Applied Digital (NASDAQ:APLD) Price Target Increased to $8.00 by Analysts at B. Riley

Applied Digital (NASDAQ:APLD) had its target price lifted by investment analysts at B. Riley from $6.00 to $8.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley’s target price indicates a potential upside of 33.11% from the company’s previous close.

Several other analysts also recently issued reports on APLD. HC Wainwright reissued a “buy” rating and issued a $5.00 price objective on shares of Applied Digital in a research note on Wednesday, June 12th. Needham & Company LLC restated a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research note on Friday, June 14th. Lake Street Capital decreased their price target on shares of Applied Digital from $19.00 to $7.00 and set a “buy” rating for the company in a research note on Friday, April 12th. Finally, Roth Mkm upped their target price on Applied Digital from $8.00 to $11.00 and gave the stock a “buy” rating in a report on Monday. Five 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 an average target price of $8.40.

Applied Digital Trading Down 3.7 %

Shares of NASDAQ:APLD traded down $0.23 during trading on Friday, hitting $6.01. The company had a trading volume of 2,436,620 shares, compared to its average volume of 4,119,696. The stock has a market cap of $824.63 million, a price-to-earnings ratio of -7.61 and a beta of 4.38. 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 company has a fifty day simple moving average of $4.12 and a two-hundred day simple moving average of $4.73. Applied Digital has a one year low of $2.36 and a one year high of $11.07.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Thursday, April 11th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.40). Applied Digital had a negative return on equity of 75.46% and a negative net margin of 61.84%. The company had revenue of $43.35 million during the quarter, compared to the consensus estimate of $50.36 million. As a group, equities analysts forecast that Applied Digital will post -1.03 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Principal Financial Group Inc. purchased a new position in Applied Digital during the 1st quarter worth $50,000. Tower Research Capital LLC TRC grew its position in 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 last quarter. Capstone Investment Advisors LLC acquired a new position in Applied Digital during the 4th quarter valued at approximately $78,000. ICA Group Wealth Management LLC purchased a new position in Applied Digital in the 4th quarter worth $81,000. Finally, Chesapeake Capital Corp IL acquired a new stake in Applied Digital during the 4th quarter worth about $86,000. 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.