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 report sent to investors on Monday, Benzinga reports. Needham & Company LLC currently has a $11.00 price objective on the stock.

Other analysts have also issued research reports about the company. HC Wainwright reiterated a buy rating and set a $5.00 target price on shares of Applied Digital in a report on Thursday, August 29th. Roth Mkm reissued a buy rating and issued a $10.00 price objective on shares of Applied Digital in a report on Thursday, September 5th. Finally, B. Riley boosted their target price 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 investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Digital has a consensus rating of Buy and a consensus price target of $8.20.

Applied Digital Trading Up 44.6 %

NASDAQ:APLD opened at $6.58 on Monday. The business has a 50 day moving average price of $4.86 and a two-hundred day moving average price of $4.34. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14. The company has a market cap of $902.84 million, a P/E ratio of -8.33 and a beta of 4.51. Applied Digital has a twelve month low of $2.36 and a twelve month high of $8.65.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Wednesday, August 28th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.29). Applied Digital had a negative net margin of 88.95% and a negative return on equity of 111.80%. The business had revenue of $43.70 million during the quarter, compared to analyst estimates of $42.70 million. During the same quarter in the previous year, the firm posted ($0.07) earnings per share. As a group, analysts expect that Applied Digital will post -1.02 EPS for the current fiscal year.

Insider Transactions at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on 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 owns 218,506 shares in the company, valued at approximately $1,201,783. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 20.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. acquired a new stake in Applied Digital during the 1st quarter worth approximately $50,000. Headlands Technologies LLC increased its position in Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after buying an additional 6,933 shares during the period. ARS Investment Partners LLC acquired a new stake in shares of Applied Digital during the second quarter worth $60,000. Capstone Investment Advisors LLC bought a new stake in shares of Applied Digital in the fourth quarter valued at about $78,000. Finally, ICA Group Wealth Management LLC acquired a new position in shares of Applied Digital in the fourth quarter valued at about $81,000. Institutional investors 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.