Applied Digital (NASDAQ:APLD) Given New $15.00 Price Target at B. Riley

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

Several other equities research analysts have also commented on the company. Citizens Jmp upgraded Applied Digital to a "strong-buy" rating and set a $12.00 target price on the stock in a research report on Thursday, May 22nd. Northland Securities upped their target price on Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a research report on Tuesday, February 4th. Craig Hallum upped their target price on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Tuesday. JMP Securities upped their target price on Applied Digital from $12.00 to $18.00 and gave the company a "market outperform" rating in a research report on Tuesday. Finally, HC Wainwright upped their target price on Applied Digital from $7.00 to $12.00 and gave the company a "buy" rating in a research report on Tuesday. Twelve investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $12.45.

Applied Digital Price Performance

Shares of Applied Digital stock traded up $1.09 during trading on Wednesday, reaching $13.86. 181,187,941 shares of the company's stock were exchanged, compared to its average volume of 38,268,891. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. Applied Digital has a 1-year low of $3.01 and a 1-year high of $15.42. The company has a market cap of $3.11 billion, a P/E ratio of -8.01 and a beta of 6.09. The firm's 50-day moving average price is $6.15 and its 200 day moving average price is $7.54.

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

Insider Activity

In other news, Director Rachel H. Lee sold 24,212 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total value of $169,484.00. Following the transaction, the director now owns 83,613 shares in the company, valued at $585,291. This trade represents a 22.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 11.81% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of APLD. PNC Financial Services Group Inc. bought a new position in shares of Applied Digital in the first quarter valued at approximately $28,000. Wilmington Savings Fund Society FSB increased its position in shares of 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 last quarter. US Bancorp DE purchased a new stake in shares of Applied Digital during the fourth quarter valued at approximately $37,000. Geneos Wealth Management Inc. increased its position in shares of Applied Digital by 113.3% during the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock valued at $37,000 after acquiring an additional 3,542 shares during the last quarter. Finally, Jones Financial Companies Lllp purchased a new stake in shares of Applied Digital during the fourth quarter valued at approximately $39,000. 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.