Applied Digital (OTCMKTS:APLD) PT Raised to $17.00 at B. Riley

Applied Digital (OTCMKTS:APLD – Get Rating) had its price target boosted by investment analysts at B. Riley from $7.00 to $17.00 in a report released on Friday, The Fly reports. B. Riley’s price target suggests a potential upside of 98.37% from the stock’s previous close.

Separately, Needham & Company LLC upped their target price on shares of Applied Digital from $3.70 to $5.50 in a research note on Tuesday, May 16th.

Applied Digital Stock Performance

Shares of Applied Digital stock opened at $8.57 on Friday. The stock has a market cap of $821.94 million, a price-to-earnings ratio of -18.63 and a beta of 4.85. The firm’s 50-day moving average is $3.13 and its 200 day moving average is $2.61. Applied Digital has a 1 year low of $0.85 and a 1 year high of $8.65. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.22 and a quick ratio of 0.22.

Insiders Place Their Bets

In other news, Director Chuck Hastings acquired 10,000 shares of the company’s stock in a transaction on Monday, February 27th. The stock was bought at an average cost of $2.59 per share, with a total value of $25,900.00. Following the completion of the purchase, the director now directly owns 464,500 shares of the company’s stock, valued at $1,203,055. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Wes Cummins bought 25,000 shares of the stock in a transaction dated Wednesday, April 12th. The stock was purchased at an average cost of $3.18 per share, with a total value of $79,500.00. Following the completion of the purchase, the chief executive officer now owns 1,970,686 shares of the company’s stock, valued at $6,266,781.48. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Chuck Hastings bought 10,000 shares of the stock in a transaction dated Monday, February 27th. The shares were bought at an average cost of $2.59 per share, with a total value of $25,900.00. Following the completion of the purchase, the director now directly owns 464,500 shares of the company’s stock, valued at approximately $1,203,055. The disclosure for this purchase can be found here. Insiders bought 60,000 shares of company stock valued at $192,900 over the last three months. 28.90% of the stock is owned by company insiders.

Institutional Trading of Applied Digital

Several institutional investors and hedge funds have recently made changes to their positions in the company. Hood River Capital Management LLC raised its holdings in Applied Digital by 30.0% in the first quarter. Hood River Capital Management LLC now owns 4,671,783 shares of the company’s stock worth $10,465,000 after purchasing an additional 1,078,255 shares in the last quarter. BlackRock Inc. raised its holdings in Applied Digital by 13.7% in the first quarter. BlackRock Inc. now owns 3,262,270 shares of the company’s stock worth $7,307,000 after purchasing an additional 392,767 shares in the last quarter. B. Riley Asset Management LLC raised its holdings in Applied Digital by 36.8% in the first quarter. B. Riley Asset Management LLC now owns 1,950,686 shares of the company’s stock worth $4,370,000 after purchasing an additional 525,000 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Applied Digital by 2.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,373,136 shares of the company’s stock worth $3,076,000 after purchasing an additional 37,338 shares in the last quarter. Finally, Van ECK Associates Corp raised its holdings in Applied Digital by 40.4% in the fourth quarter. Van ECK Associates Corp now owns 980,371 shares of the company’s stock worth $1,804,000 after purchasing an additional 282,118 shares in the last quarter. 48.42% of the stock is currently owned by institutional investors.

About Applied Digital

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Applied Digital Corp. operates as a technology company, which engages in the development and operation of data centers which provide computing power. The company was founded in May 2001 and is headquartered in Dallas, TX.