Applied Digital (NASDAQ:APLD) Earns “Buy” Rating from Roth Mkm

Roth Mkm reiterated their buy rating on shares of Applied Digital (NASDAQ:APLD) in a research note issued to investors on Wednesday morning, Benzinga reports. Roth Mkm currently has a $11.00 target price on the stock.

Several other brokerages have also recently weighed in on APLD. Lake Street Capital reduced their price objective on shares of Applied Digital from $19.00 to $7.00 and set a buy rating on the stock in a research note on Friday, April 12th. HC Wainwright reiterated a buy rating and issued a $5.00 price target on shares of Applied Digital in a research report on Wednesday, June 12th. B. Riley raised their price objective on Applied Digital from $6.00 to $8.00 and gave the stock a buy rating in a research report on Friday, June 28th. Finally, Needham & Company LLC reiterated a buy rating and issued a $11.00 target price on shares of Applied Digital in a report on Friday, June 14th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital has a consensus rating of Buy and a consensus price target of $8.40.

Applied Digital Stock Performance

NASDAQ:APLD opened at $6.20 on Wednesday. The stock’s 50-day moving average is $4.89 and its 200-day moving average is $4.71. Applied Digital has a 1-year low of $2.36 and a 1-year high of $11.07. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.90. The stock has a market cap of $850.70 million, a P/E ratio of -7.85 and a beta of 4.56.

Applied Digital (NASDAQ:APLD) last posted its 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 the consensus estimate of $50.36 million. Equities research analysts anticipate that Applied Digital will post -1.03 earnings per share for the current year.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds have recently added to or reduced their stakes in APLD. Arizona State Retirement System raised its holdings in shares of Applied Digital by 17.1% during the fourth quarter. Arizona State Retirement System now owns 20,801 shares of the company’s stock valued at $140,000 after purchasing an additional 3,038 shares during the period. Price T Rowe Associates Inc. MD increased its position in Applied Digital by 15.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock valued at $103,000 after buying an additional 3,182 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Applied Digital by 380.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,017 shares of the company’s stock worth $54,000 after buying an additional 6,347 shares during the period. Swiss National Bank boosted its holdings in Applied Digital by 6.9% in the fourth quarter. Swiss National Bank now owns 146,600 shares of the company’s stock worth $988,000 after acquiring an additional 9,500 shares in the last quarter. Finally, Woodmont Investment Counsel LLC grew its stake in Applied Digital by 4.2% in the first quarter. Woodmont Investment Counsel LLC now owns 250,319 shares of the company’s stock valued at $1,071,000 after acquiring an additional 10,149 shares during the period. 65.67% of the stock is currently owned by 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.