HC Wainwright Issues Positive Forecast for Applied Digital (NASDAQ:APLD) Stock Price

Applied Digital (NASDAQ:APLD) had its price target increased by stock analysts at HC Wainwright from $15.00 to $20.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s target price would indicate a potential upside of 24.61% from the company’s current price.

Several other equities analysts have also weighed in on the stock. Roth Capital reiterated a “buy” rating on shares of Applied Digital in a report on Monday, June 2nd. Citigroup reiterated an “outperform” rating on shares of Applied Digital in a report on Tuesday, June 3rd. Compass Point upgraded shares of Applied Digital from a “neutral” rating to a “buy” rating and set a $13.00 price objective on the stock in a report on Friday, July 25th. JMP Securities upped their price objective on shares of Applied Digital from $12.00 to $18.00 and gave the company a “market outperform” rating in a report on Tuesday, June 3rd. Finally, Needham & Company LLC upped their price objective on shares of Applied Digital from $12.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $15.64.

Applied Digital Stock Performance

Shares of APLD opened at $16.05 on Monday. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.36. The stock has a market capitalization of $4.20 billion, a P/E ratio of -14.72 and a beta of 6.17. The firm’s fifty day simple moving average is $11.81 and its two-hundred day simple moving average is $8.72. Applied Digital has a 12 month low of $3.01 and a 12 month high of $16.92.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Wednesday, July 30th. The company reported ($0.12) EPS for the quarter, meeting analysts’ consensus estimates of ($0.12). The business had revenue of $38.01 million for the quarter, compared to analysts’ expectations of $42.86 million. Applied Digital had a negative net margin of 107.22% and a negative return on equity of 50.03%. The business’s quarterly revenue was up 41.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.14) earnings per share. As a group, analysts predict that Applied Digital will post -0.96 EPS for the current year.

Insider Buying and Selling at Applied Digital

In related news, Director Richard N. Nottenburg sold 11,250 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $14.22, for a total value of $159,975.00. Following the sale, the director owned 317,987 shares in the company, valued at $4,521,775.14. This represents a 3.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 11.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

Institutional investors and hedge funds have recently made changes to their positions in the business. Atlantic Union Bankshares Corp acquired a new stake in shares of Applied Digital in the 2nd quarter worth about $25,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Applied Digital in the 2nd quarter worth about $26,000. Ameriflex Group Inc. acquired a new stake in shares of Applied Digital in the 2nd quarter worth about $42,000. PNC Financial Services Group Inc. acquired a new stake in shares of Applied Digital in the 1st quarter worth about $28,000. Finally, Hollencrest Capital Management acquired a new stake in shares of Applied Digital in the 2nd quarter worth about $50,000. Institutional investors and hedge funds 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.