Applied Digital (NASDAQ:APLD) Price Target Cut to $7.00 by Analysts at HC Wainwright

Applied Digital (NASDAQ:APLD) had its target price decreased by HC Wainwright from $12.00 to $7.00 in a research report report published on Tuesday morning, MarketBeat.com reports. HC Wainwright currently has a buy rating on the stock.

Other research analysts have also issued reports about the stock. Compass Point started coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price target on the stock. Cantor Fitzgerald decreased their target price on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Needham & Company LLC dropped their price target on Applied Digital from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, Northland Securities increased their price objective on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday, February 4th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $10.67.

Applied Digital Stock Performance

Shares of APLD stock opened at $3.44 on Tuesday. 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 12-month low of $2.36 and a 12-month high of $12.48. The business’s 50 day moving average is $7.01 and its two-hundred day moving average is $7.87. The company has a market capitalization of $766.79 million, a P/E ratio of -1.99 and a beta of 5.18.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Monday, April 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.05). The company had revenue of $52.92 million during the quarter, compared to analyst estimates of $62.91 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. During the same period in the prior year, the business posted ($0.24) EPS. Analysts expect that Applied Digital will post -0.96 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Richard N. Nottenburg sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $177,000.00. Following the completion of the sale, the director now owns 342,923 shares in the company, valued at $3,034,868.55. This trade represents a 5.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in APLD. Wilmington Savings Fund Society FSB grew its holdings in shares of Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after purchasing an additional 2,000 shares during the period. R Squared Ltd acquired a new position in Applied Digital in the fourth quarter valued at about $36,000. US Bancorp DE purchased a new position in Applied Digital during the fourth quarter worth about $37,000. Jones Financial Companies Lllp acquired a new stake in shares of Applied Digital during the fourth quarter valued at about $39,000. Finally, Spire Wealth Management purchased a new stake in shares of Applied Digital in the 4th quarter valued at approximately $43,000. Hedge funds and other institutional investors 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.