Applied Digital Corporation (NASDAQ:APLD – Get Free Report) shares traded up 6.6% on Friday after Wells Fargo & Company upgraded the stock to a strong-buy rating. The stock traded as high as $28.30 and last traded at $28.12. 23,661,496 shares were traded during mid-day trading, an increase of 3% from the average daily volume of 22,916,959 shares. The stock had previously closed at $26.38.
Other equities research analysts also recently issued research reports about the stock. Wall Street Zen downgraded shares of Applied Digital from a “sell” rating to a “strong sell” rating in a research note on Sunday, August 30th. B. Riley Financial reissued a “buy” rating and issued a $75.00 price objective (up from $66.00) on shares of Applied Digital in a research report on Monday, August 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $83.00 target price on shares of Applied Digital in a research report on Tuesday, July 28th. Northland Securities set a $82.00 price target on Applied Digital and gave the company an “outperform” rating in a research note on Wednesday, June 17th. Finally, Craig Hallum boosted their price objective on shares of Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. Four analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $66.50.
Check Out Our Latest Research Report on APLD
Insider Buying and Selling
Trending Headlines about Applied Digital
Here are the key news stories impacting Applied Digital this week:
- Positive Sentiment: Wells Fargo initiated coverage of APLD with an Overweight rating and named it a top idea. The firm highlighted approximately 1.4 gigawatts of contracted capacity, a power-advantaged data-center footprint, backlog quality, and what it viewed as a valuation discount. Wells Fargo initiates Applied Digital coverage
- Positive Sentiment: Wells Fargo also upgraded Applied Digital to “strong buy,” reinforcing the bullish analyst sentiment and helping drive renewed investor interest in the stock. Applied Digital upgraded by Wells Fargo
- Positive Sentiment: A bullish Seeking Alpha analysis reiterated a Strong Buy rating and a $70 price target. The article cited 1,410 megawatts of contracted IT load across five campuses, representing an estimated $36 billion in initial 15-year lease revenue, along with fourth-quarter adjusted EBITDA of $42.4 million and adjusted net income of $12.9 million. Applied Digital: A Risky Play With Material Upside
- Neutral Sentiment: The broader AI-capacity trade also supported Applied Digital as previously oversold data-center names rebounded. However, the move was described as occurring without new company-specific developments, indicating that sentiment and sector flows were important factors. Applied Digital and TeraWulf rebound
- Negative Sentiment: Co-founder and insider Martin McCarthy sold 49,188 shares worth approximately $1.3 million, reducing his direct stake by about 2%. The sale is modest relative to his remaining holdings but may raise caution about insider conviction. Applied Digital co-founder share sale
Hedge Funds Weigh In On Applied Digital
Institutional investors have recently bought and sold shares of the business. Osbon Capital Management LLC purchased a new position in Applied Digital during the fourth quarter valued at $28,000. Bartlett & CO. Wealth Management LLC boosted its holdings in shares of Applied Digital by 244.3% during the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 1,205 shares of the company’s stock worth $29,000 after purchasing an additional 855 shares during the last quarter. FNY Investment Advisers LLC acquired a new position in Applied Digital during the second quarter worth $37,000. Clearstead Advisors LLC purchased a new stake in shares of Applied Digital in the fourth quarter valued at about $49,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in shares of Applied Digital in the 4th quarter valued at approximately $49,000. 65.67% of the stock is owned by hedge funds and other institutional investors.
Applied Digital Stock Performance
The firm has a 50 day simple moving average of $27.71 and a 200-day simple moving average of $32.67. The company has a debt-to-equity ratio of 2.88, a current ratio of 4.01 and a quick ratio of 4.01. The company has a market cap of $8.20 billion, a price-to-earnings ratio of -31.60 and a beta of 5.72.
Applied Digital (NASDAQ:APLD – Get Free Report) last issued its quarterly earnings data on Monday, July 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.30). Applied Digital had a negative net margin of 37.78% and a negative return on equity of 16.42%. The company had revenue of $240.35 million during the quarter, compared to analysts’ expectations of $96.85 million. During the same quarter last year, the firm posted ($0.24) earnings per share. The firm’s quarterly revenue was up 406.3% on a year-over-year basis. As a group, analysts predict that Applied Digital Corporation will post -1.09 EPS for the current fiscal year.
About Applied Digital
Applied Digital Corporation (NASDAQ:APLD) develops and operates digital infrastructure designed to support high-performance computing (HPC), artificial intelligence (AI) and other compute-intensive applications. The company provides data center capacity and related services to customers that require substantial computing power, connectivity and energy resources.
The company’s facilities are designed to support advanced computing workloads, including AI model development, cloud computing and digital asset-related applications.
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