Roth Mkm Boosts Applied Digital (NASDAQ:APLD) Price Target to $11.00

Applied Digital (NASDAQ:APLD) had its price objective boosted by equities research analysts at Roth Mkm from $8.00 to $11.00 in a report issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. Roth Mkm’s target price indicates a potential upside of 80.62% from the company’s previous close.

APLD has been the subject of a number of other reports. B. Riley dropped their target price on Applied Digital from $8.00 to $6.00 and set a “buy” rating for the company in a report on Monday, May 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price target on shares of Applied Digital in a report on Friday, June 14th. Lake Street Capital dropped their price target on Applied Digital from $19.00 to $7.00 and set a “buy” rating for the company in a report on Friday, April 12th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $5.00 price target on shares of Applied Digital in a report on Wednesday, June 12th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $8.00.

Applied Digital Price Performance

Shares of APLD traded up $0.57 during mid-day trading on Monday, reaching $6.09. The company had a trading volume of 3,653,590 shares, compared to its average volume of 3,965,534. Applied Digital has a twelve month low of $2.36 and a twelve month high of $11.07. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.30 and a quick ratio of 0.30. The company’s 50-day moving average is $3.83 and its 200-day moving average is $4.71. The company has a market capitalization of $835.61 million, a P/E ratio of -7.71 and a beta of 4.38.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Thursday, April 11th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.40). Applied Digital had a negative return on equity of 75.46% and a negative net margin of 61.84%. The company had revenue of $43.35 million during the quarter, compared to analyst estimates of $50.36 million. On average, equities analysts anticipate that Applied Digital will post -1.03 EPS for the current year.

Institutional Investors Weigh In On Applied Digital

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Arizona State Retirement System increased its stake in shares of Applied Digital by 17.1% in the 4th quarter. Arizona State Retirement System now owns 20,801 shares of the company’s stock valued at $140,000 after buying an additional 3,038 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Applied Digital by 15.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock worth $103,000 after purchasing an additional 3,182 shares during the period. Tower Research Capital LLC TRC lifted its holdings in Applied Digital by 380.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,017 shares of the company’s stock worth $54,000 after acquiring an additional 6,347 shares in the last quarter. Swiss National Bank lifted its holdings in Applied Digital by 6.9% during the fourth quarter. Swiss National Bank now owns 146,600 shares of the company’s stock worth $988,000 after acquiring an additional 9,500 shares in the last quarter. Finally, Barclays PLC lifted its holdings in Applied Digital by 73.6% during the third quarter. Barclays PLC now owns 23,588 shares of the company’s stock worth $146,000 after acquiring an additional 10,002 shares in the last quarter. 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.