Applied Digital (NASDAQ:APLD) Receives Buy Rating from Roth Mkm

Roth Mkm reaffirmed their buy rating on shares of Applied Digital (NASDAQ:APLD) in a report issued on Wednesday, Benzinga reports. Roth Mkm currently has a $11.00 price target on the stock.

A number of other equities research analysts have also recently commented on APLD. Needham & Company LLC reissued a buy rating and issued a $11.00 target price on shares of Applied Digital in a research note on Friday, June 14th. HC Wainwright reissued a buy rating and set a $5.00 price objective on shares of Applied Digital in a research report on Wednesday, June 12th. B. Riley lifted their target price on shares of Applied Digital from $6.00 to $8.00 and gave the stock a buy rating in a report on Friday, June 28th. Finally, Lake Street Capital cut their price target on shares of Applied Digital from $19.00 to $7.00 and set a buy rating on the stock in a report on Friday, April 12th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of Buy and an average price target of $8.40.

Applied Digital Price Performance

Shares of APLD opened at $6.20 on Wednesday. Applied Digital has a fifty-two week low of $2.36 and a fifty-two week high of $11.07. The firm’s 50-day simple moving average is $4.89 and its two-hundred day simple moving average is $4.71. The stock has a market cap of $850.70 million, a PE ratio of -7.85 and a beta of 4.56. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.30 and a current ratio of 0.30.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Thursday, April 11th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.40). The company had revenue of $43.35 million during the quarter, compared to analysts’ expectations of $50.36 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 -1.03 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Capital Research Global Investors grew its holdings in shares of Applied Digital by 427.2% in the fourth 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. Equitec Proprietary Markets LLC grew its stake in shares of Applied Digital by 415.4% during the 4th quarter. Equitec Proprietary Markets LLC now owns 4,168,657 shares of the company’s stock valued at $28,097,000 after purchasing an additional 3,359,845 shares during the period. Vanguard Group Inc. increased its position in shares of Applied Digital by 70.2% during the 1st 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 during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Applied Digital by 92.1% in the first quarter. Van ECK Associates Corp now owns 2,426,281 shares of the company’s stock worth $10,384,000 after buying an additional 1,163,247 shares during the last quarter. Finally, Oasis Management Co Ltd. grew its position in Applied Digital by 23.6% during the fourth quarter. Oasis Management Co Ltd. now owns 4,928,129 shares of the company’s stock valued at $33,216,000 after buying an additional 940,075 shares during the period. 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.