Applied Digital's (APLD) "Buy" Rating Reiterated at Roth Mkm

Applied Digital (NASDAQ:APLD - Get Free Report)'s stock had its "buy" rating restated by equities research analysts at Roth Mkm in a report released on Thursday, Benzinga reports. They presently have a $10.00 price objective on the stock. Roth Mkm's target price indicates a potential upside of 86.22% from the stock's current price.

Several other research firms have also commented on APLD. Needham & Company LLC reissued a "buy" rating and issued a $11.00 target price on shares of Applied Digital in a report on Thursday, August 29th. B. Riley increased their price objective on Applied Digital from $6.00 to $8.00 and gave the company a "buy" rating in a report on Friday, June 28th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $5.00 price target on shares of Applied Digital in a report on Thursday, August 29th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital presently has an average rating of "Buy" and an average price target of $8.20.

Applied Digital Stock Up 65.7 %

APLD traded up $2.13 on Thursday, hitting $5.37. 149,675,185 shares of the company were exchanged, compared to its average volume of 5,289,418. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.90. The company has a market cap of $736.81 million, a price-to-earnings ratio of -6.66 and a beta of 4.51. The firm has a 50-day moving average price of $4.91 and a two-hundred day moving average price of $4.32. Applied Digital has a twelve month low of $2.36 and a twelve month high of $8.65.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings data on Wednesday, August 28th. The company reported ($0.52) EPS for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.29). Applied Digital had a negative return on equity of 109.89% and a negative net margin of 88.95%. The company had revenue of $43.70 million for the quarter, compared to analyst estimates of $42.70 million. During the same period in the prior year, the firm posted ($0.07) earnings per share. On average, equities analysts predict that Applied Digital will post -1.02 earnings per share for the current year.

Institutional Investors Weigh In On Applied Digital

Several hedge funds have recently made changes to their positions in APLD. Headlands Technologies LLC lifted its position in Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company's stock worth $52,000 after acquiring an additional 6,933 shares during the period. ARS Investment Partners LLC purchased a new position in Applied Digital during the 2nd quarter worth $60,000. Capstone Investment Advisors LLC purchased a new stake in shares of Applied Digital in the fourth quarter valued at about $78,000. Principal Financial Group Inc. purchased a new stake in shares of Applied Digital in the first quarter valued at about $50,000. Finally, ICA Group Wealth Management LLC acquired a new position in shares of Applied Digital during the fourth quarter worth about $81,000. 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.