HC Wainwright Reiterates Buy Rating for Applied Digital (NASDAQ:APLD)

HC Wainwright reaffirmed their buy rating on shares of Applied Digital (NASDAQ:APLD) in a research note published on Wednesday morning, Benzinga reports. HC Wainwright currently has a $5.00 target price on the stock.

Several other equities research analysts have also recently commented on APLD. Needham & Company LLC restated a buy rating and issued a $15.00 target price on shares of Applied Digital in a research note on Friday, May 17th. B. Riley lowered their price target on Applied Digital from $8.00 to $6.00 and set a buy rating on the stock in a research report on Monday, May 6th. Roth Mkm lowered their price target on Applied Digital from $13.00 to $8.00 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 on the stock in a research report on Friday, April 12th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital currently has an average rating of Buy and a consensus target price of $7.40.

Applied Digital Price Performance

Shares of APLD opened at $4.65 on Wednesday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.90. Applied Digital has a 1 year low of $2.36 and a 1 year high of $11.62. The stock has a market cap of $571.16 million, a P/E ratio of -5.89 and a beta of 4.38. The stock’s 50-day moving average price is $3.57 and its two-hundred day moving average price is $4.70.

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). Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. The business had revenue of $43.35 million for the quarter, compared to the consensus estimate of $50.36 million. On average, equities analysts predict that Applied Digital will post -1.03 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Arizona State Retirement System grew its holdings in Applied Digital by 17.1% in the 4th quarter. Arizona State Retirement System now owns 20,801 shares of the company’s stock valued at $140,000 after buying an additional 3,038 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Applied Digital by 15.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock valued at $103,000 after buying an additional 3,182 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in Applied Digital by 380.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,017 shares of the company’s stock valued at $54,000 after buying an additional 6,347 shares in the last quarter. Swiss National Bank lifted its position in shares of Applied Digital by 6.9% during the 4th quarter. Swiss National Bank now owns 146,600 shares of the company’s stock valued at $988,000 after acquiring an additional 9,500 shares during the period. Finally, Barclays PLC lifted its position in shares of Applied Digital by 73.6% during the 3rd quarter. Barclays PLC now owns 23,588 shares of the company’s stock valued at $146,000 after acquiring an additional 10,002 shares during the period. 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.