Applied Digital (NASDAQ:APLD) Price Target Cut to $51.00 by Analysts at B. Riley Financial

Applied Digital (NASDAQ:APLD) had its target price cut by B. Riley Financial from $75.00 to $51.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley Financial‘s price objective would suggest a potential upside of 162.75% from the company’s current price.

APLD has been the topic of a number of other reports. Zacks Research lowered shares of Applied Digital from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 26th. Needham & Company LLC decreased their target price on shares of Applied Digital from $83.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, October 8th. Rothschild & Co Redburn set a $22.00 target price on shares of Applied Digital and gave the stock a “neutral” rating in a research note on Monday, September 21st. Roth Capital set a $35.00 price target on shares of Applied Digital and gave the company a “buy” rating in a report on Wednesday, October 21st. Finally, UBS Group reiterated a “buy” rating on shares of Applied Digital in a research report on Thursday, October 8th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $57.75.

Applied Digital Trading Down 4.8%

Shares of Applied Digital stock opened at $19.41 on Friday. The stock has a market capitalization of $5.87 billion, a P/E ratio of -11.84 and a beta of 5.99. Applied Digital has a 52-week low of $17.50 and a 52-week high of $50.72. The company has a debt-to-equity ratio of 3.90, a quick ratio of 2.56 and a current ratio of 2.56. The stock’s 50-day simple moving average is $24.27 and its 200 day simple moving average is $31.45.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Wednesday, October 7th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.29. The firm had revenue of $300.39 million during the quarter, compared to analyst estimates of $116.29 million. Applied Digital had a negative net margin of 51.28% and a negative return on equity of 27.21%. The company’s quarterly revenue was up 367.8% on a year-over-year basis. During the same quarter last year, the business earned ($0.03) earnings per share. As a group, research analysts anticipate that Applied Digital will post -2.17 EPS for the current year.

Insider Buying and Selling

In related news, CEO Wes Cummins purchased 55,803 shares of the business’s stock in a transaction that occurred on Friday, October 16th. The shares were bought at an average price of $18.04 per share, for a total transaction of $1,006,686.12. Following the purchase, the chief executive officer directly owned 5,874,453 shares of the company’s stock, valued at approximately $105,975,132.12. This represents a 0.96% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard N. Nottenburg sold 75,000 shares of Applied Digital stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total value of $2,336,250.00. Following the completion of the transaction, the director directly owned 133,378 shares of the company’s stock, valued at approximately $4,154,724.70. This represents a 35.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 9.50% of the stock is owned by company insiders.

Institutional Trading of Applied Digital

Hedge funds have recently bought and sold shares of the company. Situational Awareness LP increased its stake in shares of Applied Digital by 14.1% in the 2nd quarter. Situational Awareness LP now owns 15,384,616 shares of the company’s stock worth $574,000 after purchasing an additional 1,906,178 shares in the last quarter. Equitec Proprietary Markets LLC bought a new position in Applied Digital in the 2nd quarter worth $312,349,000. Hsbc Holdings PLC lifted its position in Applied Digital by 6.2% during the first quarter. Hsbc Holdings PLC now owns 1,240,239 shares of the company’s stock valued at $28,377,000 after purchasing an additional 72,460 shares in the last quarter. Sei Investments Co. lifted its position in Applied Digital by 33.0% during the first quarter. Sei Investments Co. now owns 1,093,701 shares of the company’s stock valued at $25,964,000 after purchasing an additional 271,618 shares in the last quarter. Finally, Janus Henderson Group PLC grew its holdings in Applied Digital by 318.5% during the first quarter. Janus Henderson Group PLC now owns 785,152 shares of the company’s stock valued at $18,638,000 after purchasing an additional 597,548 shares during the period. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Company Profile

Applied Digital Corporation (NASDAQ: APLD) develops and operates digital infrastructure designed to support high-performance computing and artificial intelligence applications. The company provides data-center capacity, hosting services and related infrastructure for customers that require substantial computing power and energy resources.

Its business includes high-performance computing data centers and cloud services intended to support artificial intelligence, machine learning, cryptocurrency mining and other compute-intensive workloads.