Applied Digital (NASDAQ:APLD) Receives Buy Rating from Needham & Company LLC

Applied Digital (NASDAQ:APLD - Get Free Report)'s stock had its "buy" rating reissued by stock analysts at Needham & Company LLC in a report released on Monday,Benzinga reports. They currently have a $11.00 target price on the stock. Needham & Company LLC's price target indicates a potential upside of 37.67% from the stock's current price.

Several other analysts have also issued reports on the company. Northland Securities boosted their price target on Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a report on Tuesday, February 4th. HC Wainwright upped their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a report on Wednesday, January 15th. Cantor Fitzgerald lowered their price target on Applied Digital from $15.00 to $14.00 and set an "overweight" rating on the stock in a report on Wednesday, January 15th. Finally, Compass Point initiated coverage on Applied Digital in a research report on Tuesday, January 28th. They set a "buy" rating and a $10.00 price objective for the company. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $12.11.

Applied Digital Stock Up 2.0 %

NASDAQ APLD traded up $0.16 during mid-day trading on Monday, reaching $7.99. The stock had a trading volume of 45,271,555 shares, compared to its average volume of 28,657,283. The stock has a market cap of $1.78 billion, a PE ratio of -4.62 and a beta of 4.78. Applied Digital has a 1 year low of $2.36 and a 1 year high of $12.48. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The company has a fifty day moving average price of $8.41 and a 200 day moving average price of $7.59.

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Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The firm had revenue of $63.87 million during the quarter, compared to analysts' expectations of $62.41 million. During the same quarter in the previous year, the business earned ($0.05) earnings per share. The company's revenue was up 51.3% on a year-over-year basis. On average, research analysts expect that Applied Digital will post -0.96 earnings per share for the current year.

Insider Activity

In related news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $177,000.00. Following the completion of the sale, the director now owns 342,923 shares in the company, valued at $3,034,868.55. This trade represents a 5.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 11.81% of the company's stock.

Hedge Funds Weigh In On Applied Digital

A number of institutional investors have recently modified their holdings of the stock. Private Advisor Group LLC increased its holdings in Applied Digital by 159.7% during the 3rd quarter. Private Advisor Group LLC now owns 38,700 shares of the company's stock worth $319,000 after purchasing an additional 23,800 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Applied Digital in the third quarter valued at about $88,000. Hunter Associates Investment Management LLC grew its holdings in Applied Digital by 14.5% during the 3rd quarter. Hunter Associates Investment Management LLC now owns 425,143 shares of the company's stock worth $3,515,000 after acquiring an additional 53,809 shares in the last quarter. Beacon Harbor Wealth Advisors Inc. purchased a new position in Applied Digital during the 3rd quarter valued at about $83,000. Finally, Victory Capital Management Inc. raised its holdings in shares of Applied Digital by 72.5% in the 3rd quarter. Victory Capital Management Inc. now owns 19,535 shares of the company's stock valued at $161,000 after purchasing an additional 8,212 shares in the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.

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.