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

Applied Digital (NASDAQ:APLD)‘s stock had its “buy” rating restated by Needham & Company LLC in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $11.00 price objective on the stock. Needham & Company LLC’s target price would indicate a potential upside of 34.47% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. Craig Hallum upped their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. HC Wainwright increased their target price on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday. B. Riley raised their target price on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a report on Thursday, October 10th. Finally, Lake Street Capital raised their price objective on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Digital has a consensus rating of “Buy” and an average target price of $10.50.

Applied Digital Stock Up 2.9 %

Applied Digital stock opened at $8.18 on Thursday. The company’s 50-day moving average price is $5.92 and its two-hundred day moving average price is $4.91. The stock 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 52 week low of $2.36 and a 52 week high of $8.78. 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 announced its earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate 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%. The firm’s quarterly revenue was up 67.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.10) earnings per share. On average, analysts expect that Applied Digital will post -1.12 EPS for the current fiscal year.

Insider Activity

In other news, Director Richard N. Nottenburg sold 80,000 shares of Applied Digital stock in a transaction on Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the transaction, the director now owns 433,686 shares in the company, valued at approximately $3,196,265.82. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Applied Digital news, Director Richard N. Nottenburg sold 80,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the sale, the director now directly owns 433,686 shares in the company, valued at approximately $3,196,265.82. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction dated 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. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 20.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in APLD. Price T Rowe Associates Inc. MD increased its stake in shares of Applied Digital by 15.3% in the first 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 last quarter. ICA Group Wealth Management LLC increased its position in Applied Digital by 56.8% in the 2nd quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock worth $112,000 after purchasing an additional 6,795 shares during the last quarter. Headlands Technologies LLC raised its stake in shares of 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 purchasing an additional 6,933 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Applied Digital by 25.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company’s stock valued at $224,000 after buying an additional 7,517 shares during the last quarter. Finally, ARS Investment Partners LLC bought a new stake in shares of Applied Digital in the 2nd quarter valued at approximately $60,000. Hedge funds and other 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.