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

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

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

Applied Digital Stock Performance

APLD opened at $8.37 on Wednesday. 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 50 day moving average is $8.77 and its 200-day moving average is $6.95. Applied Digital has a twelve month low of $2.36 and a twelve month high of $11.25.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, beating 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 firm had revenue of $63.87 million for the quarter, compared to analysts’ expectations of $62.41 million. During the same period last year, the firm earned ($0.05) EPS. The firm’s revenue was up 51.3% compared to the same quarter last year. Equities research analysts expect that Applied Digital will post -0.4 earnings per share for the current year.

Insider Buying and Selling

In other Applied Digital news, Director Richard N. Nottenburg sold 19,369 shares of Applied Digital stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total transaction of $145,461.19. Following the transaction, the director now directly owns 384,317 shares in the company, valued at approximately $2,886,220.67. The trade was a 4.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Wes Cummins sold 200,000 shares of the stock in a transaction 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 sale, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at $35,658,786. The trade was a 4.91 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 269,369 shares of company stock valued at $2,445,461. 11.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Applied Digital

A number of large investors have recently made changes to their positions in APLD. Geode Capital Management LLC increased its stake in Applied Digital by 48.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock valued at $25,258,000 after buying an additional 1,002,862 shares during the period. Hood River Capital Management LLC increased its stake in shares of Applied Digital by 8.7% in the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock worth $57,098,000 after acquiring an additional 771,699 shares during the last quarter. Alight Capital Management LP purchased a new stake in shares of Applied Digital during the second quarter worth $3,570,000. Barclays PLC boosted its position in Applied Digital by 736.8% during the third quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after purchasing an additional 428,428 shares during the last quarter. Finally, Thomist Capital Management LP purchased a new position in Applied Digital in the second quarter valued at about $2,529,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Company Profile

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.