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

Applied Digital (NASDAQ:APLD)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a research note issued to investors on Wednesday, MarketBeat.com reports. They presently have a $11.00 price objective on the stock. Needham & Company LLC’s price target indicates a potential upside of 22.49% from the stock’s current price.

APLD has been the subject of several other research reports. Roth Mkm reaffirmed a “buy” rating and set a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Lake Street Capital upped their target price on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, October 10th. HC Wainwright upped their target price on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Cantor Fitzgerald initiated coverage on Applied Digital in a report on Friday, December 20th. They set an “overweight” rating and a $15.00 target price for the company. Finally, Craig Hallum upped their target price on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $11.29.

Applied Digital Trading Up 7.3 %

Shares of APLD stock opened at $8.98 on Wednesday. The stock has a 50-day simple moving average of $8.79 and a 200 day simple moving average of $6.96. Applied Digital has a fifty-two week low of $2.36 and a fifty-two week high of $11.25. The stock has a market capitalization of $1.90 billion, a P/E ratio of -7.68 and a beta of 4.78. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62.

Applied Digital (NASDAQ:APLD) last announced its 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. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The business had revenue of $63.87 million during the quarter, compared to analysts’ expectations of $62.41 million. During the same quarter last year, the business posted ($0.05) earnings per share. The company’s quarterly revenue was up 51.3% on a year-over-year basis. On average, sell-side analysts expect that Applied Digital will post -0.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Richard N. Nottenburg sold 19,369 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $7.51, for a total value of $145,461.19. Following the completion of the sale, the director now directly owns 384,317 shares of the company’s stock, valued at approximately $2,886,220.67. This represents a 4.80 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Wes Cummins sold 200,000 shares of the stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the sale, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. This represents a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 269,369 shares of company stock valued at $2,445,461. Corporate insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in APLD. Bank of New York Mellon Corp raised its stake in shares of Applied Digital by 36.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 304,869 shares of the company’s stock worth $1,814,000 after purchasing an additional 80,958 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in shares of Applied Digital by 115.7% during the 2nd quarter. Commonwealth Equity Services LLC now owns 66,688 shares of the company’s stock worth $397,000 after purchasing an additional 35,768 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Applied Digital by 30.0% during the 2nd quarter. Rhumbline Advisers now owns 140,087 shares of the company’s stock worth $834,000 after purchasing an additional 32,336 shares in the last quarter. L & S Advisors Inc purchased a new stake in shares of Applied Digital during the 2nd quarter worth about $122,000. Finally, Thomist Capital Management LP purchased a new stake in shares of Applied Digital during the 2nd quarter worth about $2,529,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

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.