B. Riley Cuts Applied Digital (NASDAQ:APLD) Price Target to $6.00

Applied Digital (NASDAQ:APLD) had its target price reduced by B. Riley from $8.00 to $6.00 in a research report sent to investors on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also issued reports on the company. Needham & Company LLC dropped their target price on Applied Digital from $13.00 to $11.00 and set a buy rating for the company in a research report on Friday, April 12th. Lake Street Capital dropped their price objective on Applied Digital from $19.00 to $7.00 and set a buy rating for the company in a report on Friday, April 12th. Finally, Roth Mkm cut their price objective on Applied Digital from $13.00 to $8.00 and set a buy rating on the stock in a research report on Friday, April 12th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital has a consensus rating of Buy and a consensus price target of $8.80.

Applied Digital Stock Performance

NASDAQ:APLD opened at $3.30 on Monday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.30 and a current ratio of 0.30. The stock’s fifty day moving average is $3.56 and its 200 day moving average is $4.80. The firm has a market capitalization of $404.98 million, a PE ratio of -4.18 and a beta of 4.29. Applied Digital has a fifty-two week low of $2.36 and a fifty-two week high of $11.62.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Thursday, April 11th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.40). Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. The firm had revenue of $43.35 million during the quarter, compared to analysts’ expectations of $50.36 million. On average, sell-side analysts anticipate that Applied Digital will post -0.86 earnings per share for the current year.

Insider Activity

In related news, Director Virginia Moore sold 30,000 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $4.74, for a total value of $142,200.00. Following the transaction, the director now owns 148,630 shares of the company’s stock, valued at $704,506.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 23.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in APLD. Principal Financial Group Inc. acquired a new stake in Applied Digital in the first quarter valued at approximately $50,000. Tower Research Capital LLC TRC boosted its holdings in Applied Digital by 380.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,017 shares of the company’s stock valued at $54,000 after purchasing an additional 6,347 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in Applied Digital during the 3rd quarter worth about $68,000. Capstone Investment Advisors LLC purchased a new position in shares of Applied Digital during the 4th quarter valued at about $78,000. Finally, ICA Group Wealth Management LLC purchased a new stake in shares of Applied Digital in the fourth quarter worth about $81,000. 65.67% of the stock is currently owned by institutional investors.

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.