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

Needham & Company LLC restated their buy rating on shares of Applied Digital (NASDAQ:APLD - Free Report) in a research note published on Wednesday morning,Benzinga reports. The firm currently has a $10.00 target price on the stock.

Other equities research analysts have also issued reports about the company. Cantor Fitzgerald cut their price objective on Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 15th. Compass Point began coverage on Applied Digital in a report on Tuesday, January 28th. They set a "buy" rating and a $10.00 price target on the stock. HC Wainwright dropped their price target on Applied Digital from $12.00 to $7.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Finally, 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. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $10.67.

Applied Digital Price Performance

NASDAQ APLD traded up $0.15 on Wednesday, reaching $4.69. 3,030,645 shares of the company's stock traded hands, compared to its average volume of 28,323,178. The stock has a market cap of $1.05 billion, a PE ratio of -2.71 and a beta of 5.18. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. Applied Digital has a 12 month low of $2.63 and a 12 month high of $12.48. The stock has a 50-day simple moving average of $6.44 and a 200 day simple moving average of $7.68.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its earnings results on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.05). Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The company had revenue of $52.92 million for the quarter, compared to analysts' expectations of $62.91 million. During the same quarter in the prior year, the company earned ($0.24) earnings per share. As a group, research analysts predict that Applied Digital will post -0.96 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in APLD. Wilmington Savings Fund Society FSB grew its holdings in Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock valued at $31,000 after buying an additional 2,000 shares in the last quarter. R Squared Ltd purchased a new position in shares of Applied Digital in the fourth quarter valued at $36,000. US Bancorp DE bought a new stake in Applied Digital in the fourth quarter worth $37,000. Jones Financial Companies Lllp purchased a new stake in Applied Digital during the fourth quarter valued at $39,000. Finally, Spire Wealth Management bought a new position in Applied Digital during the fourth quarter valued at $43,000. 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.