Applied Digital (NASDAQ:APLD) PT Raised to $8.00

Applied Digital (NASDAQ:APLD) had its target price increased by B. Riley from $6.00 to $8.00 in a report released on Friday morning, Benzinga reports. B. Riley currently has a buy rating on the stock.

Several other research firms also recently issued reports on APLD. Needham & Company LLC reaffirmed a buy rating and set a $11.00 price target on shares of Applied Digital in a research note on Friday, June 14th. Roth Mkm lifted their target price on shares of Applied Digital from $8.00 to $11.00 and gave the stock a buy rating in a research report on Monday, June 24th. Lake Street Capital lowered their price target on shares of Applied Digital from $19.00 to $7.00 and set a buy rating on the stock in a research report on Friday, April 12th. Finally, HC Wainwright restated a buy rating and set a $5.00 price objective on shares of Applied Digital in a research report on Wednesday, June 12th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital presently has an average rating of Buy and a consensus price target of $8.40.

Applied Digital Trading Down 4.6 %

Shares of Applied Digital stock opened at $5.95 on Friday. The company has a 50-day moving average of $4.19 and a two-hundred day moving average of $4.71. Applied Digital has a 12-month low of $2.36 and a 12-month high of $11.07. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.90. The stock has a market cap of $816.40 million, a PE ratio of -7.53 and a beta of 4.38.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Thursday, April 11th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.40). The firm had revenue of $43.35 million during the quarter, compared to analysts’ expectations of $50.36 million. Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. On average, research analysts anticipate that Applied Digital will post -1.03 EPS for the current fiscal year.

Institutional Investors Weigh In On Applied Digital

Several hedge funds have recently modified their holdings of APLD. Tower Research Capital LLC TRC lifted its stake in shares of Applied Digital by 380.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,017 shares of the company’s stock worth $54,000 after purchasing an additional 6,347 shares during the period. Capstone Investment Advisors LLC purchased a new position in Applied Digital during the fourth quarter worth about $78,000. Principal Financial Group Inc. acquired a new stake in Applied Digital in the 1st quarter worth about $50,000. ICA Group Wealth Management LLC purchased a new stake in Applied Digital in the 4th quarter valued at about $81,000. Finally, Chesapeake Capital Corp IL acquired a new position in shares of Applied Digital during the 4th quarter valued at about $86,000. 65.67% of the stock is owned by institutional investors and hedge funds.

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.