Northland Securities Raises Applied Digital (NASDAQ:APLD) Price Target to $20.00

Applied Digital (NASDAQ:APLDGet Free Report) had its target price lifted by equities researchers at Northland Securities from $12.00 to $20.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Northland Securities’ target price indicates a potential upside of 172.11% from the company’s current price.

A number of other analysts have also recently commented on APLD. HC Wainwright boosted their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a report on Wednesday, January 15th. Compass Point started coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They set a “buy” rating and a $10.00 target price for the company. Cantor Fitzgerald dropped their price target on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Finally, Lake Street Capital raised their price objective on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $12.11.

Get Our Latest Research Report on APLD

Applied Digital Price Performance

APLD stock opened at $7.35 on Tuesday. The firm has a 50-day moving average of $8.80 and a 200 day moving average of $7.10. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The company has a market cap of $1.64 billion, a P/E ratio of -4.25 and a beta of 4.78. Applied Digital has a 1 year low of $2.36 and a 1 year high of $11.25.

Applied Digital (NASDAQ:APLDGet Free Report) last released its earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. The company had revenue of $63.87 million during the quarter, compared to analysts’ expectations of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The firm’s revenue for the quarter was up 51.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.05) EPS. On average, sell-side analysts forecast that Applied Digital will post -0.96 EPS for the current year.

Insider Activity at Applied Digital

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the sale, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Richard N. Nottenburg sold 19,369 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total value of $145,461.19. Following the transaction, the director now directly owns 384,317 shares in the company, valued at $2,886,220.67. The trade was a 4.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 289,369 shares of company stock valued at $2,622,461 over the last ninety days. Insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Several hedge funds and other institutional investors have recently made changes to their positions in APLD. Wilmington Savings Fund Society FSB boosted 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 during the last quarter. R Squared Ltd bought a new position in Applied Digital in the fourth quarter worth approximately $36,000. Spire Wealth Management purchased a new position in shares of Applied Digital during the 4th quarter worth $43,000. KBC Group NV bought a new stake in shares of Applied Digital during the 4th quarter valued at $55,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Applied Digital in the 3rd quarter worth $59,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

About Applied Digital

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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.

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