Needham & Company LLC Reaffirms Buy Rating for Applied Digital (NASDAQ:APLD)

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 Friday, Benzinga reports. They presently have a $11.00 target price on the stock. Needham & Company LLC’s price target would suggest a potential upside of 70.28% from the company’s current price.

A number of other equities analysts have also weighed in on APLD. Roth Mkm reiterated a “buy” rating and set a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Lake Street Capital increased 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. HC Wainwright increased their price target on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. B. Riley increased their price target 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. Finally, Craig Hallum increased their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $10.50.

Applied Digital Stock Performance

APLD opened at $6.46 on Friday. The firm has a 50-day moving average of $6.69 and a 200 day moving average of $5.27. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. Applied Digital has a fifty-two week low of $2.36 and a fifty-two week high of $9.48.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. The firm had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The company’s quarterly revenue was up 67.2% on a year-over-year basis. During the same quarter last year, the business earned ($0.10) earnings per share. As a group, sell-side analysts forecast that Applied Digital will post -0.4 EPS for the current fiscal year.

Insiders Place Their Bets

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total transaction of $80,100.00. Following the transaction, the director now directly owns 208,506 shares of the company’s stock, valued at approximately $1,670,133.06. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Richard N. Nottenburg sold 80,000 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were 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 in the company, valued at approximately $3,196,265.82. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total transaction of $80,100.00. Following the completion of the transaction, the director now owns 208,506 shares in the company, valued at $1,670,133.06. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 100,000 shares of company stock valued at $724,700. 11.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Headlands Technologies LLC grew its holdings in shares of Applied Digital by 381.8% in the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after purchasing an additional 6,933 shares during the last quarter. ARS Investment Partners LLC bought a new position in shares of Applied Digital in the second quarter worth approximately $60,000. Beacon Harbor Wealth Advisors Inc. bought a new stake in Applied Digital in the third quarter valued at $83,000. Wealth Enhancement Advisory Services LLC bought a new stake in Applied Digital in the third quarter valued at $88,000. Finally, Principal Financial Group Inc. bought a new stake in Applied Digital in the first quarter valued at $50,000. Institutional investors 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.