Applied Digital (NASDAQ:APLD) Given New $15.00 Price Target at B. Riley

Applied Digital (NASDAQ:APLD) had its target price boosted by B. Riley from $8.00 to $15.00 in a research note released on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research analysts have also recently commented on the stock. Craig Hallum upped their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Tuesday. Citizens Jmp raised shares of Applied Digital to a “strong-buy” rating and set a $12.00 price objective for the company in a research report on Thursday, May 22nd. Cantor Fitzgerald decreased their price target on Applied Digital from $14.00 to $7.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 15th. Northland Securities lifted their price objective on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday, February 4th. Finally, JMP Securities increased their target price on Applied Digital from $12.00 to $18.00 and gave the stock a “market outperform” rating in a research note on Tuesday. Twelve equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $12.45.

Applied Digital Trading Up 8.5%

Shares of APLD opened at $13.86 on Wednesday. Applied Digital has a 52-week low of $3.01 and a 52-week high of $15.42. The stock has a market cap of $3.11 billion, a PE ratio of -8.01 and a beta of 6.09. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm’s fifty day moving average is $6.15 and its two-hundred day moving average is $7.55.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Monday, April 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.05). Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The company had revenue of $52.92 million during the quarter, compared to analysts’ expectations of $62.91 million. During the same quarter in the previous year, the company earned ($0.24) earnings per share. Research analysts forecast that Applied Digital will post -0.96 earnings per share for the current fiscal year.

Insider Activity at Applied Digital

In related news, Director Rachel H. Lee sold 24,212 shares of the business’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total transaction of $169,484.00. Following the completion of the transaction, the director now owns 83,613 shares in the company, valued at approximately $585,291. The trade was a 22.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 11.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Barclays PLC boosted its holdings in Applied Digital by 736.8% in the third quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after purchasing an additional 428,428 shares in the last quarter. KBC Group NV purchased a new stake in shares of Applied Digital during the 4th quarter worth approximately $55,000. Spire Wealth Management acquired a new position in shares of Applied Digital in the 4th quarter valued at $43,000. Calamos Advisors LLC purchased a new position in shares of Applied Digital in the 4th quarter valued at $1,273,000. Finally, Wilmington Savings Fund Society FSB raised its stake in Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after acquiring an additional 2,000 shares in the last quarter. 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.