Applied Digital (NASDAQ:APLD) Price Target Raised to $18.00

Key Points

• Lake Street Capital has raised its price target for Applied Digital (NASDAQ:APLD) from $14.00 to $18.00, indicating a potential upside of 36.99% based on current stock prices.
• A total of twelve investment analysts have rated APLD with a buy rating, and the stock currently holds an average target price of $14.18.
• Applied Digital reported a revenue of $38.01 million for the last quarter, reflecting a 41.3% year-over-year increase, but missed the consensus estimate of $42.86 million.

Applied Digital (NASDAQ:APLD - Free Report) had its price target raised by Lake Street Capital from $14.00 to $18.00 in a research note released on Thursday,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also recently weighed in on APLD. Craig Hallum lifted their price target on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Needham & Company LLC lifted their price target on Applied Digital from $12.00 to $16.00 and gave the company a "buy" rating in a report on Thursday. Compass Point raised Applied Digital from a "neutral" rating to a "buy" rating and set a $13.00 price target on the stock in a report on Friday, July 25th. Roth Capital reaffirmed a "buy" rating on shares of Applied Digital in a report on Monday, June 2nd. Finally, Citigroup reiterated an "outperform" rating on shares of Applied Digital in a research note on Tuesday, June 3rd. Twelve research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Applied Digital currently has an average rating of "Buy" and a consensus target price of $14.18.

Applied Digital Stock Down 4.7%

NASDAQ APLD traded down $0.62 during trading hours on Thursday, hitting $12.52. The company had a trading volume of 50,310,350 shares, compared to its average volume of 38,656,363. Applied Digital has a fifty-two week low of $3.01 and a fifty-two week high of $15.42. The company has a market capitalization of $2.82 billion, a price-to-earnings ratio of -11.49 and a beta of 6.04. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.70 and a quick ratio of 0.70. The firm's 50 day moving average is $10.39 and its 200 day moving average is $7.98.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported ($0.12) EPS for the quarter, hitting the consensus estimate of ($0.12). Applied Digital had a negative net margin of 107.22% and a negative return on equity of 54.03%. The business had revenue of $38.01 million for the quarter, compared to analysts' expectations of $42.86 million. During the same quarter last year, the company posted ($0.14) earnings per share. The company's quarterly revenue was up 41.3% compared to the same quarter last year. Sell-side analysts anticipate that Applied Digital will post -0.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the business's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total transaction of $169,484.00. Following the completion of the transaction, the director owned 83,613 shares of the company's stock, valued at $585,291. The trade was a 22.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 11.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Teacher Retirement System of Texas bought a new position in shares of Applied Digital during the 1st quarter worth about $139,000. Exchange Traded Concepts LLC increased its holdings in shares of Applied Digital by 4.0% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,042,035 shares of the company's stock worth $5,856,000 after purchasing an additional 39,945 shares during the period. Register Financial Advisors LLC increased its holdings in shares of Applied Digital by 26.2% during the 1st quarter. Register Financial Advisors LLC now owns 254,200 shares of the company's stock worth $1,429,000 after purchasing an additional 52,700 shares during the period. Wells Fargo & Company MN increased its stake in Applied Digital by 96.6% in the fourth quarter. Wells Fargo & Company MN now owns 119,963 shares of the company's stock valued at $917,000 after acquiring an additional 58,943 shares during the period. Finally, Vanguard Group Inc. increased its stake in Applied Digital by 39.1% in the fourth quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock valued at $97,487,000 after acquiring an additional 3,587,619 shares during the period. 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.