Applied Digital (NASDAQ:APLD) Price Target Lowered to $6.00 at B. Riley

Applied Digital (NASDAQ:APLD) had its price target decreased by B. Riley from $8.00 to $6.00 in a research report released on Monday, Benzinga reports. B. Riley currently has a buy rating on the stock.

Several other equities analysts also recently weighed in on APLD. Lake Street Capital lowered 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. Roth Mkm lowered their target price on shares of Applied Digital from $13.00 to $8.00 and set a buy rating on the stock in a research note on Friday, April 12th. Finally, Needham & Company LLC cut their price target on Applied Digital from $13.00 to $11.00 and set a buy rating for the company in a research note on Friday, April 12th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of Buy and an average price target of $8.80.

Applied Digital Stock Performance

Shares of Applied Digital stock opened at $3.28 on Monday. Applied Digital has a 1-year low of $2.36 and a 1-year high of $11.62. The company’s fifty day simple moving average is $3.61 and its 200-day simple moving average is $4.82. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.90.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Thursday, April 11th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.40). Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. The company had revenue of $43.35 million for the quarter, compared to the consensus estimate of $50.36 million. On average, equities analysts anticipate that Applied Digital will post -0.86 earnings per share for the current year.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Virginia Moore sold 30,000 shares of Applied Digital stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $4.74, for a total value of $142,200.00. Following the sale, the director now directly owns 148,630 shares in the company, valued at approximately $704,506.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 23.70% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Several institutional investors have recently added to or reduced their stakes in APLD. Tower Research Capital LLC TRC grew its holdings in shares of Applied Digital by 380.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,017 shares of the company’s stock valued at $54,000 after purchasing an additional 6,347 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Applied Digital in the 3rd quarter worth $68,000. Capstone Investment Advisors LLC purchased a new position in shares of Applied Digital in the 4th quarter worth $78,000. Principal Financial Group Inc. bought a new stake in shares of Applied Digital in the 1st quarter worth about $50,000. Finally, ICA Group Wealth Management LLC purchased a new stake in shares of Applied Digital during the 4th quarter valued at about $81,000. Hedge funds and other institutional investors 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.