Applied Digital (NASDAQ:APLD) PT Lowered to $6.00 at B. Riley

Applied Digital (NASDAQ:APLD) had its price objective cut by investment analysts at B. Riley from $8.00 to $6.00 in a report released on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley’s price objective indicates a potential upside of 85.19% from the company’s current price.

A number of other analysts also recently weighed in on APLD. Roth Mkm dropped their target price on Applied Digital from $13.00 to $8.00 and set a “buy” rating for the company in a research report on Friday, April 12th. Lake Street Capital lowered their price objective on shares of Applied Digital from $19.00 to $7.00 and set a “buy” rating for the company in a report on Friday, April 12th. Finally, Needham & Company LLC decreased their target price on shares of Applied Digital from $13.00 to $11.00 and set a “buy” rating on the stock in a research report on Friday, April 12th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital has a consensus rating of “Buy” and a consensus target price of $8.80.

Applied Digital Price Performance

Shares of APLD stock traded up $0.21 during trading on Monday, hitting $3.24. The company had a trading volume of 1,519,886 shares, compared to its average volume of 3,590,533. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.90. The stock’s 50-day moving average is $3.63 and its two-hundred day moving average is $4.83. The stock has a market capitalization of $397.61 million, a price-to-earnings ratio of -4.08 and a beta of 4.29. Applied Digital has a 52 week low of $2.36 and a 52 week high of $11.62.

Applied Digital (NASDAQ:APLD) last released its earnings results on Thursday, April 11th. The company reported ($0.52) 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 firm had revenue of $43.35 million during the quarter, compared to the consensus estimate of $50.36 million. As a group, analysts predict that Applied Digital will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Virginia Moore sold 30,000 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $4.74, for a total transaction of $142,200.00. Following the transaction, the director now owns 148,630 shares in the company, valued at $704,506.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 23.70% of the stock is owned by insiders.

Institutional Trading of Applied Digital

A number of hedge funds have recently modified their holdings of APLD. Principal Financial Group Inc. bought a new position in Applied Digital during the 1st quarter valued at approximately $50,000. Tower Research Capital LLC TRC increased its holdings in shares of Applied Digital by 380.1% during the fourth 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 in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Applied Digital in the 3rd quarter worth about $68,000. Capstone Investment Advisors LLC bought a new position in Applied Digital in the 4th quarter worth about $78,000. Finally, ICA Group Wealth Management LLC purchased a new stake in Applied Digital during the 4th quarter valued at about $81,000. Institutional investors own 65.67% of the company’s stock.

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.