Applied Digital (NASDAQ:APLD) Given New $7.00 Price Target at Cantor Fitzgerald

Applied Digital (NASDAQ:APLD - Free Report) had its price objective reduced by Cantor Fitzgerald from $14.00 to $7.00 in a research report released on Tuesday,Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts have also issued reports about the company. Compass Point initiated coverage on Applied Digital in a research note on Tuesday, January 28th. They issued a "buy" rating and a $10.00 target price for the company. Northland Securities raised their price objective on shares of Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a report on Tuesday, February 4th. Needham & Company LLC dropped their price target on shares of Applied Digital from $11.00 to $10.00 and set a "buy" rating for the company in a research report on Tuesday. Finally, HC Wainwright lowered their price objective on Applied Digital from $12.00 to $7.00 and set a "buy" rating on the stock in a research note on Tuesday. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $10.67.

Applied Digital Stock Performance

APLD traded down $0.14 during midday trading on Tuesday, reaching $3.94. The company's stock had a trading volume of 36,300,379 shares, compared to its average volume of 28,302,324. Applied Digital has a twelve month low of $2.36 and a twelve month high of $12.48. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The stock has a market cap of $885.39 million, a P/E ratio of -2.28 and a beta of 5.18. The company has a fifty day simple moving average of $6.78 and a 200 day simple moving average of $7.78.

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 (EPS) for the quarter, missing the consensus estimate 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 quarter in the prior year, the business earned ($0.24) earnings per share. Research analysts expect that Applied Digital will post -0.96 earnings per share for the current year.

Institutional Investors Weigh In On Applied Digital

Hedge funds have recently added to or reduced their stakes in the stock. FMR LLC raised its stake in shares of Applied Digital by 99.1% during the third quarter. FMR LLC now owns 13,071 shares of the company's stock worth $108,000 after buying an additional 6,507 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Applied Digital in the 3rd quarter valued at approximately $762,000. HighTower Advisors LLC bought a new position in Applied Digital during the 3rd quarter worth approximately $99,000. State Street Corp grew its holdings in Applied Digital by 14.0% during the third quarter. State Street Corp now owns 2,337,267 shares of the company's stock valued at $19,282,000 after purchasing an additional 286,852 shares during the period. Finally, Wellington Management Group LLP increased its stake in Applied Digital by 8.8% in the third quarter. Wellington Management Group LLP now owns 37,411 shares of the company's stock valued at $309,000 after purchasing an additional 3,040 shares in the last quarter. 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.