Applied Digital (NASDAQ:APLD) Coverage Initiated at Cantor Fitzgerald

Equities research analysts at Cantor Fitzgerald started coverage on shares of Applied Digital (NASDAQ:APLD) in a report issued on Friday,Briefing.com Automated Import reports. The firm set an “overweight” rating and a $15.00 price target on the stock. Cantor Fitzgerald’s target price indicates a potential upside of 86.34% from the stock’s previous close.

APLD has been the topic of a number of other reports. B. Riley increased their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Craig Hallum boosted their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. HC Wainwright lifted their target price on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Lake Street Capital increased their target price on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, Needham & Company LLC restated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research report on Friday, November 1st. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $11.14.

Applied Digital Stock Performance

NASDAQ:APLD opened at $8.05 on Friday. The company has a market cap of $1.70 billion, a P/E ratio of -6.88 and a beta of 4.67. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. The firm’s 50 day moving average is $8.45 and its two-hundred day moving average is $6.49. Applied Digital has a fifty-two week low of $2.36 and a fifty-two week high of $11.25.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.13. The company had revenue of $60.70 million during the quarter, compared to the consensus estimate of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The company’s revenue was up 67.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.10) earnings per share. Analysts expect that Applied Digital will post -0.4 EPS for the current year.

Insider Buying and Selling at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $8.01, for a total value of $80,100.00. Following the completion of the sale, the director now owns 208,506 shares of the company’s stock, valued at approximately $1,670,133.06. The trade was a 4.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Wes Cummins sold 200,000 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $1,840,000.00. Following the sale, the chief executive officer now directly owns 3,875,955 shares in the company, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 359,369 shares of company stock worth $3,115,161 over the last quarter. 11.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC lifted its position in Applied Digital by 48.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock valued at $25,258,000 after acquiring an additional 1,002,862 shares in the last quarter. Hood River Capital Management LLC boosted its stake in Applied Digital by 8.7% in the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after acquiring an additional 771,699 shares during the last quarter. Alight Capital Management LP bought a new position in shares of Applied Digital during the 2nd quarter valued at approximately $3,570,000. Van ECK Associates Corp lifted its stake in Applied Digital by 18.3% in the second quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock valued at $17,077,000 after purchasing an additional 443,699 shares during the last quarter. Finally, Barclays PLC raised its stake in shares of Applied Digital by 736.8% in the third quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after buying an additional 428,428 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.