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

Applied Digital (NASDAQ:APLD - Get Free Report)'s stock had its "buy" rating reiterated by research analysts at Needham & Company LLC in a research note issued on Friday, Benzinga reports. They presently have a $11.00 price objective on the stock. Needham & Company LLC's price objective would indicate a potential upside of 70.28% from the stock's previous close.

Other analysts have also issued research reports about the company. Craig Hallum boosted their price target on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research note on Thursday, October 10th. B. Riley boosted their target price on shares of Applied Digital from $8.00 to $9.00 and gave the company a "buy" rating in a research note on Friday, September 13th. Roth Mkm reiterated 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 boosted their price target on shares of Applied Digital from $5.00 to $10.00 and gave the company a "buy" rating in a research report on Wednesday, October 16th. Finally, Lake Street Capital raised their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the stock a "buy" rating in a report on Thursday, October 10th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital presently has an average rating of "Buy" and an average price target of $10.50.

Applied Digital Price Performance

Shares of APLD stock traded down $0.30 during mid-day trading on Friday, reaching $6.46. The company's stock had a trading volume of 21,615,803 shares, compared to its average volume of 7,189,181. The firm's 50-day moving average is $6.66 and its two-hundred day moving average is $5.22. The company has a market cap of $1.39 billion, a P/E ratio of -5.40 and a beta of 4.56. Applied Digital has a 1-year low of $2.36 and a 1-year high of $9.48. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The firm had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. During the same quarter in the prior year, the business posted ($0.10) earnings per share. The company's quarterly revenue was up 67.2% compared to the same quarter last year. On average, research analysts predict that Applied Digital will post -0.4 earnings per share for the current year.

Insiders Place Their Bets

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the business's stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $5.50, for a total value of $55,000.00. Following the completion of the transaction, the director now directly owns 218,506 shares of the company's stock, valued at approximately $1,201,783. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 completion of the sale, the director now directly owns 218,506 shares of the company's stock, valued at approximately $1,201,783. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 sale, the director now owns 433,686 shares of the company's stock, valued at approximately $3,196,265.82. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 100,000 shares of company stock valued at $724,700 in the last 90 days. 11.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of APLD. Vanguard Group Inc. lifted its holdings in Applied Digital by 70.2% in the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company's stock valued at $26,434,000 after buying an additional 2,547,485 shares during the period. Hood River Capital Management LLC lifted its stake in shares of 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 valued at $57,098,000 after purchasing an additional 771,699 shares during the period. Alight Capital Management LP bought a new position in shares of Applied Digital in the 2nd quarter worth $3,570,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Applied Digital by 69.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,311,594 shares of the company's stock worth $5,614,000 after purchasing an additional 536,948 shares during the period. Finally, Van ECK Associates Corp increased its holdings in Applied Digital by 18.3% in the second quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company's stock valued at $17,077,000 after purchasing an additional 443,699 shares during the last quarter. Institutional investors own 65.67% of the company's stock.

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.