Applied Digital (NASDAQ:APLD) Price Target Raised to $15.00

Key Points

• HC Wainwright has raised its price target for Applied Digital (NASDAQ:APLD) from $12.00 to $15.00, indicating a potential upside of 49.55% based on the stock's previous close.
• Applied Digital reported a revenue of $38.01 million for the last quarter, which was below analyst estimates of $42.86 million, while also meeting earnings expectations at ($0.12) EPS.
• The company currently holds a consensus rating of "Buy" from twelve analysts, with an average price target of $13.55.

Applied Digital (NASDAQ:APLD - Free Report) had its price target raised by HC Wainwright from $12.00 to $15.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities research analysts also recently commented on the company. Cantor Fitzgerald dropped their target price on Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a report on Tuesday, April 15th. Needham & Company LLC boosted their target price on Applied Digital from $12.00 to $16.00 and gave the stock a "buy" rating in a report on Thursday. Citizens Jmp raised Applied Digital to a "strong-buy" rating and set a $12.00 target price on the stock in a report on Thursday, May 22nd. Compass Point raised Applied Digital from a "neutral" rating to a "buy" rating and set a $13.00 price target on the stock in a report on Friday, July 25th. Finally, Craig Hallum upped their price target on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Twelve equities 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, the company presently has a consensus rating of "Buy" and a consensus target price of $14.18.

Applied Digital Stock Down 4.7%

APLD stock traded down $0.62 during midday trading on Thursday, hitting $12.52. The stock had a trading volume of 50,428,153 shares, compared to its average volume of 32,372,608. The firm has a market cap of $3.27 billion, a price-to-earnings ratio of -11.49 and a beta of 6.17. The business has a 50-day moving average of $10.49 and a two-hundred day moving average of $8.01. Applied Digital has a 52-week low of $3.01 and a 52-week high of $15.42. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.77 and a quick ratio of 0.70.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported ($0.12) EPS for the quarter, hitting the consensus estimate of ($0.12). Applied Digital had a negative return on equity of 50.03% and a negative net margin of 107.22%. The business had revenue of $38.01 million for the quarter, compared to the consensus estimate of $42.86 million. During the same period in the previous year, the company posted ($0.14) earnings per share. The company's revenue for the quarter was up 41.3% compared to the same quarter last year. As a group, equities research analysts forecast that Applied Digital will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling

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 stock was sold at an average price of $7.00, for a total value of $169,484.00. Following the completion of the sale, the director owned 83,613 shares in the company, valued at $585,291. This represents a 22.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 11.81% of the stock is currently owned by insiders.

Institutional Trading of Applied Digital

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Corebridge Financial Inc. grew 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 purchasing an additional 1,899 shares in the last quarter. Wedbush Securities Inc. boosted its stake in Applied Digital by 14.8% during the first quarter. Wedbush Securities Inc. now owns 15,500 shares of the company's stock valued at $87,000 after buying an additional 2,000 shares during the last quarter. Wellington Management Group LLP boosted its stake in Applied Digital by 11.7% during the first quarter. Wellington Management Group LLP now owns 19,056 shares of the company's stock valued at $107,000 after buying an additional 2,001 shares during the last quarter. Teacher Retirement System of Texas boosted its stake in Applied Digital by 10.2% during the second quarter. Teacher Retirement System of Texas now owns 27,252 shares of the company's stock valued at $274,000 after buying an additional 2,515 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in Applied Digital by 29.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,778 shares of the company's stock valued at $77,000 after buying an additional 3,127 shares during the last quarter. Hedge funds and other institutional investors 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.