Applied Digital (NASDAQ:APLD) Given New $12.00 Price Target at Craig Hallum

Applied Digital (NASDAQ:APLD) had its price target hoisted by Craig Hallum from $10.00 to $12.00 in a research report released on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts also recently commented on APLD. HC Wainwright reissued a buy rating and issued a $5.00 target price on shares of Applied Digital in a report on Thursday, August 29th. B. Riley boosted their target price on Applied Digital from $8.00 to $9.00 and gave the stock a buy rating in a report on Friday, September 13th. Roth Mkm reissued a buy rating and issued a $10.00 target price on shares of Applied Digital in a report on Thursday, September 5th. Finally, Needham & Company LLC reissued a buy rating and issued a $11.00 target price on shares of Applied Digital in a report on Thursday. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of Buy and a consensus price target of $9.67.

Applied Digital Stock Down 6.9 %

NASDAQ APLD opened at $6.89 on Thursday. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14. The stock’s 50 day moving average is $5.48 and its two-hundred day moving average is $4.77. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of -5.89 and a beta of 4.56. Applied Digital has a 1-year low of $2.36 and a 1-year high of $8.78.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. The company had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. The company’s quarterly revenue was up 67.2% on a year-over-year basis. During the same period in the previous year, the business earned ($0.10) earnings per share. Equities analysts forecast that Applied Digital will post -1.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total value of $55,000.00. Following the completion of the transaction, the director now owns 218,506 shares in the company, valued at $1,201,783. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 20.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Applied Digital

Institutional investors and hedge funds have recently made changes to their positions in the business. B. Riley Wealth Advisors Inc. raised its position in shares of Applied Digital by 66.1% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock valued at $4,609,000 after acquiring an additional 308,223 shares during the last quarter. Alight Capital Management LP bought a new stake in shares of Applied Digital during the 2nd quarter valued at $3,570,000. Marshall Wace LLP bought a new stake in shares of Applied Digital during the 2nd quarter valued at $720,000. Woodmont Investment Counsel LLC raised its position in shares of Applied Digital by 4.2% during the 1st quarter. Woodmont Investment Counsel LLC now owns 250,319 shares of the company’s stock valued at $1,071,000 after acquiring an additional 10,149 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Applied Digital by 70.2% during the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after acquiring an additional 2,547,485 shares during the last quarter. 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.