Applied Digital (NASDAQ:APLD) Trading 5.2% Higher Following Analyst Upgrade

Applied Digital Co. (NASDAQ:APLD)’s stock price shot up 5.2% on Monday after B. Riley raised their price target on the stock from $6.00 to $8.00. B. Riley currently has a buy rating on the stock. Applied Digital traded as high as $6.28 and last traded at $6.26. 1,326,716 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 4,148,465 shares. The stock had previously closed at $5.95.

APLD has been the topic of several other research reports. Lake Street Capital cut their price target on shares of Applied Digital from $19.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, April 12th. Roth Mkm increased their price target on shares of Applied Digital from $8.00 to $11.00 and gave the stock a “buy” rating in a report on Monday, June 24th. HC Wainwright reaffirmed a “buy” rating and set a $5.00 price objective on shares of Applied Digital in a research note on Wednesday, June 12th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research note on Friday, June 14th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $8.40.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Principal Financial Group Inc. purchased a new position in shares of Applied Digital during the 1st quarter valued at approximately $50,000. Tower Research Capital LLC TRC lifted its position in shares of Applied Digital by 380.1% during 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 in the last quarter. Capstone Investment Advisors LLC purchased a new position in shares of Applied Digital during the 4th quarter valued at approximately $78,000. ICA Group Wealth Management LLC purchased a new position in shares of Applied Digital during the 4th quarter valued at approximately $81,000. Finally, Chesapeake Capital Corp IL purchased a new position in shares of Applied Digital during the 4th quarter valued at approximately $86,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Stock Up 3.9 %

The business has a 50-day moving average price of $4.19 and a 200-day moving average price of $4.71. 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 stock has a market cap of $847.95 million, a PE ratio of -7.59 and a beta of 4.38.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data 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 firm had revenue of $43.35 million during the quarter, compared to analysts’ expectations of $50.36 million. Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. As a group, analysts forecast that Applied Digital Co. will post -1.03 earnings per share for the current year.

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.