Cantor Fitzgerald Cuts Applied Digital (NASDAQ:APLD) Price Target to $7.00

Applied Digital (NASDAQ:APLD) had its price objective trimmed by Cantor Fitzgerald from $14.00 to $7.00 in a research report sent to investors on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

APLD has been the topic of a number of other reports. HC Wainwright reduced their target price on shares of Applied Digital from $12.00 to $7.00 and set a “buy” rating on the stock in a research report on Tuesday. Compass Point started coverage on Applied Digital in a research report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price objective on the stock. Northland Securities lifted their target price on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday, February 4th. Finally, Needham & Company LLC decreased their price target on Applied Digital from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Tuesday. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $10.67.

Applied Digital Price Performance

NASDAQ:APLD opened at $3.94 on Tuesday. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a market cap of $878.24 million, a PE ratio of -2.28 and a beta of 5.18. Applied Digital has a 12 month low of $2.36 and a 12 month high of $12.48. The company’s 50-day moving average price is $6.86 and its two-hundred day moving average price is $7.81.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.05). Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business had revenue of $52.92 million for the quarter, compared to the consensus estimate of $62.91 million. During the same quarter last year, the company earned ($0.24) earnings per share. On average, equities analysts anticipate that Applied Digital will post -0.96 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of APLD. Wilmington Savings Fund Society FSB boosted its position in Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after acquiring an additional 2,000 shares during the last quarter. R Squared Ltd bought a new stake in shares of Applied Digital in the fourth quarter worth $36,000. US Bancorp DE acquired a new position in Applied Digital during the fourth quarter worth $37,000. Jones Financial Companies Lllp bought a new position in Applied Digital in the fourth quarter valued at $39,000. Finally, Spire Wealth Management acquired a new stake in Applied Digital in the 4th quarter valued at $43,000. 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.