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

Applied Digital (NASDAQ:APLD - Get Free Report) had its price target increased by B. Riley from $6.00 to $8.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. B. Riley's price objective would indicate a potential upside of 33.11% from the stock's current price.

• Is Applied Digital’s 35% stock plunge an AI buying opportunity?

A number of other equities research analysts also recently commented on APLD. Lake Street Capital reduced their target price on Applied Digital from $19.00 to $7.00 and set a "buy" rating for the company in a report on Friday, April 12th. Roth Mkm increased their target price on shares of Applied Digital from $8.00 to $11.00 and gave the company a "buy" rating in a report on Monday. Needham & Company LLC reissued a "buy" rating and set a $11.00 price target on shares of Applied Digital in a research note on Friday, June 14th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $5.00 price objective on shares of Applied Digital in a report on Wednesday, June 12th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $8.40.

View Our Latest Stock Report on Applied Digital

Applied Digital Stock Down 3.7 %

APLD traded down $0.23 on Friday, reaching $6.01. The company's stock had a trading volume of 2,436,620 shares, compared to its average volume of 4,119,696. The company has a market capitalization of $824.63 million, a price-to-earnings ratio of -7.61 and a beta of 4.38. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.90. Applied Digital has a fifty-two week low of $2.36 and a fifty-two week high of $11.07. The stock has a 50 day moving average of $4.12 and a two-hundred day moving average of $4.73.

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

Hedge Funds Weigh In On Applied Digital

Large investors have recently modified their holdings of the company. Arizona State Retirement System raised its holdings in Applied Digital by 17.1% in the fourth quarter. Arizona State Retirement System now owns 20,801 shares of the company's stock valued at $140,000 after buying an additional 3,038 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Applied Digital by 15.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company's stock valued at $103,000 after acquiring an additional 3,182 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in Applied Digital by 380.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,017 shares of the company's stock valued at $54,000 after purchasing an additional 6,347 shares in the last quarter. Swiss National Bank raised its position in Applied Digital by 6.9% in the fourth quarter. Swiss National Bank now owns 146,600 shares of the company's stock valued at $988,000 after purchasing an additional 9,500 shares during the period. Finally, Barclays PLC boosted its position in shares of Applied Digital by 73.6% in the third quarter. Barclays PLC now owns 23,588 shares of the company's stock worth $146,000 after buying an additional 10,002 shares during the period. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

About Applied Digital

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.

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