Applied Digital (NASDAQ:APLD) Rating Reiterated by Roth Mkm

Applied Digital (NASDAQ:APLD)‘s stock had its “buy” rating reaffirmed by equities researchers at Roth Mkm in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $10.00 price objective on the stock. Roth Mkm’s price objective suggests a potential upside of 37.36% from the stock’s current price.

APLD has been the subject of a number of other research reports. Craig Hallum increased their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research report on Thursday. B. Riley boosted their target price 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. Finally, HC Wainwright reissued a “buy” rating and issued a $5.00 target price on shares of Applied Digital in a research report on Thursday, August 29th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $9.67.

Applied Digital Price Performance

Shares of NASDAQ:APLD opened at $7.28 on Thursday. The company has a market cap of $1.56 billion, a P/E ratio of -6.20 and a beta of 4.56. Applied Digital has a 52 week low of $2.36 and a 52 week high of $8.78. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14. The business 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 announced 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 net margin of 74.95% and a negative return on equity of 107.05%. The company had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. During the same quarter last year, the business earned ($0.10) EPS. Applied Digital’s revenue for the quarter was up 67.2% on a year-over-year basis. Equities research analysts forecast that Applied Digital will post -1.12 EPS for the current year.

Insider Buying and Selling at Applied Digital

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 stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the completion of the transaction, the director now directly owns 218,506 shares in the company, valued at $1,201,783. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 20.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of APLD. Vanguard Group Inc. boosted its position in Applied Digital by 70.2% in the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after buying an additional 2,547,485 shares during the last quarter. Van ECK Associates Corp boosted its holdings in Applied Digital by 92.1% during the first quarter. Van ECK Associates Corp now owns 2,426,281 shares of the company’s stock worth $10,384,000 after purchasing an additional 1,163,247 shares during the last quarter. Hood River Capital Management LLC grew its holdings in shares of 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 valued at $57,098,000 after acquiring an additional 771,699 shares in the last quarter. Alight Capital Management LP bought a new stake in shares of Applied Digital during the 2nd quarter worth approximately $3,570,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Applied Digital by 69.3% in the first 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 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.