B. Riley Raises Applied Digital (NASDAQ:APLD) Price Target to $8.00

Applied Digital (NASDAQ:APLD) had its price objective hoisted by B. Riley from $6.00 to $8.00 in a research note published on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. Roth Mkm raised their price objective on shares of Applied Digital from $8.00 to $11.00 and gave the stock a buy rating in a research note on Monday, June 24th. Needham & Company LLC restated a buy rating and set a $11.00 price target on shares of Applied Digital in a research report on Friday, June 14th. Lake Street Capital decreased their price objective on shares of Applied Digital from $19.00 to $7.00 and set a buy rating for the company in a research report on Friday, April 12th. Finally, HC Wainwright reissued a buy rating and set a $5.00 target price on shares of Applied Digital in a research note on Wednesday, June 12th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital has a consensus rating of Buy and an average target price of $8.40.

Applied Digital Price Performance

NASDAQ:APLD opened at $5.95 on Friday. Applied Digital has a one year low of $2.36 and a one year high of $11.07. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.30 and a current ratio of 0.30. The firm has a market cap of $816.40 million, a price-to-earnings ratio of -7.53 and a beta of 4.38. The firm’s fifty day moving average is $4.19 and its two-hundred day moving average is $4.71.

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

Institutional Investors Weigh In On Applied Digital

Several large investors have recently bought and sold shares of the company. Barclays PLC raised its stake in Applied Digital by 73.6% in the 3rd quarter. Barclays PLC now owns 23,588 shares of the company’s stock valued at $146,000 after purchasing an additional 10,002 shares during the last quarter. Swiss National Bank purchased a new position in shares of Applied Digital in the third quarter worth about $856,000. Federated Hermes Inc. acquired a new position in Applied Digital during the third quarter worth about $755,000. Vanguard Group Inc. boosted its position in Applied Digital by 40.6% during the third quarter. Vanguard Group Inc. now owns 3,335,542 shares of the company’s stock worth $20,814,000 after acquiring an additional 963,390 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its stake in Applied Digital by 32.8% during the 4th quarter. Exchange Traded Concepts LLC now owns 849,174 shares of the company’s stock valued at $5,723,000 after acquiring an additional 209,692 shares in the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

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.