Roth Mkm Boosts Applied Digital (NASDAQ:APLD) Price Target to $11.00

Applied Digital (NASDAQ:APLD) had its price target raised by equities research analysts at Roth Mkm from $8.00 to $11.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. Roth Mkm’s target price suggests a potential upside of 80.62% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Lake Street Capital lowered their price objective on shares of Applied Digital from $19.00 to $7.00 and set a “buy” rating on the stock in a research note on Friday, April 12th. HC Wainwright restated a “buy” rating and set a $5.00 target price on shares of Applied Digital in a research note on Wednesday, June 12th. Needham & Company LLC restated a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research note on Friday, June 14th. Finally, B. Riley decreased their target price on shares of Applied Digital from $8.00 to $6.00 and set a “buy” rating on the stock in a research note on Monday, May 6th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital currently has an average rating of “Buy” and a consensus target price of $8.00.

Applied Digital Stock Performance

Shares of NASDAQ APLD traded up $0.57 during trading on Monday, reaching $6.09. 3,653,590 shares of the company traded hands, compared to its average volume of 3,965,534. The firm has a 50 day simple moving average of $3.83 and a 200-day simple moving average of $4.71. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.90. The stock has a market capitalization of $835.61 million, a PE ratio of -7.71 and a beta of 4.38. Applied Digital has a 52-week low of $2.36 and a 52-week high of $11.07.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Thursday, April 11th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.40). The company had revenue of $43.35 million for the quarter, compared to analysts’ expectations of $50.36 million. Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. Equities research analysts anticipate that Applied Digital will post -1.03 earnings per share for the current year.

Institutional Investors Weigh In On Applied Digital

Institutional investors and hedge funds have recently modified their holdings of the stock. Oasis Management Co Ltd. raised its position in shares of 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 last quarter. Versor Investments LP purchased a new position in shares of Applied Digital in the fourth quarter valued at $121,000. Russell Investments Group Ltd. grew its holdings in shares of Applied Digital by 154.0% in the fourth quarter. Russell Investments Group Ltd. now owns 265,929 shares of the company’s stock valued at $1,792,000 after purchasing an additional 161,250 shares in the last quarter. Swiss National Bank purchased a new position in shares of Applied Digital in the third quarter valued at $856,000. Finally, Jump Financial LLC purchased a new position in shares of Applied Digital in the fourth quarter valued at $107,000. 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.