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

Applied Digital (NASDAQ:APLD) had its price objective boosted by B. Riley from $8.00 to $9.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley’s price objective suggests a potential upside of 47.78% from the company’s current price.

Several other equities research analysts also recently weighed in on the company. HC Wainwright reaffirmed a “buy” rating and set a $5.00 price target on shares of Applied Digital in a research report on Thursday, August 29th. Roth Mkm reaffirmed a “buy” rating and set a $10.00 target price on shares of Applied Digital in a report on Thursday, September 5th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a report on Monday, September 9th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital has an average rating of “Buy” and an average target price of $8.40.

Applied Digital Trading Up 1.2 %

Applied Digital stock opened at $6.09 on Friday. The stock has a 50-day moving average price of $4.81 and a 200 day moving average price of $4.39. The company has a market capitalization of $835.60 million, a price-to-earnings ratio of -7.71 and a beta of 4.51. Applied Digital has a 52 week low of $2.36 and a 52 week high of $8.65. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, August 28th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.29). The business had revenue of $43.70 million for the quarter, compared to analyst estimates of $42.70 million. Applied Digital had a negative net margin of 88.95% and a negative return on equity of 111.80%. During the same quarter in the previous year, the firm posted ($0.07) earnings per share. Sell-side analysts anticipate that Applied Digital will post -1.02 EPS for the current year.

Insider Activity at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $5.50, for a total value of $55,000.00. Following the completion of the transaction, the director now owns 218,506 shares of the company’s stock, valued at approximately $1,201,783. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 20.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hood River Capital Management LLC grew its position in shares of Applied Digital by 8.7% in the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after purchasing an additional 771,699 shares during the period. Capital Research Global Investors boosted its holdings in Applied Digital by 427.2% in the 4th quarter. Capital Research Global Investors now owns 7,337,288 shares of the company’s stock worth $49,453,000 after buying an additional 5,945,559 shares during the last quarter. Vanguard Group Inc. increased its stake in Applied Digital by 70.2% during the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock worth $26,434,000 after buying an additional 2,547,485 shares in the last quarter. Oasis Management Co Ltd. raised its holdings 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 acquiring an additional 940,075 shares during the last quarter. Finally, Equitec Proprietary Markets LLC lifted its position in shares of Applied Digital by 1.4% in the first quarter. Equitec Proprietary Markets LLC now owns 4,228,125 shares of the company’s stock valued at $18,096,000 after acquiring an additional 59,468 shares in the last quarter. 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.