Applied Digital (NASDAQ:APLD) Rating Reiterated by Needham & Company LLC

Applied Digital (NASDAQ:APLD)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a note issued to investors on Wednesday, Benzinga reports. They presently have a $11.00 target price on the stock. Needham & Company LLC’s price objective points to a potential upside of 87.07% from the stock’s current price.

APLD has been the topic of a number of other research reports. HC Wainwright restated a “buy” rating and issued a $5.00 target price on shares of Applied Digital in a research report on Wednesday, June 12th. Roth Mkm restated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a report on Wednesday. Lake Street Capital lowered their target price on shares of Applied Digital from $19.00 to $7.00 and set a “buy” rating for the company in a research note on Friday, April 12th. Finally, B. Riley upped their price objective on shares of Applied Digital from $6.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $8.40.

Applied Digital Price Performance

Shares of APLD stock opened at $5.88 on Wednesday. The firm’s 50-day moving average is $4.83 and its two-hundred day moving average is $4.71. Applied Digital has a 12 month low of $2.36 and a 12 month high of $11.07. 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 company has a market capitalization of $806.79 million, a PE ratio of -7.44 and a beta of 4.56.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Thursday, April 11th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.40). The firm had revenue of $43.35 million for the quarter, compared to analysts’ expectations of $50.36 million. Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. Analysts predict that Applied Digital will post -1.03 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Principal Financial Group Inc. acquired a new position in shares of Applied Digital in the first quarter worth $50,000. Tower Research Capital LLC TRC boosted 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 valued at $54,000 after buying an additional 6,347 shares during the period. Capstone Investment Advisors LLC acquired a new position in shares of Applied Digital during the fourth quarter worth about $78,000. ICA Group Wealth Management LLC purchased a new stake in shares of Applied Digital during the fourth quarter worth approximately $81,000. Finally, Chesapeake Capital Corp IL purchased a new position in Applied Digital in the fourth quarter worth approximately $86,000. 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.