Lake Street Capital Increases Applied Digital (NASDAQ:APLD) Price Target to $11.00

Applied Digital (NASDAQ:APLD) had its price objective boosted by research analysts at Lake Street Capital from $7.00 to $11.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Lake Street Capital’s price target suggests a potential upside of 51.10% from the company’s current price.

Several other equities research analysts also recently commented on APLD. Craig Hallum upped their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a report on Thursday. Roth Mkm restated a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a research note on Thursday. HC Wainwright reiterated a “buy” rating and issued a $5.00 target price on shares of Applied Digital in a research note on Thursday, August 29th. Finally, B. Riley increased their target price on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $9.67.

Applied Digital Trading Up 5.7 %

Shares of NASDAQ APLD opened at $7.28 on Thursday. Applied Digital has a fifty-two week low of $2.36 and a fifty-two week high of $8.78. The firm has a market capitalization of $1.56 billion, a P/E ratio of -6.20 and a beta of 4.56. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.08 and a quick ratio of 0.08. The company’s 50 day simple moving average is $5.48 and its 200 day simple moving average is $4.77.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. During the same quarter in the prior year, the business posted ($0.10) EPS. The firm’s quarterly revenue was up 67.2% on a year-over-year basis. On average, analysts predict that Applied Digital will post -1.12 EPS for the current year.

Insider Buying and Selling

In other news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were 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 owns 218,506 shares of the company’s stock, valued at approximately $1,201,783. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 20.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Applied Digital

Institutional investors have recently added to or reduced their stakes in the stock. Exchange Traded Concepts LLC increased its holdings in Applied Digital by 4.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 728,424 shares of the company’s stock worth $6,009,000 after purchasing an additional 34,166 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Applied Digital during the third quarter valued at about $426,000. Point72 Asset Management L.P. bought a new position in shares of Applied Digital during the 2nd quarter worth about $1,451,000. B. Riley Wealth Advisors Inc. grew its stake in Applied Digital by 66.1% in the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock valued at $4,609,000 after acquiring an additional 308,223 shares during the period. Finally, The Manufacturers Life Insurance Company raised its holdings in Applied Digital by 25.0% during the second quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company’s stock worth $224,000 after buying an additional 7,517 shares during the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.