Cantor Fitzgerald Has Lowered Expectations for Applied Digital (NASDAQ:APLD) Stock Price

Applied Digital (NASDAQ:APLD) had its price objective decreased by Cantor Fitzgerald from $14.00 to $7.00 in a research report report published on Tuesday,Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the stock.

APLD has been the subject of a number of other reports. Compass Point started coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They set a “buy” rating and a $10.00 price objective for the company. Needham & Company LLC reduced their target price on shares of Applied Digital from $11.00 to $10.00 and set a “buy” rating for the company in a report on Tuesday. Northland Securities increased their price target on shares of Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, February 4th. Finally, HC Wainwright cut their price objective on shares of Applied Digital from $12.00 to $7.00 and set a “buy” rating for the company in a research report on Tuesday. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $10.67.

Applied Digital Stock Performance

NASDAQ APLD opened at $3.94 on Tuesday. The firm’s fifty day moving average price is $6.86 and its two-hundred day moving average price is $7.81. Applied Digital has a 1 year low of $2.36 and a 1 year high of $12.48. The firm has a market capitalization of $878.24 million, a P/E ratio of -2.28 and a beta of 5.18. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22.

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

Institutional Investors Weigh In On Applied Digital

A number of large investors have recently modified their holdings of the business. Wilmington Savings Fund Society FSB boosted its stake in Applied Digital by 100.0% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after buying an additional 2,000 shares in the last quarter. R Squared Ltd acquired a new stake in shares of Applied Digital in the 4th quarter valued at approximately $36,000. US Bancorp DE bought a new stake in shares of Applied Digital during the 4th quarter valued at approximately $37,000. Jones Financial Companies Lllp acquired a new position in Applied Digital during the 4th quarter worth approximately $39,000. Finally, Spire Wealth Management bought a new position in Applied Digital in the 4th quarter valued at approximately $43,000. Institutional investors and hedge funds 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.