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

Applied Digital (NASDAQ:APLD) had its price objective cut by equities researchers at B. Riley from $8.00 to $6.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley’s price target would indicate a potential upside of 85.19% from the stock’s previous close.

Several other analysts have also issued reports on the stock. Lake Street Capital dropped their price target on shares of Applied Digital from $19.00 to $7.00 and set a “buy” rating on the stock in a research report on Friday, April 12th. Roth Mkm decreased their price objective on shares of Applied Digital from $13.00 to $8.00 and set a “buy” rating on the stock in a report on Friday, April 12th. Finally, Needham & Company LLC decreased their price objective on shares of Applied Digital from $13.00 to $11.00 and set a “buy” rating on the stock in a report on Friday, April 12th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $8.80.

Applied Digital Stock Up 6.9 %

APLD traded up $0.21 during trading on Monday, reaching $3.24. The company had a trading volume of 1,519,886 shares, compared to its average volume of 3,590,533. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.30 and a quick ratio of 0.30. Applied Digital has a 12 month low of $2.36 and a 12 month high of $11.62. The business’s fifty day moving average price is $3.63 and its 200 day moving average price is $4.83. The company has a market cap of $397.61 million, a P/E ratio of -4.08 and a beta of 4.29.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Thursday, April 11th. The company reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.40). The company had revenue of $43.35 million during the quarter, compared to the consensus estimate of $50.36 million. Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. Equities analysts anticipate that Applied Digital will post -0.86 EPS for the current year.

Insider Buying and Selling

In related news, Director Virginia Moore sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $4.74, for a total transaction of $142,200.00. Following the transaction, the director now directly owns 148,630 shares of the company’s stock, valued at $704,506.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 23.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Applied Digital

Hedge funds have recently bought and sold shares of the company. Tower Research Capital LLC TRC increased its holdings in Applied Digital by 380.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,017 shares of the company’s stock valued at $54,000 after buying an additional 6,347 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Applied Digital in the 3rd quarter valued at approximately $68,000. Capstone Investment Advisors LLC acquired a new stake in shares of Applied Digital in the 4th quarter valued at approximately $78,000. Principal Financial Group Inc. acquired a new stake in shares of Applied Digital in the 1st quarter valued at approximately $50,000. Finally, ICA Group Wealth Management LLC acquired a new stake in shares of Applied Digital in the 4th quarter valued at approximately $81,000. 65.67% of the stock is owned by 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.