Lake Street Capital Cuts Applied Digital (NASDAQ:APLD) Price Target to $7.00

Applied Digital (NASDAQ:APLD) had its price objective lowered by Lake Street Capital from $19.00 to $7.00 in a research report released on Friday, Benzinga reports. Lake Street Capital currently has a buy rating on the stock.

Several other equities research analysts have also issued reports on the stock. Roth Mkm lowered their target price on shares of Applied Digital from $13.00 to $8.00 and set a buy rating for the company in a report on Friday. Needham & Company LLC reduced their price target on shares of Applied Digital from $13.00 to $11.00 and set a buy rating on the stock in a research note on Friday. Finally, B. Riley reduced their price target on shares of Applied Digital from $10.00 to $8.00 and set a buy rating on the stock in a research note on Friday, April 5th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of Buy and a consensus price target of $9.20.

Applied Digital Price Performance

APLD stock opened at $2.52 on Friday. The company has a fifty day simple moving average of $4.17 and a two-hundred day simple moving average of $5.09. The firm has a market capitalization of $306.94 million, a P/E ratio of -3.18 and a beta of 4.12. 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 52 week low of $2.49 and a 52 week high of $11.62.

Applied Digital (NASDAQ:APLD) last released its earnings results on Tuesday, January 16th. The company reported ($0.10) earnings per share (EPS) for the quarter. The firm had revenue of $42.20 million during the quarter, compared to the consensus estimate of $54.78 million. Applied Digital had a negative return on equity of 75.46% and a negative net margin of 61.84%. Analysts anticipate that Applied Digital will post -0.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Applied Digital news, Director Virginia Moore sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $4.74, for a total transaction of $142,200.00. Following the transaction, the director now owns 148,630 shares of the company’s stock, valued at approximately $704,506.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 23.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC boosted its holdings in shares of 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 buying an additional 6,347 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Applied Digital in the 3rd quarter valued at about $68,000. International Assets Investment Management LLC bought a new stake in shares of Applied Digital in the 3rd quarter valued at about $74,000. Capstone Investment Advisors LLC bought a new stake in shares of Applied Digital in the 4th quarter valued at about $78,000. Finally, ICA Group Wealth Management LLC bought a new stake in shares of Applied Digital in the 4th quarter valued at about $81,000. Hedge funds and other institutional investors 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.