Applied Digital (NASDAQ:APLD) Stock Price Up 23.3% After Analyst Upgrade

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s share price was up 23.3% 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 $12.64. Approximately 91,891,219 shares changed hands during trading, an increase of 170% from the average daily volume of 34,095,523 shares. The stock had previously closed at $10.25.

APLD has been the subject of several other reports. Citizens Jmp upgraded shares of Applied Digital to a "strong-buy" rating and set a $12.00 price target for the company in a research report on Thursday, May 22nd. JMP Securities boosted their price objective on Applied Digital from $12.00 to $18.00 and gave the company a "market outperform" rating in a research report on Tuesday. 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 report on Tuesday, February 4th. Needham & Company LLC reaffirmed a "buy" rating and issued a $10.00 target price on shares of Applied Digital in a research note on Monday. Finally, HC Wainwright upped their price target on shares of Applied Digital from $7.00 to $12.00 and gave the company a "buy" rating in a report on Tuesday. Ten equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $12.45.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total value of $169,484.00. Following the sale, the director now owns 83,613 shares in the company, valued at approximately $585,291. This represents a 22.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate 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 bought and sold shares of APLD. PNC Financial Services Group Inc. bought a new stake in shares of Applied Digital in the first quarter worth approximately $28,000. Wilmington Savings Fund Society FSB lifted its holdings in shares of Applied Digital by 100.0% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock worth $31,000 after buying an additional 2,000 shares in the last quarter. US Bancorp DE purchased a new stake in Applied Digital during the fourth quarter valued at $37,000. Geneos Wealth Management Inc. raised its stake in Applied Digital by 113.3% during the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock valued at $37,000 after purchasing an additional 3,542 shares in the last quarter. Finally, Jones Financial Companies Lllp purchased a new stake in Applied Digital during the fourth quarter valued at $39,000. Hedge funds and other institutional investors own 65.67% of the company's stock.

Applied Digital Trading Down 3.6%

The company's 50 day moving average price is $5.85 and its two-hundred day moving average price is $7.48. The firm has a market cap of $2.87 billion, a PE ratio of -7.38 and a beta of 6.09. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.

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

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.