Applied Digital (NASDAQ:APLD) Price Target Raised to $12.00 at Craig Hallum

Applied Digital (NASDAQ:APLD) had its target price lifted by Craig Hallum from $10.00 to $12.00 in a report released on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms also recently weighed in on APLD. HC Wainwright restated a buy rating and set a $5.00 target price on shares of Applied Digital in a research report on Thursday, August 29th. B. Riley boosted their target price on Applied Digital from $8.00 to $9.00 and gave the stock a buy rating in a research report on Friday, September 13th. Needham & Company LLC restated a buy rating and set a $11.00 target price on shares of Applied Digital in a research report on Thursday. Finally, Roth Mkm restated a buy rating and set a $10.00 target price on shares of Applied Digital in a research report on Thursday, September 5th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Digital presently has an average rating of Buy and a consensus target price of $9.67.

Applied Digital Trading Up 5.7 %

Shares of APLD opened at $7.28 on Thursday. The stock has a fifty day moving average price of $5.54 and a two-hundred day moving average price of $4.79. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.08 and a current ratio of 0.08. Applied Digital has a 52-week low of $2.36 and a 52-week high of $8.78. The company has a market cap of $998.88 million, a price-to-earnings ratio of -9.22 and a beta of 4.56.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. The firm had revenue of $60.70 million during the quarter, compared to the consensus estimate of $54.85 million. During the same quarter in the previous year, the company posted ($0.10) EPS. The business’s revenue for the quarter was up 67.2% compared to the same quarter last year. Analysts predict that Applied Digital will post -1.12 EPS for the current fiscal year.

Insider Buying and Selling

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $5.50, for a total value of $55,000.00. Following the completion of the transaction, the director now directly owns 218,506 shares of the company’s stock, valued at approximately $1,201,783. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 20.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hood River Capital Management LLC grew its stake in Applied Digital by 8.7% in the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after acquiring an additional 771,699 shares during the period. Vanguard Group Inc. boosted its position in shares of Applied Digital by 70.2% during the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock worth $26,434,000 after buying an additional 2,547,485 shares during the period. Van ECK Associates Corp boosted its position in shares of Applied Digital by 18.3% during the second quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock worth $17,077,000 after buying an additional 443,699 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Applied Digital by 69.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,311,594 shares of the company’s stock worth $5,614,000 after buying an additional 536,948 shares during the period. Finally, B. Riley Wealth Advisors Inc. boosted its position in shares of Applied Digital by 66.1% during the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock worth $4,609,000 after buying an additional 308,223 shares during the period. 65.67% of the stock is owned by institutional investors and hedge funds.

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.