Applied Digital (NASDAQ:APLD) Stock Price Up 8.3% After Analyst Upgrade

Applied Digital Co. (NASDAQ:APLD) shares rose 8.3% on Monday after Roth Mkm raised their price target on the stock from $8.00 to $11.00. Roth Mkm currently has a buy rating on the stock. Applied Digital traded as high as $6.00 and last traded at $5.98. Approximately 1,119,308 shares traded hands during trading, a decline of 72% from the average daily volume of 3,948,566 shares. The stock had previously closed at $5.52.

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

Institutional Investors Weigh In On Applied Digital

Hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System increased its stake in Applied Digital by 14.1% in the 1st quarter. California State Teachers Retirement System now owns 91,086 shares of the company’s stock worth $390,000 after buying an additional 11,288 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Applied Digital by 15.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock valued at $103,000 after buying an additional 3,182 shares in the last quarter. Hood River Capital Management LLC boosted its holdings in shares of Applied Digital by 2.8% in the 1st quarter. Hood River Capital Management LLC now owns 8,824,532 shares of the company’s stock valued at $37,769,000 after buying an additional 240,177 shares in the last quarter. JT Stratford LLC boosted its stake in Applied Digital by 157.5% in the 1st quarter. JT Stratford LLC now owns 308,626 shares of the company’s stock worth $1,321,000 after purchasing an additional 188,779 shares in the last quarter. Finally, Vident Advisory LLC boosted its stake in Applied Digital by 26.7% in the 1st quarter. Vident Advisory LLC now owns 750,005 shares of the company’s stock worth $3,210,000 after purchasing an additional 157,819 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Stock Up 10.1 %

The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.30 and a current ratio of 0.30. The company has a market capitalization of $834.24 million, a price-to-earnings ratio of -7.70 and a beta of 4.38. The business’s 50 day moving average is $3.90 and its 200 day moving average is $4.71.

Applied Digital (NASDAQ:APLD) last posted its 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 firm 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%. Sell-side analysts anticipate that Applied Digital Co. will post -1.03 earnings per share for the current year.

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.