Applied Digital (NASDAQ:APLD) Price Target Cut to $6.00 by Analysts at B. Riley

Applied Digital (NASDAQ:APLD) had its price target reduced by B. Riley from $8.00 to $6.00 in a research report sent to investors on Monday, Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also weighed in on APLD. Roth Mkm reduced their price target on Applied Digital from $13.00 to $8.00 and set a buy rating on the stock in a research note on Friday, April 12th. Needham & Company LLC reduced their target price on Applied Digital from $13.00 to $11.00 and set a buy rating on the stock in a research report on Friday, April 12th. Finally, Lake Street Capital lowered their price target on Applied Digital from $19.00 to $7.00 and set a buy rating for the company in a report on Friday, April 12th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of Buy and an average target price of $8.80.

Applied Digital Trading Up 6.5 %

Shares of APLD stock opened at $3.30 on Monday. The company has a market capitalization of $404.98 million, a price-to-earnings ratio of -4.18 and a beta of 4.29. 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 firm has a 50-day moving average price of $3.56 and a 200 day moving average price of $4.80. Applied Digital has a twelve month low of $2.36 and a twelve month high of $11.62.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Thursday, April 11th. The company reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.40). The firm had revenue of $43.35 million during the quarter, compared to analyst estimates of $50.36 million. Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. Research analysts forecast that Applied Digital will post -0.86 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

In related news, Director Virginia Moore sold 30,000 shares of Applied Digital stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $4.74, for a total value of $142,200.00. Following the transaction, the director now owns 148,630 shares in the company, valued at $704,506.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 23.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. William Blair Investment Management LLC raised its stake in shares of Applied Digital by 110.9% in the 3rd quarter. William Blair Investment Management LLC now owns 1,152,940 shares of the company’s stock valued at $7,194,000 after acquiring an additional 606,347 shares during the period. Swiss National Bank acquired a new position in shares of Applied Digital during the third quarter worth about $856,000. Vanguard Group Inc. boosted its position in shares of Applied Digital by 40.6% in the third quarter. Vanguard Group Inc. now owns 3,335,542 shares of the company’s stock worth $20,814,000 after buying an additional 963,390 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Applied Digital by 4.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 774,646 shares of the company’s stock valued at $5,221,000 after buying an additional 34,272 shares in the last quarter. Finally, Barclays PLC grew its stake in shares of Applied Digital by 73.6% in the third quarter. Barclays PLC now owns 23,588 shares of the company’s stock valued at $146,000 after buying an additional 10,002 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

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.