Applied Digital (NASDAQ:APLD) PT Lowered to $7.00 at Lake Street Capital

Applied Digital (NASDAQ:APLD) had its price target decreased by Lake Street Capital from $19.00 to $7.00 in a report released on Friday morning, Benzinga reports. Lake Street Capital currently has a buy rating on the stock.

A number of other equities research analysts have also issued reports on APLD. Roth Mkm lowered their target price on Applied Digital from $13.00 to $8.00 and set a buy rating for the company in a research note on Friday. B. Riley lowered their target price on Applied Digital from $10.00 to $8.00 and set a buy rating for the company in a research note on Friday, April 5th. Finally, Needham & Company LLC lowered their target price on Applied Digital from $13.00 to $11.00 and set a buy rating for the company in a research note on Friday. 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 target price of $9.20.

Applied Digital Stock Performance

Applied Digital stock opened at $2.52 on Friday. The stock’s 50-day moving average is $4.17 and its 200-day moving average is $5.09. The company has a market cap of $306.94 million, a price-to-earnings ratio of -3.18 and a beta of 4.12. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.30 and a quick ratio of 0.30. Applied Digital has a 12 month low of $2.49 and a 12 month high of $11.62.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Tuesday, January 16th. The company reported ($0.10) EPS for the quarter. Applied Digital had a negative return on equity of 75.46% and a negative net margin of 61.84%. The firm had revenue of $42.20 million during the quarter, compared to analysts’ expectations of $54.78 million. Equities analysts anticipate that Applied Digital will post -0.48 earnings per share for the current year.

Insider Transactions at Applied Digital

In related news, Director Virginia Moore sold 30,000 shares of the firm’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 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 the SEC website. Insiders own 23.70% of the company’s stock.

Institutional Trading of Applied Digital

Several hedge funds have recently added to or reduced their stakes in APLD. Tower Research Capital LLC TRC raised its stake in shares of Applied Digital by 380.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,017 shares of the company’s stock worth $54,000 after buying an additional 6,347 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Applied Digital in the 3rd quarter worth $68,000. International Assets Investment Management LLC bought a new stake in shares of Applied Digital in the 3rd quarter worth $74,000. Capstone Investment Advisors LLC bought a new stake in shares of Applied Digital in the 4th quarter worth $78,000. Finally, ICA Group Wealth Management LLC acquired a new position in shares of Applied Digital in the 4th quarter worth $81,000. Institutional investors own 65.67% of the company’s stock.

Applied Digital Company Profile

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.