Applied Digital (OTCMKTS:APLD) Price Target Increased to $11.00 by Analysts at Northland Securities

Applied Digital (OTCMKTS:APLD – Get Rating) had its target price boosted by equities research analysts at Northland Securities from $5.00 to $11.00 in a report issued on Friday, The Fly reports. Northland Securities’ price objective indicates a potential upside of 24.01% from the company’s current price.

APLD has been the topic of several other research reports. B. Riley boosted their price target on shares of Applied Digital from $7.00 to $17.00 in a report on Friday, May 19th. Needham & Company LLC upped their price target on shares of Applied Digital from $3.70 to $5.50 in a research report on Tuesday, May 16th.

Applied Digital Price Performance

Shares of Applied Digital stock opened at $8.87 on Friday. The firm has a fifty day simple moving average of $3.66 and a 200-day simple moving average of $2.78. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.38. Applied Digital has a 1-year low of $0.85 and a 1-year high of $10.25. The stock has a market capitalization of $850.72 million, a price-to-earnings ratio of -19.28 and a beta of 4.85.

Applied Digital (OTCMKTS:APLD – Get Rating) last announced its earnings results on Thursday, April 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.04. Applied Digital had a negative net margin of 100.29% and a negative return on equity of 16.57%. The business had revenue of $14.09 million for the quarter, compared to analyst estimates of $21.47 million. On average, sell-side analysts expect that Applied Digital will post -0.45 earnings per share for the current year.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Chuck Hastings purchased 10,000 shares of the firm’s stock in a transaction dated Monday, February 27th. The stock was bought at an average cost of $2.59 per share, with a total value of $25,900.00. Following the purchase, the director now directly owns 464,500 shares of the company’s stock, valued at $1,203,055. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Wes Cummins acquired 25,000 shares of the business’s stock in a transaction dated Friday, April 14th. The stock was bought at an average price of $3.50 per share, with a total value of $87,500.00. Following the acquisition, the chief executive officer now owns 2,020,686 shares in the company, valued at approximately $7,072,401. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Chuck Hastings acquired 10,000 shares of the business’s stock in a transaction dated Monday, February 27th. The stock was bought at an average cost of $2.59 per share, with a total value of $25,900.00. Following the acquisition, the director now owns 464,500 shares in the company, valued at approximately $1,203,055. The disclosure for this purchase can be found here. Insiders acquired 60,000 shares of company stock valued at $192,900 in the last ninety days. 28.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently modified their holdings of APLD. SG Americas Securities LLC bought a new position in shares of Applied Digital in the first quarter worth $32,000. Amalgamated Bank grew its position in Applied Digital by 65.4% in the fourth quarter. Amalgamated Bank now owns 14,414 shares of the company’s stock valued at $27,000 after acquiring an additional 5,697 shares during the last quarter. Smith Moore & CO. bought a new position in Applied Digital in the first quarter valued at about $32,000. The Manufacturers Life Insurance Company bought a new position in Applied Digital in the fourth quarter valued at about $31,000. Finally, Barclays PLC grew its position in Applied Digital by 5,204.1% in the fourth quarter. Barclays PLC now owns 18,140 shares of the company’s stock valued at $33,000 after acquiring an additional 17,798 shares during the last quarter. Institutional investors and hedge funds own 48.42% of the company’s stock.

Applied Digital Company Profile

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Applied Digital Corp. operates as a technology company, which engages in the development and operation of data centers which provide computing power. The company was founded in May 2001 and is headquartered in Dallas, TX.