Applied Digital (NASDAQ:APLD) Given New $12.00 Price Target at Craig Hallum

Applied Digital (NASDAQ:APLD) had its price target upped by Craig Hallum from $10.00 to $12.00 in a research note released on Thursday morning, Benzinga reports. Craig Hallum currently has a buy rating on the stock.

A number of other brokerages also recently weighed in on APLD. Roth Mkm reissued a buy rating and issued a $10.00 price objective on shares of Applied Digital in a research note on Thursday, September 5th. B. Riley raised their price objective on Applied Digital from $8.00 to $9.00 and gave the company a buy rating in a research note on Friday, September 13th. HC Wainwright reaffirmed a buy rating and issued a $5.00 target price on shares of Applied Digital in a report on Thursday, August 29th. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $11.00 target price on shares of Applied Digital in a report on Thursday. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of Buy and an average target price of $9.67.

Applied Digital Stock Up 5.7 %

APLD opened at $7.28 on Thursday. Applied Digital has a fifty-two week low of $2.36 and a fifty-two week high of $8.78. The business has a 50-day moving average of $5.54 and a 200-day moving average of $4.79. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.08 and a quick ratio of 0.08. The company has a market capitalization of $998.88 million, a PE ratio of -9.22 and a beta of 4.56.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. The business had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. During the same period last year, the business earned ($0.10) EPS. The firm’s revenue was up 67.2% compared to the same quarter last year. Equities research analysts forecast that Applied Digital will post -1.12 EPS for the current fiscal year.

Insider Transactions at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the sale, the director now owns 218,506 shares of the company’s stock, valued at approximately $1,201,783. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 20.50% of the stock is owned by insiders.

Institutional Trading of Applied Digital

Several institutional investors have recently modified their holdings of APLD. Vanguard Group Inc. boosted its stake in Applied Digital by 70.2% in the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after buying an additional 2,547,485 shares in the last quarter. Van ECK Associates Corp boosted its stake in Applied Digital by 92.1% in the 1st quarter. Van ECK Associates Corp now owns 2,426,281 shares of the company’s stock valued at $10,384,000 after buying an additional 1,163,247 shares in the last quarter. Hood River Capital Management LLC boosted its stake in Applied Digital by 8.7% in the 2nd quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after buying an additional 771,699 shares in the last quarter. Alight Capital Management LP acquired a new stake in Applied Digital in the 2nd quarter valued at $3,570,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Applied Digital by 69.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,311,594 shares of the company’s stock valued at $5,614,000 after buying an additional 536,948 shares in the last quarter. Institutional investors and hedge funds 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.