" and an average target price of $12.45.

Applied Digital Price Performance

NASDAQ APLD traded up $3.00 on Tuesday, reaching $13.25. The company's stock had a trading volume of 210,396,613 shares, compared to its average volume of 35,324,637. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The firm's 50 day moving average is $5.70 and its two-hundred day moving average is $7.44. Applied Digital has a twelve month low of $3.01 and a twelve month high of $13.47. The stock has a market cap of $2.98 billion, a PE ratio of -7.66 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) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.05). The firm had revenue of $52.92 million for the quarter, compared to analyst estimates of $62.91 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. During the same quarter in the prior year, the firm earned ($0.24) EPS. As a group, sell-side analysts predict that Applied Digital will post -0.96 EPS for the current year.

Insider Transactions at Applied Digital

In other Applied Digital 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 value of $169,484.00. Following the completion of the transaction, the director now owns 83,613 shares in the company, valued at approximately $585,291. The trade was a 22.45% decrease in their position. 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.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in APLD. Vontobel Holding Ltd. raised its position in Applied Digital by 9.8% in the 4th quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company's stock worth $128,000 after purchasing an additional 1,500 shares during the last quarter. Corebridge Financial Inc. raised its position in shares of Applied Digital by 2.0% during the first quarter. Corebridge Financial Inc. now owns 97,224 shares of the company's stock worth $546,000 after acquiring an additional 1,899 shares during the last quarter. Wilmington Savings Fund Society FSB lifted its stake in shares of Applied Digital by 100.0% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock valued at $31,000 after acquiring an additional 2,000 shares during the period. Wedbush Securities Inc. boosted its holdings in Applied Digital by 14.8% in the first quarter. Wedbush Securities Inc. now owns 15,500 shares of the company's stock valued at $87,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in Applied Digital by 11.7% in the first quarter. Wellington Management Group LLP now owns 19,056 shares of the company's stock valued at $107,000 after acquiring an additional 2,001 shares during the last quarter. 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.