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

Needham & Company LLC restated their buy rating on shares of Applied Digital (NASDAQ:APLD) in a report published on Thursday, Benzinga reports. They currently have a $11.00 target price on the stock.

Other analysts have also recently issued reports about the stock. Roth Mkm restated a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research note on Thursday, October 10th. Craig Hallum lifted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. HC Wainwright boosted their price objective on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday. Lake Street Capital increased 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. Finally, B. Riley lifted their price target on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $10.50.

Applied Digital Stock Up 2.9 %

NASDAQ:APLD opened at $8.18 on Thursday. The company has a market cap of $1.12 billion, a price-to-earnings ratio of -10.35 and a beta of 4.56. Applied Digital has a twelve month low of $2.36 and a twelve month high of $8.78. The stock has a fifty day simple moving average of $5.92 and a 200-day simple moving average of $4.92. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. The company had revenue of $60.70 million during the quarter, compared to the consensus estimate of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 107.05%. Applied Digital’s revenue for the quarter was up 67.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.10) earnings per share. Analysts anticipate that Applied Digital will post -1.12 EPS for the current year.

Insider Buying and Selling

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total value of $55,000.00. Following the completion of the transaction, the director now owns 218,506 shares in the company, valued at $1,201,783. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Richard N. Nottenburg sold 80,000 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $7.37, for a total value of $589,600.00. Following the transaction, the director now owns 433,686 shares of the company’s stock, valued at $3,196,265.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $5.50, for a total value of $55,000.00. Following the sale, the director now directly owns 218,506 shares of the company’s stock, valued at $1,201,783. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 20.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Applied Digital

Several hedge funds and other institutional investors have recently made changes to their positions in APLD. Headlands Technologies LLC boosted its holdings in Applied Digital by 381.8% in 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 in the last quarter. ARS Investment Partners LLC purchased a new position in Applied Digital in the 2nd quarter valued at approximately $60,000. Principal Financial Group Inc. acquired a new position in shares of Applied Digital during the 1st quarter worth $50,000. Crumly & Associates Inc. acquired a new position in shares of Applied Digital during the 2nd quarter worth approximately $110,000. Finally, ICA Group Wealth Management LLC lifted its position in shares of Applied Digital by 56.8% in the second quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock valued at $112,000 after acquiring an additional 6,795 shares in the last quarter. 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.