Applied Digital’s (APLD) Buy Rating Reiterated at Needham & Company LLC

Applied Digital (NASDAQ:APLD)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $11.00 price objective on the stock. Needham & Company LLC’s target price would suggest a potential upside of 28.81% from the company’s previous close.

Several other analysts have also issued reports on the stock. Lake Street Capital boosted their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, October 10th. HC Wainwright boosted their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Craig Hallum boosted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Cantor Fitzgerald started coverage on shares of Applied Digital in a report on Friday, December 20th. They issued an “overweight” rating and a $15.00 price objective on the stock. Finally, Roth Mkm restated a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $11.14.

Applied Digital Stock Up 10.1 %

NASDAQ APLD opened at $8.54 on Wednesday. Applied Digital has a 52 week low of $2.36 and a 52 week high of $11.25. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. The business’s fifty day simple moving average is $8.74 and its 200-day simple moving average is $6.94. The firm has a market cap of $1.80 billion, a PE ratio of -7.30 and a beta of 4.78.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The business had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. During the same quarter in the previous year, the firm earned ($0.05) EPS. The company’s quarterly revenue was up 51.3% compared to the same quarter last year. As a group, equities analysts anticipate that Applied Digital will post -0.4 earnings per share for the current year.

Insiders Place Their Bets

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $8.01, for a total transaction of $80,100.00. Following the sale, the director now directly owns 208,506 shares in the company, valued at $1,670,133.06. This represents a 4.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the sale, the chief executive officer now owns 3,875,955 shares in the company, valued at $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 279,369 shares of company stock worth $2,525,561 over the last three months. Company insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Institutional investors and hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. grew its position in shares of Applied Digital by 36.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock worth $7,419,000 after buying an additional 240,554 shares in the last quarter. Quadrature Capital Ltd acquired a new position in shares of Applied Digital during the third quarter worth about $545,000. Barclays PLC grew its position in shares of Applied Digital by 736.8% during the third quarter. Barclays PLC now owns 486,577 shares of the company’s stock worth $4,014,000 after buying an additional 428,428 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Applied Digital during the third quarter worth about $2,030,000. Finally, B. Riley Wealth Advisors Inc. grew its position in shares of Applied Digital by 66.1% during the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock worth $4,609,000 after buying an additional 308,223 shares in the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.

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.