Craig Hallum Boosts Applied Digital (NASDAQ:APLD) Price Target to $12.00

Applied Digital (NASDAQ:APLD) had its price target hoisted by Craig Hallum from $10.00 to $12.00 in a research note issued to investors on Thursday morning, Benzinga reports. Craig Hallum currently has a buy rating on the stock.

Other analysts also recently issued reports about the stock. B. Riley raised their target price on shares of Applied Digital from $8.00 to $9.00 and gave the stock a buy rating in a report on Friday, September 13th. Roth Mkm reaffirmed a buy rating and issued a $10.00 price objective on shares of Applied Digital in a research report on Thursday, September 5th. HC Wainwright reaffirmed a buy rating and issued a $5.00 target price on shares of Applied Digital in a research note on Thursday, August 29th. Finally, Needham & Company LLC restated a buy rating and issued a $11.00 price target on shares of Applied Digital in a report on Thursday. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of Buy and a consensus target price of $9.67.

Applied Digital Price Performance

APLD opened at $7.28 on Thursday. The stock has a market cap of $1.56 billion, a P/E ratio of -6.22 and a beta of 4.56. Applied Digital has a 12 month low of $2.36 and a 12 month high of $8.78. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14. The company has a fifty day simple moving average of $5.54 and a 200 day simple moving average of $4.79.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. The company had revenue of $60.70 million during the quarter, compared to the consensus estimate of $54.85 million. During the same period in the prior year, the company earned ($0.10) earnings per share. The company’s revenue for the quarter was up 67.2% compared to the same quarter last year. On average, research analysts expect that Applied Digital will post -1.12 EPS for the current year.

Insider Transactions at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the sale, the director now owns 218,506 shares in the company, valued at approximately $1,201,783. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 20.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

A number of institutional investors have recently added to or reduced their stakes in APLD. Hood River Capital Management LLC grew its position in shares of Applied Digital by 8.7% in the 2nd quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after acquiring an additional 771,699 shares during the period. Vanguard Group Inc. grew its holdings in Applied Digital by 70.2% during the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock worth $26,434,000 after purchasing an additional 2,547,485 shares during the period. Van ECK Associates Corp increased its position in Applied Digital by 18.3% during the second quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock worth $17,077,000 after buying an additional 443,699 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Applied Digital by 69.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,311,594 shares of the company’s stock valued at $5,614,000 after buying an additional 536,948 shares during the period. Finally, B. Riley Wealth Advisors Inc. lifted its position in shares of Applied Digital by 66.1% in the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock valued at $4,609,000 after buying an additional 308,223 shares during the last quarter. 65.67% of the stock is currently 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.