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

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

Several other analysts have also commented on APLD. Citizens Jmp raised Applied Digital to a “strong-buy” rating and set a $12.00 price objective for the company in a report on Thursday, May 22nd. JMP Securities began coverage on Applied Digital in a report on Thursday, May 22nd. They set a “market outperform” rating and a $12.00 price target for the company. Needham & Company LLC reissued a “buy” rating and set a $10.00 price target on shares of Applied Digital in a report on Monday. Cantor Fitzgerald cut their price target on Applied Digital from $14.00 to $7.00 and set an “overweight” rating for the company in a report on Tuesday, April 15th. Finally, HC Wainwright boosted their price target on Applied Digital from $7.00 to $12.00 and gave the company a “buy” rating in a report on Tuesday. Ten equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $11.91.

Applied Digital Stock Up 1.1%

APLD stock opened at $10.25 on Tuesday. Applied Digital has a 1-year low of $3.01 and a 1-year high of $12.48. The business has a fifty day moving average price of $5.70 and a 200-day moving average price of $7.44. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The stock has a market capitalization of $2.30 billion, a P/E ratio of -5.92 and a beta of 6.09.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $62.91 million. During the same quarter in the prior year, the firm earned ($0.24) EPS. Equities analysts forecast that Applied Digital will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the company’s stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total transaction of $169,484.00. Following the sale, the director now directly owns 83,613 shares in the company, valued at $585,291. This represents a 22.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 11.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vontobel Holding Ltd. boosted its position in Applied Digital by 9.8% during the 4th quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company’s stock valued at $128,000 after acquiring an additional 1,500 shares in the last quarter. Corebridge Financial Inc. raised its stake in Applied Digital by 2.0% in the 1st quarter. Corebridge Financial Inc. now owns 97,224 shares of the company’s stock worth $546,000 after acquiring an additional 1,899 shares during the last quarter. Wilmington Savings Fund Society FSB raised its stake in shares of Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after buying an additional 2,000 shares during the last quarter. Wedbush Securities Inc. raised its stake in shares of Applied Digital by 14.8% during the 1st quarter. Wedbush Securities Inc. now owns 15,500 shares of the company’s stock valued at $87,000 after buying an additional 2,000 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Applied Digital by 11.7% during the 1st quarter. Wellington Management Group LLP now owns 19,056 shares of the company’s stock valued at $107,000 after buying an additional 2,001 shares during the last quarter. Institutional investors own 65.67% of the company’s stock.

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.