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

Needham & Company LLC restated their buy rating on shares of Applied Digital (NASDAQ:APLD - Free Report) in a research report released on Wednesday morning, MarketBeat reports. The firm currently has a $11.00 price objective on the stock.

APLD has been the subject of several other reports. Craig Hallum lifted 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 Thursday, October 10th. Cantor Fitzgerald began coverage on Applied Digital in a research report on Friday, December 20th. They issued an "overweight" rating and a $15.00 price objective on the stock. Lake Street Capital increased their target price on Applied Digital from $7.00 to $11.00 and gave the company a "buy" rating in a research note on Thursday, October 10th. HC Wainwright boosted their price target on Applied Digital from $5.00 to $10.00 and gave the stock a "buy" rating in a research note on Wednesday, October 16th. Finally, Roth Mkm reaffirmed a "buy" rating and set a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital currently has an average rating of "Buy" and an average target price of $11.29.

Applied Digital Stock Down 0.2 %

Shares of Applied Digital stock traded down $0.02 during midday trading on Wednesday, hitting $8.52. The company had a trading volume of 31,536,162 shares, compared to its average volume of 23,206,648. Applied Digital has a 52-week low of $2.36 and a 52-week high of $11.25. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. The stock has a market capitalization of $1.80 billion, a P/E ratio of -7.28 and a beta of 4.78. The company has a 50 day moving average of $8.74 and a 200 day moving average of $6.94.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.08. The firm had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The company's revenue was up 51.3% on a year-over-year basis. During the same period last year, the company earned ($0.05) earnings per share. On average, equities analysts predict that Applied Digital will post -0.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the business's stock in a transaction dated 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 sale, the director now directly owns 208,506 shares in the company, valued at $1,670,133.06. The trade was a 4.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Richard N. Nottenburg sold 19,369 shares of the company's stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $7.51, for a total transaction of $145,461.19. Following the sale, the director now directly owns 384,317 shares of the company's stock, valued at $2,886,220.67. The trade was a 4.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 279,369 shares of company stock valued at $2,525,561 over the last 90 days. Company insiders own 11.81% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Hood River Capital Management LLC raised its holdings in Applied Digital by 8.7% in the 2nd quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company's stock worth $57,098,000 after purchasing an additional 771,699 shares during the period. Geode Capital Management LLC increased its position in Applied Digital by 48.7% in the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company's stock worth $25,258,000 after buying an additional 1,002,862 shares in the last quarter. State Street Corp raised its stake in shares of Applied Digital by 14.0% in the third quarter. State Street Corp now owns 2,337,267 shares of the company's stock worth $19,282,000 after buying an additional 286,852 shares during the period. Royce & Associates LP lifted its position in shares of Applied Digital by 1.4% during the 3rd quarter. Royce & Associates LP now owns 1,132,140 shares of the company's stock valued at $9,340,000 after buying an additional 15,763 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Applied Digital by 36.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company's stock valued at $7,419,000 after acquiring an additional 240,554 shares during the period. Hedge funds and other 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.