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) in a research note issued to investors on Monday morning,Benzinga reports. Needham & Company LLC currently has a $11.00 target price on the stock.

Several other equities analysts have also issued reports on APLD. HC Wainwright boosted their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Compass Point started coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price target for the company. Northland Securities increased their price objective on shares of Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 4th. Finally, Cantor Fitzgerald decreased their target price on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $12.11.

Applied Digital Trading Down 15.3 %

Shares of NASDAQ APLD opened at $9.02 on Monday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. Applied Digital has a 52-week low of $2.36 and a 52-week high of $12.48. The stock has a market cap of $2.01 billion, a P/E ratio of -5.21 and a beta of 4.78. The firm has a 50 day moving average price of $8.48 and a two-hundred day moving average price of $7.52.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The firm had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. During the same quarter in the previous year, the company posted ($0.05) EPS. The business’s revenue was up 51.3% on a year-over-year basis. As a group, equities analysts forecast that Applied Digital will post -0.96 EPS for the current year.

Insider Activity at Applied Digital

In other news, CEO Wes Cummins sold 200,000 shares of the stock in a transaction dated Wednesday, November 27th. The shares were 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 owns 3,875,955 shares in the company, valued at $35,658,786. This represents a 4.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Richard N. Nottenburg sold 20,000 shares of the business’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the transaction, the director now owns 342,923 shares in the company, valued at approximately $3,034,868.55. This trade represents a 5.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 270,000 shares of company stock valued at $2,477,000 over the last 90 days. Insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its holdings in Applied Digital by 36.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after purchasing an additional 240,554 shares during the last quarter. Quadrature Capital Ltd purchased a new position in Applied Digital during the third quarter valued at approximately $545,000. Exchange Traded Concepts LLC increased its holdings in Applied Digital by 37.6% during the 4th quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company’s stock worth $7,656,000 after acquiring an additional 273,666 shares during the period. Barclays PLC lifted its stake in Applied Digital by 736.8% in the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock worth $4,014,000 after purchasing an additional 428,428 shares in the last quarter. Finally, SG Americas Securities LLC boosted its holdings in Applied Digital by 414.5% in the 4th quarter. SG Americas Securities LLC now owns 265,792 shares of the company’s stock valued at $2,031,000 after purchasing an additional 214,133 shares during the period. Hedge funds and other 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.