Applied Digital (NASDAQ:APLD) Earns Overweight Rating from Analysts at Cantor Fitzgerald

Cantor Fitzgerald began coverage on shares of Applied Digital (NASDAQ:APLD) in a research note released on Friday, MarketBeat.com reports. The firm issued an overweight rating and a $15.00 price objective on the stock.

A number of other analysts also recently issued reports on the company. B. Riley lifted their price objective on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Lake Street Capital boosted their price target on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Roth Mkm reiterated a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. HC Wainwright boosted their target price on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Finally, Craig Hallum increased their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $11.14.

Applied Digital Trading Down 0.5 %

Applied Digital stock opened at $8.01 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. The firm’s 50 day moving average price is $8.47 and its 200-day moving average price is $6.52. Applied Digital has a 1 year low of $2.36 and a 1 year high of $11.25. The stock has a market cap of $1.69 billion, a P/E ratio of -6.85 and a beta of 4.67.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The business had revenue of $60.70 million during the quarter, compared to the consensus estimate of $54.85 million. During the same quarter in the prior year, the firm earned ($0.10) EPS. The business’s revenue was up 67.2% on a year-over-year basis. On average, equities analysts predict that Applied Digital will post -0.4 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Richard N. Nottenburg sold 80,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the transaction, the director now owns 433,686 shares of the company’s stock, valued at approximately $3,196,265.82. This represents a 15.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred on Thursday, October 17th. The stock was 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 in the company, valued at approximately $1,670,133.06. The trade was a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 359,369 shares of company stock valued at $3,115,161. 11.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in APLD. Bank of New York Mellon Corp grew its stake in Applied Digital by 36.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 304,869 shares of the company’s stock worth $1,814,000 after acquiring an additional 80,958 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in Applied Digital by 115.7% in the second quarter. Commonwealth Equity Services LLC now owns 66,688 shares of the company’s stock worth $397,000 after purchasing an additional 35,768 shares in the last quarter. Van ECK Associates Corp increased its holdings in Applied Digital by 18.3% during the 2nd quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock worth $17,077,000 after purchasing an additional 443,699 shares during the period. Rhumbline Advisers raised its position in Applied Digital by 30.0% during the 2nd quarter. Rhumbline Advisers now owns 140,087 shares of the company’s stock valued at $834,000 after purchasing an additional 32,336 shares in the last quarter. Finally, Crumly & Associates Inc. bought a new stake in Applied Digital during the 2nd quarter valued at $110,000. 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.