Applied Digital (NASDAQ:APLD) Given Buy Rating at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Applied Digital (NASDAQ:APLDFree Report) in a research note issued to investors on Thursday, Benzinga reports. They currently have a $11.00 price target on the stock.

Several other equities research analysts have also recently issued reports on the stock. HC Wainwright reaffirmed a buy rating and set a $5.00 target price on shares of Applied Digital in a research note on Thursday, August 29th. B. Riley lifted their price target on Applied Digital from $8.00 to $9.00 and gave the stock a buy rating in a report on Friday, September 13th. Finally, Roth Mkm reiterated a buy rating and set a $10.00 price target on shares of Applied Digital in a report on Thursday, September 5th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of Buy and a consensus price target of $9.67.

Get Our Latest Stock Report on APLD

Applied Digital Trading Up 5.7 %

Shares of APLD opened at $7.28 on Thursday. Applied Digital has a 52-week low of $2.36 and a 52-week high of $8.78. 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 firm’s fifty day moving average is $5.54 and its two-hundred day moving average is $4.79. The stock has a market cap of $998.88 million, a PE ratio of -9.22 and a beta of 4.56.

Applied Digital (NASDAQ:APLDGet Free Report) last announced its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 107.05%. The company had revenue of $60.70 million for the quarter, compared to analysts’ expectations of $54.85 million. During the same quarter in the previous year, the company posted ($0.10) EPS. The firm’s quarterly revenue was up 67.2% on a year-over-year basis. Research analysts forecast that Applied Digital will post -1.12 earnings per share for the current fiscal year.

Insider Activity at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the business’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 sale, the director now directly owns 218,506 shares in the company, valued at approximately $1,201,783. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 20.50% of the stock is owned by insiders.

Institutional Trading of Applied Digital

Institutional investors and hedge funds have recently bought and sold shares of the stock. Headlands Technologies LLC raised its holdings in Applied Digital by 381.8% in the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after buying an additional 6,933 shares during the period. ARS Investment Partners LLC purchased a new stake in Applied Digital in the 2nd quarter valued at about $60,000. Principal Financial Group Inc. purchased a new stake in Applied Digital in the 1st quarter valued at about $50,000. ICA Group Wealth Management LLC purchased a new stake in Applied Digital during the fourth quarter worth about $81,000. Finally, Crumly & Associates Inc. purchased a new stake in Applied Digital during the second quarter worth about $110,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

About Applied Digital

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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.

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Analyst Recommendations for Applied Digital (NASDAQ:APLD)

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