Applied Digital (NASDAQ:APLD) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Applied Digital (NASDAQ:APLD) had its price objective hoisted by analysts at Morgan Stanley from $36.50 to $37.50 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price target points to a potential upside of 26.33% from the company’s current price.

Other analysts have also recently issued research reports about the stock. Lucid Cap Mkts raised shares of Applied Digital to a “strong-buy” rating in a report on Wednesday, May 27th. B. Riley Financial restated a “buy” rating and issued a $75.00 price target (up from $66.00) on shares of Applied Digital in a research note on Monday. Zacks Research raised Applied Digital from a “strong sell” rating to a “hold” rating in a research report on Monday, July 27th. Northland Securities set a $82.00 target price on Applied Digital and gave the stock an “outperform” rating in a research report on Wednesday, June 17th. Finally, Wall Street Zen downgraded Applied Digital from a “hold” rating to a “sell” rating in a report on Saturday, April 11th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $68.15.

Applied Digital Stock Down 0.6%

Shares of NASDAQ APLD traded down $0.18 during mid-day trading on Thursday, hitting $29.68. The company had a trading volume of 7,575,020 shares, compared to its average volume of 24,333,949. The company has a market capitalization of $8.65 billion, a PE ratio of -33.38 and a beta of 5.75. The business’s 50-day simple moving average is $36.26 and its 200 day simple moving average is $34.19. Applied Digital has a 1-year low of $13.16 and a 1-year high of $50.72. The company has a debt-to-equity ratio of 2.88, a current ratio of 4.01 and a quick ratio of 4.01.

Applied Digital (NASDAQ:APLD) last released its earnings results on Monday, July 27th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.30). The company had revenue of $240.35 million for the quarter, compared to analyst estimates of $96.85 million. Applied Digital had a negative return on equity of 16.42% and a negative net margin of 37.78%.The company’s revenue for the quarter was up 406.3% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.24) earnings per share. On average, analysts predict that Applied Digital will post -0.98 earnings per share for the current year.

Institutional Investors Weigh In On Applied Digital

Several large investors have recently modified their holdings of APLD. Newbridge Financial Services Group Inc. lifted its holdings in shares of Applied Digital by 8.6% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 3,800 shares of the company’s stock valued at $93,000 after purchasing an additional 300 shares in the last quarter. Concurrent Investment Advisors LLC increased its stake in Applied Digital by 1.5% during the 4th quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company’s stock worth $523,000 after buying an additional 318 shares during the period. Independent Advisor Alliance boosted its position in Applied Digital by 4.6% in the 4th quarter. Independent Advisor Alliance now owns 9,215 shares of the company’s stock valued at $226,000 after buying an additional 407 shares during the last quarter. GAMMA Investing LLC boosted its position in Applied Digital by 28.5% in the 2nd quarter. GAMMA Investing LLC now owns 2,092 shares of the company’s stock valued at $78,000 after buying an additional 464 shares during the last quarter. Finally, Krilogy Financial LLC increased its position in shares of Applied Digital by 4.1% during the second quarter. Krilogy Financial LLC now owns 14,243 shares of the company’s stock worth $531,000 after acquiring an additional 561 shares during the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

About Applied Digital

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.