Craig Hallum Increases Applied Digital (NASDAQ:APLD) Price Target to $12.00

Applied Digital (NASDAQ:APLD) had its price objective lifted by equities researchers at Craig Hallum from $10.00 to $12.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Craig Hallum’s price objective points to a potential upside of 64.84% from the company’s previous close.

Several other analysts have also weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Thursday. B. Riley increased their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. HC Wainwright reaffirmed a “buy” rating and issued a $5.00 target price on shares of Applied Digital in a research report on Thursday, August 29th. Finally, Roth Mkm reiterated a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a report on Thursday, September 5th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $9.67.

Applied Digital Price Performance

Shares of NASDAQ APLD opened at $7.28 on Thursday. The company has a market capitalization of $1.56 billion, a PE ratio of -6.20 and a beta of 4.56. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14. Applied Digital has a twelve month low of $2.36 and a twelve month high of $8.78. The firm has a fifty day simple moving average of $5.48 and a 200 day simple moving average of $4.77.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. The firm had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. During the same period last year, the company posted ($0.10) EPS. The business’s quarterly revenue was up 67.2% on a year-over-year basis. On average, sell-side analysts forecast that Applied Digital will post -1.12 EPS for the current year.

Insider Buying and Selling at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the completion of the sale, the director now directly owns 218,506 shares of the company’s stock, valued at approximately $1,201,783. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 20.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Applied Digital by 70.2% during the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after purchasing an additional 2,547,485 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of Applied Digital by 92.1% during the 1st quarter. Van ECK Associates Corp now owns 2,426,281 shares of the company’s stock valued at $10,384,000 after buying an additional 1,163,247 shares in the last quarter. Hood River Capital Management LLC boosted its holdings in Applied Digital by 8.7% in the 2nd quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock worth $57,098,000 after buying an additional 771,699 shares during the period. Alight Capital Management LP purchased a new position in Applied Digital in the 2nd quarter valued at approximately $3,570,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Applied Digital by 69.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,311,594 shares of the company’s stock valued at $5,614,000 after acquiring an additional 536,948 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 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.