Applied Digital (NASDAQ:APLD) Rating Reiterated by HC Wainwright

Applied Digital (NASDAQ:APLD)‘s stock had its “buy” rating reaffirmed by equities researchers at HC Wainwright in a research note issued to investors on Thursday, Benzinga reports. They presently have a $5.00 price objective on the stock. HC Wainwright’s price objective would indicate a potential upside of 36.99% from the stock’s current price.

Several other equities analysts have also commented on the stock. Roth Mkm reaffirmed a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research report on Wednesday, July 10th. B. Riley upped their price target on shares of Applied Digital from $6.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research report on Thursday. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital currently has a consensus rating of “Buy” and an average price target of $8.20.

Applied Digital Stock Down 4.5 %

Shares of NASDAQ APLD opened at $3.65 on Thursday. Applied Digital has a 12-month low of $2.36 and a 12-month high of $8.65. The company has a market capitalization of $500.81 million, a PE ratio of -4.62 and a beta of 4.56. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.30 and a quick ratio of 0.30. The firm’s 50-day moving average is $5.07 and its two-hundred day moving average is $4.35.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, August 28th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.29). The firm had revenue of $43.70 million for the quarter, compared to analysts’ expectations of $42.70 million. Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. During the same period in the previous year, the company posted ($0.07) EPS. Equities analysts anticipate that Applied Digital will post -0.98 EPS for the current fiscal year.

Institutional Investors Weigh In On Applied Digital

Large investors have recently made changes to their positions in the business. Oasis Management Co Ltd. increased its position in shares of Applied Digital by 23.6% in the fourth quarter. Oasis Management Co Ltd. now owns 4,928,129 shares of the company’s stock worth $33,216,000 after acquiring an additional 940,075 shares in the last quarter. Versor Investments LP acquired a new stake in shares of Applied Digital in the fourth quarter worth $121,000. Russell Investments Group Ltd. increased its position in shares of Applied Digital by 154.0% in the fourth quarter. Russell Investments Group Ltd. now owns 265,929 shares of the company’s stock worth $1,792,000 after acquiring an additional 161,250 shares in the last quarter. Woodmont Investment Counsel LLC increased its position in shares of Applied Digital by 4.2% in the first quarter. Woodmont Investment Counsel LLC now owns 250,319 shares of the company’s stock worth $1,071,000 after acquiring an additional 10,149 shares in the last quarter. Finally, Jump Financial LLC acquired a new stake in shares of Applied Digital in the fourth quarter worth $107,000. 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.