Craig Hallum Issues Positive Forecast for Applied Digital (NASDAQ:APLD) Stock Price

Applied Digital (NASDAQ:APLD - Free Report) had its target price lifted by Craig Hallum from $10.00 to $12.00 in a report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also weighed in on APLD. Citizens Jmp upgraded Applied Digital to a "strong-buy" rating and set a $12.00 price target on the stock in a research note on Thursday, May 22nd. Cantor Fitzgerald lowered their target price on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a research note on Tuesday, April 15th. Northland Securities upped their price target on shares of Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a research note on Tuesday, February 4th. 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 report on Tuesday. Finally, JMP Securities assumed coverage on shares of Applied Digital in a report on Thursday, May 22nd. They set a "market outperform" rating and a $12.00 price objective on the stock. Ten investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $12.45.

Applied Digital Stock Up 29.3%

NASDAQ APLD traded up $3.00 on Tuesday, hitting $13.25. The stock had a trading volume of 210,396,613 shares, compared to its average volume of 35,324,637. The business's fifty day moving average price is $5.70 and its 200 day moving average price is $7.44. The stock has a market cap of $2.98 billion, a price-to-earnings ratio of -7.66 and a beta of 6.09. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. Applied Digital has a 52-week low of $3.01 and a 52-week high of $13.47.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings data on Monday, April 14th. The company reported ($0.16) earnings per share 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 business had revenue of $52.92 million during the quarter, compared to analyst estimates of $62.91 million. During the same period in the previous year, the business earned ($0.24) EPS. Equities research analysts anticipate that Applied Digital will post -0.96 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Rachel H. Lee sold 24,212 shares of the firm's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total transaction of $169,484.00. Following the sale, the director now directly owns 83,613 shares of the company's stock, valued at $585,291. This trade represents a 22.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 11.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. purchased a new position in Applied Digital during the first quarter valued at $28,000. Wilmington Savings Fund Society FSB raised its position in shares of Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock worth $31,000 after acquiring an additional 2,000 shares in the last quarter. R Squared Ltd purchased a new position in shares of Applied Digital during the fourth quarter worth approximately $36,000. US Bancorp DE purchased a new position in Applied Digital during the 4th quarter worth $37,000. Finally, Geneos Wealth Management Inc. lifted its position in shares of Applied Digital by 113.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock valued at $37,000 after acquiring an additional 3,542 shares during the period. Institutional investors and hedge funds own 65.67% of the company's stock.

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.