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

Needham & Company LLC reiterated their buy rating on shares of Applied Digital (NASDAQ:APLD) in a research note issued to investors on Wednesday, MarketBeat Ratings reports. They currently have a $11.00 price target on the stock.

Other equities analysts have also recently issued reports about the company. Cantor Fitzgerald began coverage on Applied Digital in a report on Friday, December 20th. They issued an “overweight” rating and a $15.00 price objective for the company. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a research note on Thursday, October 10th. Craig Hallum increased their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. HC Wainwright boosted their target price on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Finally, Lake Street Capital upped their price target on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital has a consensus rating of “Buy” and a consensus price target of $11.29.

Applied Digital Price Performance

NASDAQ:APLD opened at $8.90 on Wednesday. Applied Digital has a 52 week low of $2.36 and a 52 week high of $11.25. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. The firm’s 50-day simple moving average is $8.82 and its 200 day simple moving average is $6.98. The firm has a market cap of $1.98 billion, a price-to-earnings ratio of -7.61 and a beta of 4.78.

Applied Digital (NASDAQ:APLD) last announced its 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. The company had revenue of $63.87 million for the quarter, compared to analysts’ expectations of $62.41 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The business’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same period last year, the firm earned ($0.05) earnings per share. As a group, sell-side analysts predict that Applied Digital will post -0.4 earnings per share for the current year.

Insider Activity

In related news, CEO Wes Cummins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the transaction, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at $35,658,786. This represents a 4.91 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Richard N. Nottenburg sold 50,000 shares of the business’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $460,000.00. Following the sale, the director now directly owns 334,317 shares in the company, valued at approximately $3,075,716.40. The trade was a 13.01 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 269,369 shares of company stock worth $2,445,461. Corporate insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC grew its holdings in shares of Applied Digital by 414.5% during the fourth quarter. SG Americas Securities LLC now owns 265,792 shares of the company’s stock worth $2,031,000 after purchasing an additional 214,133 shares during the last quarter. Dakota Wealth Management bought a new position in Applied Digital in the 4th quarter valued at approximately $115,000. Nisa Investment Advisors LLC boosted its position in Applied Digital by 16.8% during the 4th quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company’s stock worth $90,000 after buying an additional 1,692 shares during the period. SeaCrest Wealth Management LLC bought a new stake in Applied Digital during the 4th quarter worth approximately $586,000. Finally, Gunderson Capital Management Inc. acquired a new position in Applied Digital in the 4th quarter valued at approximately $83,000. 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.