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

Applied Digital (NASDAQ:APLD)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research note issued to investors on Monday,Benzinga reports. They presently have a $11.00 price target on the stock. Needham & Company LLC’s target price suggests a potential upside of 39.24% from the stock’s current price.

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

Applied Digital Stock Performance

Applied Digital stock opened at $7.90 on Monday. The business has a 50 day moving average of $8.46 and a 200-day moving average of $7.56. Applied Digital has a 1 year low of $2.36 and a 1 year high of $12.48. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The company has a market capitalization of $1.76 billion, a P/E ratio of -4.57 and a beta of 4.78.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. During the same quarter in the prior year, the firm posted ($0.05) earnings per share. The firm’s revenue was up 51.3% compared to the same quarter last year. On average, equities research analysts predict that Applied Digital will post -0.96 earnings per share for the current year.

Insiders Place Their Bets

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction that occurred on 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 directly owns 342,923 shares in the company, valued at approximately $3,034,868.55. This represents a 5.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vontobel Holding Ltd. lifted its holdings in shares of Applied Digital by 9.8% in the 4th quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company’s stock worth $128,000 after purchasing an additional 1,500 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of Applied Digital by 16.8% in the 4th quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company’s stock worth $90,000 after purchasing an additional 1,692 shares in the last quarter. Wilmington Savings Fund Society FSB lifted its holdings in shares of Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after purchasing an additional 2,000 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Applied Digital by 8.8% in the 3rd quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock worth $309,000 after purchasing an additional 3,040 shares in the last quarter. Finally, Amalgamated Bank lifted its holdings in shares of Applied Digital by 113.3% in the 4th quarter. Amalgamated Bank now owns 6,538 shares of the company’s stock worth $50,000 after purchasing an additional 3,473 shares in the last quarter. 65.67% of the stock is currently owned by 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.