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

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

APLD has been the topic of a number of other research reports. HC Wainwright reissued a buy rating and issued a $5.00 target price on shares of Applied Digital in a report on Thursday, August 29th. Roth Mkm reiterated a buy rating and set a $10.00 price target on shares of Applied Digital in a research report on Thursday, September 5th. Finally, Needham & Company LLC reiterated a buy rating and issued a $11.00 price objective on shares of Applied Digital in a report on Monday, September 9th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital has a consensus rating of Buy and a consensus price target of $8.40.

Applied Digital Price Performance

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

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

Insider Activity

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the completion of the sale, the director now directly owns 218,506 shares in the company, valued at approximately $1,201,783. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 20.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. acquired a new position in shares of Applied Digital in the first quarter worth $50,000. Headlands Technologies LLC raised its stake in shares of Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after purchasing an additional 6,933 shares in the last quarter. ARS Investment Partners LLC acquired a new stake in shares of Applied Digital during the 2nd quarter valued at about $60,000. Capstone Investment Advisors LLC bought a new stake in shares of Applied Digital in the 4th quarter valued at approximately $78,000. Finally, ICA Group Wealth Management LLC acquired a new position in Applied Digital in the fourth quarter worth approximately $81,000. 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.