Applied Digital (NASDAQ:APLD) PT Lowered to $11.00

Applied Digital (NASDAQ:APLD) had its price target reduced by Needham & Company LLC from $13.00 to $11.00 in a research note released on Friday, Benzinga reports. They currently have a buy rating on the stock.

Separately, B. Riley reduced their target price on Applied Digital from $10.00 to $8.00 and set a buy rating for the company in a research report on Friday, April 5th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Digital currently has a consensus rating of Buy and an average price target of $9.20.

Applied Digital Price Performance

Shares of NASDAQ APLD opened at $2.52 on Friday. The stock has a market cap of $306.94 million, a PE ratio of -3.18 and a beta of 4.12. Applied Digital has a fifty-two week low of $2.49 and a fifty-two week high of $11.62. 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 stock has a fifty day moving average of $4.17 and a 200-day moving average of $5.09.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Tuesday, January 16th. The company reported ($0.10) earnings per share for the quarter. The company had revenue of $42.20 million during the quarter, compared to analysts’ expectations of $54.78 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 -0.48 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Virginia Moore sold 30,000 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $4.74, for a total transaction of $142,200.00. Following the completion of the transaction, the director now directly owns 148,630 shares in the company, valued at $704,506.20. The transaction was disclosed in a document filed with the SEC, which is available through this link. 23.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Applied Digital

Hedge funds and other institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC boosted its holdings in shares of Applied Digital by 380.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,017 shares of the company’s stock worth $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 about $68,000. Capstone Investment Advisors LLC bought a new stake in shares of Applied Digital in the 4th quarter valued at about $78,000. ICA Group Wealth Management LLC bought a new stake in shares of Applied Digital in the 4th quarter valued at about $81,000. Finally, International Assets Investment Management LLC bought a new stake in shares of Applied Digital in the 3rd quarter valued at about $74,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

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.