Applied Digital (NASDAQ:APLD) PT Raised to $8.00 at B. Riley

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

A number of other equities analysts also recently commented on the stock. Lake Street Capital cut their target price on shares of Applied Digital from $19.00 to $7.00 and set a buy rating on the stock in a research note on Friday, April 12th. Roth Mkm raised their target price on shares of Applied Digital from $8.00 to $11.00 and gave the company a buy rating in a research note on Monday, June 24th. HC Wainwright reissued a buy rating and issued a $5.00 target price on shares of Applied Digital in a research note on Wednesday, June 12th. Finally, Needham & Company LLC reissued a buy rating and issued a $11.00 target price on shares of Applied Digital in a research note on Friday, June 14th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of Buy and a consensus price target of $8.40.

Applied Digital Stock Performance

NASDAQ:APLD opened at $6.50 on Friday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.90. The company has a market cap of $891.86 million, a P/E ratio of -8.23 and a beta of 4.38. Applied Digital has a fifty-two week low of $2.36 and a fifty-two week high of $11.07. The firm’s 50 day moving average is $4.27 and its two-hundred day moving average is $4.71.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Thursday, April 11th. The company reported ($0.52) EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $50.36 million. Analysts expect that Applied Digital will post -1.03 EPS for the current year.

Institutional Investors Weigh In On Applied Digital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Oasis Management Co Ltd. increased its stake in Applied Digital by 23.6% during the 4th quarter. Oasis Management Co Ltd. now owns 4,928,129 shares of the company’s stock worth $33,216,000 after buying an additional 940,075 shares during the period. Versor Investments LP acquired a new position in Applied Digital during the 4th quarter worth $121,000. Russell Investments Group Ltd. grew its holdings in Applied Digital by 154.0% during the 4th quarter. Russell Investments Group Ltd. now owns 265,929 shares of the company’s stock worth $1,792,000 after acquiring an additional 161,250 shares in the last quarter. Swiss National Bank acquired a new position in Applied Digital during the 3rd quarter worth $856,000. Finally, Jump Financial LLC acquired a new position in Applied Digital during the 4th quarter worth $107,000. 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.