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

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

A number of other brokerages have also issued reports on APLD. Lake Street Capital raised their price target on Applied Digital from $7.00 to $11.00 and gave the stock a "buy" rating in a research note on Thursday, October 10th. Craig Hallum raised their price target on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Thursday, October 10th. Roth Mkm reaffirmed a "buy" rating and set a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. HC Wainwright lifted their target price on Applied Digital from $5.00 to $10.00 and gave the company a "buy" rating in a research report on Wednesday. Finally, B. Riley lifted their target price on Applied Digital from $8.00 to $9.00 and gave the company a "buy" rating in a research report on Friday, September 13th. Six 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 $10.50.

Applied Digital Trading Down 1.2 %

Shares of APLD stock traded down $0.10 on Thursday, reaching $7.95. 12,962,757 shares of the company's stock were exchanged, compared to its average volume of 6,772,081. Applied Digital has a 52 week low of $2.36 and a 52 week high of $8.78. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $1.09 billion, a PE ratio of -10.01 and a beta of 4.56. The company's fifty day simple moving average is $5.76 and its 200 day simple moving average is $4.86.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.28) by $0.13. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. The firm had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. During the same period last year, the company earned ($0.10) EPS. Applied Digital's quarterly revenue was up 67.2% compared to the same quarter last year. As a group, analysts forecast that Applied Digital will post -1.12 EPS for the current year.

Insider Activity

In other news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total value of $55,000.00. Following the transaction, the director now directly owns 218,506 shares in the company, valued at approximately $1,201,783. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, Director Douglas S. Miller sold 10,000 shares of the business's stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the transaction, the director now directly owns 218,506 shares in the company, valued at $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 available through this link. Also, Director Richard N. Nottenburg sold 80,000 shares of the business's stock in a transaction on Monday, October 14th. The stock was sold at an average price of $7.37, for a total value of $589,600.00. Following the transaction, the director now owns 433,686 shares in the company, valued at approximately $3,196,265.82. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 20.50% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD grew its stake in Applied Digital by 15.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company's stock worth $103,000 after buying an additional 3,182 shares during the last quarter. ICA Group Wealth Management LLC grew its stake in Applied Digital by 56.8% during the 2nd quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company's stock valued at $112,000 after purchasing an additional 6,795 shares during the last quarter. Headlands Technologies LLC grew its stake in Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company's stock valued at $52,000 after purchasing an additional 6,933 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in Applied Digital by 25.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company's stock valued at $224,000 after purchasing an additional 7,517 shares during the last quarter. Finally, ARS Investment Partners LLC purchased a new stake in Applied Digital during the 2nd quarter valued at about $60,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

About Applied Digital

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.