HC Wainwright Cuts Applied Digital (NASDAQ:APLD) Price Target to $7.00

Applied Digital (NASDAQ:APLD) had its price target reduced by HC Wainwright from $12.00 to $7.00 in a research note published on Tuesday, MarketBeat Ratings reports. HC Wainwright currently has a buy rating on the stock.

Several other research firms have also recently weighed in on APLD. Compass Point assumed coverage on Applied Digital in a report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price target on the stock. Needham & Company LLC dropped their price target on shares of Applied Digital from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Tuesday. Northland Securities raised their price target on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 4th. Finally, Cantor Fitzgerald decreased their target price on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $10.67.

Applied Digital Price Performance

Shares of NASDAQ:APLD opened at $3.94 on Tuesday. The company has a 50-day moving average price of $6.86 and a two-hundred day moving average price of $7.81. Applied Digital has a twelve month low of $2.36 and a twelve month high of $12.48. 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 capitalization of $878.24 million, a PE ratio of -2.28 and a beta of 5.18.

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

Institutional Trading of Applied Digital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of Applied Digital by 39.1% in the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock worth $97,487,000 after purchasing an additional 3,587,619 shares in the last quarter. Van ECK Associates Corp grew its holdings in Applied Digital by 113.8% during the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock valued at $33,649,000 after purchasing an additional 2,344,572 shares during the period. Tidal Investments LLC increased its position in Applied Digital by 14,635.7% in the fourth quarter. Tidal Investments LLC now owns 1,697,850 shares of the company’s stock worth $12,972,000 after buying an additional 1,686,328 shares in the last quarter. American Century Companies Inc. purchased a new position in shares of Applied Digital during the 4th quarter valued at about $12,843,000. Finally, Geode Capital Management LLC grew its stake in shares of Applied Digital by 54.4% during the 4th quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company’s stock valued at $36,117,000 after acquiring an additional 1,665,335 shares during the period. 65.67% of the stock is owned by hedge funds and other institutional investors.

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.