Applied Digital (NASDAQ:APLD) PT Raised to $8.00 at B. Riley

Applied Digital (NASDAQ:APLD) had its price objective boosted by equities researchers at B. Riley from $6.00 to $8.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. B. Riley’s price objective suggests a potential upside of 34.45% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. Needham & Company LLC reiterated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research report on Friday, June 14th. Lake Street Capital cut their price objective on Applied Digital from $19.00 to $7.00 and set a “buy” rating for the company in a research report on Friday, April 12th. Roth Mkm lifted their price objective on Applied Digital from $8.00 to $11.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Finally, HC Wainwright restated a “buy” rating and set a $5.00 price objective on shares of Applied Digital in a research report on Wednesday, June 12th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $8.40.

Applied Digital Price Performance

APLD stock opened at $5.95 on Friday. The firm has a 50 day moving average of $4.19 and a 200-day moving average of $4.72. Applied Digital has a 12-month low of $2.36 and a 12-month high of $11.07. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.90. The company has a market cap of $816.40 million, a price-to-earnings ratio of -7.53 and a beta of 4.38.

Applied Digital (NASDAQ:APLD) last posted its quarterly 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 net margin of 61.84% and a negative return on equity of 75.46%. The company had revenue of $43.35 million for the quarter, compared to analyst estimates of $50.36 million. As a group, equities analysts expect that Applied Digital will post -1.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Arizona State Retirement System raised its holdings in 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 acquiring an additional 3,038 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Applied Digital by 15.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock valued at $103,000 after acquiring an additional 3,182 shares during the last quarter. Tower Research Capital LLC TRC raised 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 acquiring an additional 6,347 shares during the last quarter. Swiss National Bank raised its holdings in Applied Digital by 6.9% in the 4th quarter. Swiss National Bank now owns 146,600 shares of the company’s stock valued at $988,000 after acquiring an additional 9,500 shares during the last quarter. Finally, Barclays PLC increased its holdings in shares of Applied Digital by 73.6% during the 3rd quarter. Barclays PLC now owns 23,588 shares of the company’s stock worth $146,000 after buying an additional 10,002 shares during the last quarter. 65.67% of the stock is currently 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.