Applied Digital (NASDAQ:APLD) Price Target Cut to $11.00 by Analysts at Needham & Company LLC

Applied Digital (NASDAQ:APLD) had its price target trimmed by Needham & Company LLC from $13.00 to $11.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

Separately, B. Riley dropped their target price on Applied Digital from $10.00 to $8.00 and set a buy rating on the stock in a report on Friday, April 5th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of Buy and an average target price of $9.20.

Applied Digital Price Performance

Shares of APLD opened at $2.52 on Friday. The company has a market capitalization of $306.94 million, a price-to-earnings ratio of -3.18 and a beta of 4.12. Applied Digital has a fifty-two week low of $2.49 and a fifty-two week high of $11.62. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.30 and a quick ratio of 0.30. The business’s 50-day moving average is $4.17 and its 200-day moving average is $5.09.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Tuesday, January 16th. The company reported ($0.10) earnings per share for the quarter. The business had revenue of $42.20 million during the quarter, compared to analyst estimates of $54.78 million. Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. Equities research analysts expect that Applied Digital will post -0.48 EPS for the current fiscal year.

Insider Activity at Applied Digital

In related news, Director Virginia Moore sold 30,000 shares of the business’s 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 completion of the sale, the director now owns 148,630 shares of the company’s stock, valued at approximately $704,506.20. The sale was disclosed in a document filed with the SEC, which is available at this link. 23.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Several large investors have recently made changes to their positions in APLD. International Assets Investment Management LLC bought a new stake in Applied Digital during the third quarter worth approximately $74,000. Register Financial Advisors LLC boosted its position in Applied Digital by 14,390.0% during the third quarter. Register Financial Advisors LLC now owns 144,900 shares of the company’s stock worth $904,000 after purchasing an additional 143,900 shares during the period. Equitec Proprietary Markets LLC boosted its position in Applied Digital by 234.3% during the third quarter. Equitec Proprietary Markets LLC now owns 808,812 shares of the company’s stock worth $5,047,000 after purchasing an additional 566,898 shares during the period. Exchange Traded Concepts LLC boosted its position in Applied Digital by 73.6% during the third quarter. Exchange Traded Concepts LLC now owns 639,482 shares of the company’s stock worth $3,990,000 after purchasing an additional 271,197 shares during the period. Finally, Cambridge Investment Research Advisors Inc. bought a new stake in Applied Digital during the third quarter worth approximately $68,000. 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.