Applied Digital (NASDAQ:APLD) Given New $7.00 Price Target at Cantor Fitzgerald

Applied Digital (NASDAQ:APLD) had its target price lowered by equities research analysts at Cantor Fitzgerald from $14.00 to $7.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price target suggests a potential upside of 83.25% from the company’s current price.

Several other research firms have also weighed in on APLD. Compass Point started coverage on Applied Digital in a research report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price objective for the company. HC Wainwright lowered their target price on Applied Digital from $12.00 to $7.00 and set a “buy” rating for the company in a report on Tuesday. Northland Securities increased their price target on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a report on Tuesday, February 4th. Finally, Needham & Company LLC lowered their price objective on shares of Applied Digital from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Tuesday. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $10.67.

Applied Digital Trading Down 28.9 %

NASDAQ:APLD traded down $1.55 on Tuesday, reaching $3.82. 30,981,181 shares of the stock traded hands, compared to its average volume of 26,152,377. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. Applied Digital has a 1-year low of $2.36 and a 1-year high of $12.48. The company’s 50 day moving average is $7.10 and its 200-day moving average is $7.90. The firm has a market capitalization of $851.49 million, a price-to-earnings ratio of -2.21 and a beta of 5.18.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.05). The firm had revenue of $52.92 million for the quarter, compared to analyst estimates of $62.91 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. During the same quarter last year, the company earned ($0.24) earnings per share. Equities research analysts anticipate that Applied Digital will post -0.96 EPS for the current fiscal year.

Insider Activity at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the firm’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $8.85, for a total value of $177,000.00. Following the transaction, the director now directly owns 342,923 shares of the company’s stock, valued at approximately $3,034,868.55. This trade represents a 5.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 11.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Millington Financial Advisors LLC bought a new stake in Applied Digital during the 1st quarter worth approximately $92,000. SeaCrest Wealth Management LLC grew its holdings in Applied Digital by 5.4% during the first quarter. SeaCrest Wealth Management LLC now owns 80,847 shares of the company’s stock worth $454,000 after buying an additional 4,107 shares in the last quarter. Lbmc Investment Advisors LLC purchased a new stake in Applied Digital in the 1st quarter valued at $67,000. Fiduciary Alliance LLC bought a new position in Applied Digital during the 1st quarter valued at $267,000. Finally, Rhumbline Advisers boosted its holdings in Applied Digital by 7.8% during the 1st quarter. Rhumbline Advisers now owns 279,191 shares of the company’s stock worth $1,569,000 after acquiring an additional 20,299 shares during the last quarter. Institutional investors and hedge funds 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.