Applied Digital (NASDAQ:APLD) Given New $8.00 Price Target at B. Riley

Applied Digital (NASDAQ:APLD) had its price objective increased by B. Riley from $6.00 to $8.00 in a report issued on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts also recently commented on the stock. HC Wainwright reissued a buy rating and set a $5.00 price objective on shares of Applied Digital in a report on Wednesday, June 12th. Roth Mkm upped their price target on shares of Applied Digital from $8.00 to $11.00 and gave the company a buy rating in a report on Monday, June 24th. Needham & Company LLC reaffirmed a buy rating and issued a $11.00 price target on shares of Applied Digital in a report on Friday, June 14th. Finally, Lake Street Capital reduced their price target on shares of Applied Digital from $19.00 to $7.00 and set a buy rating on the stock in a report on Friday, April 12th. Five 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 price target of $8.40.

Applied Digital Stock Down 4.6 %

APLD stock opened at $5.95 on Friday. The company has a market cap of $816.40 million, a P/E ratio of -7.53 and a beta of 4.38. Applied Digital has a 52 week low of $2.36 and a 52 week high of $11.07. The company’s 50-day moving average price is $4.19 and its 200 day moving average price is $4.73. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.90.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Thursday, April 11th. The company reported ($0.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.40). The company had revenue of $43.35 million for the quarter, compared to analysts’ expectations of $50.36 million. Applied Digital had a negative return on equity of 75.46% and a negative net margin of 61.84%. On average, research analysts expect that Applied Digital will post -1.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Applied Digital

Institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. acquired a new position in shares of Applied Digital in the first quarter valued at approximately $50,000. Tower Research Capital LLC TRC raised its position in shares of Applied Digital by 380.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,017 shares of the company’s stock valued at $54,000 after buying an additional 6,347 shares during the last quarter. Capstone Investment Advisors LLC acquired a new position in shares of Applied Digital in the fourth quarter valued at approximately $78,000. ICA Group Wealth Management LLC acquired a new position in shares of Applied Digital in the fourth quarter valued at approximately $81,000. Finally, Chesapeake Capital Corp IL acquired a new position in shares of Applied Digital in the fourth quarter valued at approximately $86,000. Institutional investors and hedge funds 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.