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

Applied Digital (NASDAQ:APLD) had its target price lowered by B. Riley from $8.00 to $6.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley’s price objective points to a potential upside of 93.55% from the company’s current price.

A number of other research firms have also recently issued reports on APLD. Roth Mkm reduced their target price on shares of Applied Digital from $13.00 to $8.00 and set a “buy” rating for the company in a research note on Friday, April 12th. Lake Street Capital reduced their price objective 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, Needham & Company LLC lowered their target price on shares of Applied Digital from $13.00 to $11.00 and set a “buy” rating on the stock in a research report on Friday, April 12th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital currently has a consensus rating of “Buy” and an average target price of $8.80.

Applied Digital Stock Down 5.5 %

Applied Digital stock opened at $3.10 on Monday. The firm’s 50 day moving average price is $3.58 and its two-hundred day moving average price is $4.81. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.30 and a current ratio of 0.30. Applied Digital has a twelve month low of $2.36 and a twelve month high of $11.62. The firm has a market cap of $380.43 million, a PE ratio of -3.92 and a beta of 4.29.

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). The firm had revenue of $43.35 million during the quarter, compared to analysts’ expectations of $50.36 million. Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. On average, research analysts predict that Applied Digital will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling

In other Applied Digital news, Director Virginia Moore sold 30,000 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $4.74, for a total transaction of $142,200.00. Following the completion of the transaction, the director now owns 148,630 shares of the company’s stock, valued at approximately $704,506.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 23.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Arizona State Retirement System lifted its position in shares of Applied Digital by 17.1% during the 4th quarter. Arizona State Retirement System now owns 20,801 shares of the company’s stock worth $140,000 after buying an additional 3,038 shares during the period. Tower Research Capital LLC TRC raised its stake in shares of Applied Digital by 380.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,017 shares of the company’s stock worth $54,000 after acquiring an additional 6,347 shares during the last quarter. Swiss National Bank grew its stake in shares of Applied Digital by 6.9% during the fourth quarter. Swiss National Bank now owns 146,600 shares of the company’s stock valued at $988,000 after purchasing an additional 9,500 shares during the last quarter. Barclays PLC increased its holdings 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 purchasing an additional 10,002 shares in the last quarter. Finally, Woodmont Investment Counsel LLC raised its position in Applied Digital by 4.2% in the 1st quarter. Woodmont Investment Counsel LLC now owns 250,319 shares of the company’s stock worth $1,071,000 after purchasing an additional 10,149 shares during the last quarter. Institutional investors and hedge funds 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.