HC Wainwright Lowers Applied Digital (NASDAQ:APLD) Price Target to $7.00

Applied Digital (NASDAQ:APLD) had its price objective lowered by research analysts at HC Wainwright from $12.00 to $7.00 in a report issued on Tuesday, Marketbeat reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s target price would indicate a potential upside of 71.57% from the company’s previous close.

Several other equities analysts also recently commented on the stock. Needham & Company LLC decreased their price target on shares of Applied Digital from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Tuesday. Northland Securities raised their target price on shares of Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a report on Tuesday, February 4th. Compass Point started coverage on Applied Digital in a research note on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price target for the company. Finally, Cantor Fitzgerald lowered their price objective on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $10.67.

Applied Digital Trading Up 18.6 %

Shares of APLD stock opened at $4.08 on Tuesday. Applied Digital has a 12-month low of $2.36 and a 12-month high of $12.48. The company has a market capitalization of $909.44 million, a PE ratio of -2.36 and a beta of 5.18. The firm has a 50 day moving average price of $6.94 and a two-hundred day moving average price of $7.84. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.05). Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The firm had revenue of $52.92 million for the quarter, compared to analyst estimates of $62.91 million. During the same period in the previous year, the business posted ($0.24) earnings per share. As a group, analysts predict that Applied Digital will post -0.96 earnings per share for the current year.

Insider Buying and Selling at Applied Digital

In related news, Director Richard N. Nottenburg sold 20,000 shares of the company’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the completion of the sale, the director now directly owns 342,923 shares in the company, valued at $3,034,868.55. This represents a 5.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 11.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wilmington Savings Fund Society FSB lifted 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 acquiring an additional 2,000 shares during the last quarter. R Squared Ltd bought a new position in Applied Digital in the 4th quarter valued at approximately $36,000. US Bancorp DE acquired a new stake in Applied Digital in the fourth quarter valued at approximately $37,000. Jones Financial Companies Lllp acquired a new stake in Applied Digital in the fourth quarter valued at approximately $39,000. Finally, Spire Wealth Management bought a new stake in shares of Applied Digital during the fourth quarter worth $43,000. 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.