B. Riley Boosts Applied Digital (NASDAQ:APLD) Price Target to $15.00

Applied Digital (NASDAQ:APLD - Free Report) had its price target increased by B. Riley from $8.00 to $15.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts also recently weighed in on APLD. Cantor Fitzgerald dropped their price target on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 15th. HC Wainwright upped their price target on shares of Applied Digital from $7.00 to $12.00 and gave the stock a "buy" rating in a research note on Tuesday. Northland Securities upped their price target on shares of Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 4th. Needham & Company LLC reiterated a "buy" rating and issued a $10.00 price objective on shares of Applied Digital in a report on Monday. Finally, Citizens Jmp upgraded shares of Applied Digital to a "strong-buy" rating and set a $12.00 price objective for the company in a report on Thursday, May 22nd. Ten research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $12.45.

Applied Digital Stock Down 3.6%

Shares of NASDAQ APLD traded down $0.48 during mid-day trading on Wednesday, reaching $12.77. The company had a trading volume of 193,585,256 shares, compared to its average volume of 36,886,391. Applied Digital has a twelve month low of $3.01 and a twelve month high of $14.49. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The stock has a market capitalization of $2.87 billion, a PE ratio of -7.38 and a beta of 6.09. The stock's 50 day moving average is $5.85 and its 200-day moving average is $7.48.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings results on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.05). Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The company had revenue of $52.92 million during the quarter, compared to analyst estimates of $62.91 million. During the same period last year, the company posted ($0.24) earnings per share. As a group, equities analysts anticipate that Applied Digital will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the company's stock in a transaction dated 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 sale, the director now directly owns 83,613 shares in the company, valued at $585,291. This represents a 22.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 11.81% of the company's stock.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds have recently bought and sold shares of APLD. Barclays PLC boosted its holdings in Applied Digital by 736.8% during the third quarter. Barclays PLC now owns 486,577 shares of the company's stock valued at $4,014,000 after acquiring an additional 428,428 shares during the period. KBC Group NV bought a new stake in Applied Digital during the fourth quarter valued at about $55,000. Spire Wealth Management bought a new stake in Applied Digital during the fourth quarter valued at about $43,000. Calamos Advisors LLC bought a new stake in Applied Digital during the fourth quarter valued at about $1,273,000. Finally, Wilmington Savings Fund Society FSB boosted its holdings in Applied Digital by 100.0% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock valued at $31,000 after acquiring an additional 2,000 shares during the period. 65.67% of the stock is currently owned by institutional investors.

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.