Applied Digital (NASDAQ:APLD) Stock Rating Reaffirmed by Needham & Company LLC

Applied Digital (NASDAQ:APLD - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at Needham & Company LLC in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $11.00 target price on the stock. Needham & Company LLC's target price would suggest a potential upside of 67.17% from the stock's previous close.

Other research analysts also recently issued reports about the company. HC Wainwright reissued a "buy" rating and issued a $5.00 price objective on shares of Applied Digital in a research note on Thursday, August 29th. B. Riley boosted their target price on Applied Digital from $6.00 to $8.00 and gave the company a "buy" rating in a research report on Friday, June 28th. Finally, Roth Mkm reissued a "buy" rating and set a $10.00 target price on shares of Applied Digital in a research note on Thursday. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $8.20.

Applied Digital Stock Up 44.6 %

Shares of NASDAQ:APLD traded up $2.03 during trading hours on Monday, hitting $6.58. The company's stock had a trading volume of 52,900,848 shares, compared to its average volume of 5,697,183. The company has a market capitalization of $902.84 million, a price-to-earnings ratio of -6.51 and a beta of 4.51. Applied Digital has a 52 week low of $2.36 and a 52 week high of $8.65. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.08 and a quick ratio of 0.08. The firm's fifty day moving average price is $4.86 and its 200 day moving average price is $4.32.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings data on Wednesday, August 28th. The company reported ($0.52) earnings per share for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.29). Applied Digital had a negative net margin of 88.95% and a negative return on equity of 111.80%. The firm had revenue of $43.70 million during the quarter, compared to analyst estimates of $42.70 million. During the same period in the prior year, the company posted ($0.07) earnings per share. As a group, research analysts expect that Applied Digital will post -1.02 EPS for the current year.

Institutional Investors Weigh In On Applied Digital

Several hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. purchased a new position in Applied Digital in the 1st quarter worth approximately $50,000. Headlands Technologies LLC raised its holdings in shares of Applied Digital by 381.8% during 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 period. ARS Investment Partners LLC bought a new position in shares of Applied Digital during the second quarter valued at approximately $60,000. Capstone Investment Advisors LLC bought a new position in shares of Applied Digital during the fourth quarter worth about $78,000. Finally, ICA Group Wealth Management LLC acquired a new position in shares of Applied Digital during the fourth quarter worth approximately $81,000. 65.67% of the stock is owned by institutional investors and hedge funds.

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.