Applied Digital (NASDAQ:APLD – Free Report) had its price objective decreased by Cantor Fitzgerald from $14.00 to $7.00 in a report published on Tuesday morning,Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the stock.
Several other research analysts have also weighed in on APLD. Needham & Company LLC cut their target price on Applied Digital from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Tuesday. Compass Point initiated coverage on Applied Digital in a research note on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price objective on the stock. HC Wainwright dropped their target price on shares of Applied Digital from $12.00 to $7.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, Northland Securities lifted their price target on shares of Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research report on Tuesday, February 4th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $10.67.
Check Out Our Latest Report on Applied Digital
Applied Digital Stock Performance
Applied Digital (NASDAQ:APLD – Get Free Report) last released its quarterly earnings results on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.05). The company had revenue of $52.92 million during the quarter, compared to analyst estimates of $62.91 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. During the same period last year, the firm earned ($0.24) earnings per share. As a group, research analysts expect that Applied Digital will post -0.96 earnings per share for the current fiscal year.
Insider Activity
In other news, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction that occurred 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 transaction, the director now directly owns 342,923 shares in the company, valued at approximately $3,034,868.55. This represents a 5.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 11.81% of the company’s stock.
Institutional Trading of Applied Digital
Several institutional investors have recently added to or reduced their stakes in APLD. Wilmington Savings Fund Society FSB raised its stake in shares of Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after purchasing an additional 2,000 shares in the last quarter. R Squared Ltd bought a new position in Applied Digital during the 4th quarter worth approximately $36,000. US Bancorp DE acquired a new position in shares of Applied Digital in the 4th quarter worth approximately $37,000. Jones Financial Companies Lllp bought a new stake in shares of Applied Digital in the 4th quarter valued at approximately $39,000. Finally, Spire Wealth Management acquired a new stake in shares of Applied Digital during the 4th quarter valued at approximately $43,000. 65.67% of the stock is owned by institutional investors and hedge funds.
Applied Digital Company Profile
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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