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

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

Several other equities analysts also recently weighed in on the company. B. Riley raised their price target on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a report on Friday, September 13th. Lake Street Capital raised their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Roth Mkm reiterated a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Craig Hallum raised their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, HC Wainwright upped their price objective on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $11.14.

Applied Digital Trading Down 0.5 %

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

Applied Digital (NASDAQ:APLD) last released its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (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 firm had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. During the same period last year, the business earned ($0.10) earnings per share. The business’s revenue was up 67.2% on a year-over-year basis. As a group, sell-side analysts expect that Applied Digital will post -0.4 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Wes Cummins sold 200,000 shares of the firm’s 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 transaction, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. This trade represents a 4.91 % 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 Richard N. Nottenburg sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $460,000.00. Following the sale, the director now owns 334,317 shares of the company’s stock, valued at $3,075,716.40. This trade represents a 13.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 359,369 shares of company stock valued at $3,115,161. Company insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Hedge funds have recently modified their holdings of the business. Tidal Investments LLC purchased a new position in Applied Digital during the third quarter valued at $95,000. Virtu Financial LLC purchased a new position in shares of Applied Digital during the 3rd quarter valued at about $2,030,000. Geode Capital Management LLC grew its stake in shares of Applied Digital by 48.7% during 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 during the period. Barclays PLC increased its holdings in Applied Digital by 736.8% in the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock worth $4,014,000 after acquiring an additional 428,428 shares in the last quarter. Finally, Main Management ETF Advisors LLC purchased a new stake in Applied Digital in the 3rd quarter worth approximately $1,575,000. 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.