Applied Digital (NASDAQ:APLD) PT Raised to $12.00

Applied Digital (NASDAQ:APLD) had its price target raised by Craig Hallum from $10.00 to $12.00 in a report issued on Thursday, Benzinga reports. They currently have a buy rating on the stock.

APLD has been the subject of a number of other reports. Roth Mkm reaffirmed a buy rating and issued a $10.00 target price on shares of Applied Digital in a research note on Thursday, September 5th. Needham & Company LLC reaffirmed a buy rating and issued a $11.00 target price on shares of Applied Digital in a research note on Thursday. B. Riley upped their target price on shares of Applied Digital from $8.00 to $9.00 and gave the stock a buy rating in a research note on Friday, September 13th. Finally, HC Wainwright reaffirmed a buy rating and issued a $5.00 target price on shares of Applied Digital in a research note on Thursday, August 29th. Six 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 target price of $9.67.

Applied Digital Price Performance

Shares of APLD stock opened at $6.89 on Thursday. Applied Digital has a 12-month low of $2.36 and a 12-month high of $8.78. The firm has a market capitalization of $1.48 billion, a price-to-earnings ratio of -5.89 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. The firm has a fifty day moving average of $5.48 and a 200-day 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 (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $54.85 million. During the same quarter in the previous year, the business earned ($0.10) EPS. The firm’s revenue was up 67.2% on a year-over-year basis. On average, equities research analysts forecast that Applied Digital will post -1.12 earnings per share for the current year.

Insider Activity

In related news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $5.50, for a total value of $55,000.00. Following the completion of the sale, the director now directly owns 218,506 shares in the company, valued at approximately $1,201,783. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 20.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

Several hedge funds have recently bought and sold shares of APLD. Principal Financial Group Inc. acquired a new stake in Applied Digital during the first quarter worth approximately $50,000. Headlands Technologies LLC lifted its position in Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after acquiring an additional 6,933 shares during the last quarter. ARS Investment Partners LLC acquired a new stake in Applied Digital during the second quarter worth approximately $60,000. ICA Group Wealth Management LLC acquired a new stake in Applied Digital during the fourth quarter worth approximately $81,000. Finally, Price T Rowe Associates Inc. MD lifted its position in Applied Digital by 15.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock worth $103,000 after acquiring an additional 3,182 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.