B. Riley Increases Applied Digital (NASDAQ:APLD) Price Target to $9.00

Applied Digital (NASDAQ:APLD) had its price target hoisted by B. Riley from $8.00 to $9.00 in a research report report published on Friday morning, Benzinga reports. B. Riley currently has a buy rating on the stock.

Other equities research analysts have also recently issued reports about the stock. HC Wainwright restated a buy rating and set a $5.00 price target on shares of Applied Digital in a report on Thursday, August 29th. Roth Mkm reaffirmed a buy rating and issued a $10.00 target price on shares of Applied Digital in a report on Thursday, September 5th. Finally, Needham & Company LLC reiterated a buy rating and set a $11.00 price target on shares of Applied Digital in a report on Monday, September 9th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of Buy and an average target price of $8.40.

Applied Digital Stock Performance

Shares of NASDAQ APLD opened at $5.89 on Friday. The business’s 50-day simple moving average is $4.79 and its 200-day simple moving average is $4.40. Applied Digital has a 52 week low of $2.36 and a 52 week high of $8.65. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.08 and a current ratio of 0.08. The firm has a market cap of $808.16 million, a price-to-earnings ratio of -7.46 and a beta of 4.51.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Wednesday, August 28th. The company reported ($0.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.29). The firm had revenue of $43.70 million during the quarter, compared to the consensus estimate of $42.70 million. Applied Digital had a negative net margin of 88.95% and a negative return on equity of 111.80%. During the same period in the prior year, the business earned ($0.07) EPS. As a group, equities research analysts expect that Applied Digital will post -1.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the sale, the director now owns 218,506 shares of the company’s stock, valued at approximately $1,201,783. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 20.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Institutional investors have recently bought and sold shares of the business. Capital Research Global Investors lifted its holdings in shares of Applied Digital by 427.2% during the 4th quarter. Capital Research Global Investors now owns 7,337,288 shares of the company’s stock worth $49,453,000 after acquiring an additional 5,945,559 shares during the period. Vanguard Group Inc. boosted its holdings in Applied Digital by 70.2% during the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after purchasing an additional 2,547,485 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Applied Digital by 92.1% during the first quarter. Van ECK Associates Corp now owns 2,426,281 shares of the company’s stock valued at $10,384,000 after purchasing an additional 1,163,247 shares in the last quarter. Oasis Management Co Ltd. raised its holdings in shares of Applied Digital by 23.6% in the 4th quarter. Oasis Management Co Ltd. now owns 4,928,129 shares of the company’s stock worth $33,216,000 after buying an additional 940,075 shares in the last quarter. Finally, Hood River Capital Management LLC lifted its position in shares of Applied Digital by 8.7% during the 2nd quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock worth $57,098,000 after buying an additional 771,699 shares during the period. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.