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

Applied Digital (NASDAQ:APLD)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a report released on Thursday, Benzinga reports. They presently have a $11.00 price target on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 51.10% from the stock’s previous close.

Other equities analysts have also issued reports about the company. B. Riley upped their target price on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Roth Mkm restated a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research note on Thursday, September 5th. Finally, HC Wainwright reissued a “buy” rating and issued a $5.00 price objective on shares of Applied Digital in a research report on Thursday, August 29th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital currently has a consensus rating of “Buy” and a consensus target price of $9.67.

Applied Digital Trading Up 5.7 %

Shares of Applied Digital stock opened at $7.28 on Thursday. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14. The stock has a market cap of $1.56 billion, a PE ratio of -6.20 and a beta of 4.56. Applied Digital has a 12-month low of $2.36 and a 12-month high of $8.78. The company has a 50-day moving average of $5.48 and a two-hundred day moving average of $4.77.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. The firm had revenue of $60.70 million for the quarter, compared to analysts’ expectations of $54.85 million. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. Applied Digital’s quarterly revenue was up 67.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.10) EPS. On average, research analysts anticipate that Applied Digital will post -1.12 EPS for the current fiscal year.

Insider Activity at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the completion of the transaction, the director now directly owns 218,506 shares in the company, valued at $1,201,783. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 20.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted its stake in shares of Applied Digital by 15.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock worth $103,000 after acquiring an additional 3,182 shares during the period. ICA Group Wealth Management LLC boosted its stake in shares of Applied Digital by 56.8% during the 2nd quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock worth $112,000 after acquiring an additional 6,795 shares in the last quarter. Headlands Technologies LLC lifted its holdings in shares of Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after purchasing an additional 6,933 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Applied Digital by 25.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company’s stock worth $224,000 after buying an additional 7,517 shares during the period. Finally, ARS Investment Partners LLC acquired a new stake in Applied Digital during the 2nd quarter valued at $60,000. 65.67% of the stock is owned by institutional investors.

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.