Lake Street Capital Raises Applied Digital (NASDAQ:APLD) Price Target to $11.00

by · The Markets Daily

Applied Digital (NASDAQ:APLD – Free Report) had its target price upped by Lake Street Capital from $7.00 to $11.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research firms have also recently commented on APLD. Craig Hallum increased their price target on Applied Digital from $10.00 to $12.00 and gave the company a buy rating in a report on Thursday. Roth Mkm reaffirmed a buy rating and issued a $10.00 target price on shares of Applied Digital in a research note on Thursday. B. Riley boosted their price target on shares of Applied Digital from $8.00 to $9.00 and gave the company a buy rating in a research report on Friday, September 13th. HC Wainwright reissued a buy rating and issued a $5.00 price objective on shares of Applied Digital in a report on Thursday, August 29th. Finally, Needham & Company LLC reaffirmed a buy rating and set a $11.00 target price on shares of Applied Digital in a research note on Thursday. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of Buy and a consensus price target of $9.67.

Check Out Our Latest Stock Analysis on APLD

Applied Digital Trading Up 5.7 %

Shares of APLD opened at $7.28 on Thursday. Applied Digital has a 52-week low of $2.36 and a 52-week high of $8.78. The stock has a market cap of $1.56 billion, a PE ratio of -6.22 and a beta of 4.56. The firm’s fifty day moving average is $5.54 and its two-hundred day moving average is $4.79. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14.

Applied Digital (NASDAQ:APLD – Get Free Report) last posted its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. The firm had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 107.05%. Applied Digital’s quarterly revenue was up 67.2% on a year-over-year basis. During the same period in the previous year, the business posted ($0.10) earnings per share. Research analysts forecast that Applied Digital will post -1.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $5.50, for a total value of $55,000.00. Following the transaction, the director now owns 218,506 shares of the company’s stock, valued at $1,201,783. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 20.50% of the company’s stock.

Institutional Trading of Applied Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in APLD. Price T Rowe Associates Inc. MD grew its stake in shares of Applied Digital by 15.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock valued at $103,000 after buying an additional 3,182 shares in the last quarter. ICA Group Wealth Management LLC boosted its holdings in Applied Digital by 56.8% during the 2nd quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock valued at $112,000 after acquiring an additional 6,795 shares during the period. Headlands Technologies LLC grew its position in Applied Digital by 381.8% in the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after acquiring an additional 6,933 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Applied Digital by 25.0% during the second quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company’s stock worth $224,000 after purchasing an additional 7,517 shares during the period. Finally, ARS Investment Partners LLC acquired a new stake in shares of Applied Digital during the second quarter worth about $60,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Company Profile

(Get Free Report)

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.

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