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

Applied Digital (NASDAQ:APLD)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a research note issued on Friday, Benzinga reports. They currently have a $11.00 target price on the stock. Needham & Company LLC’s price target suggests a potential upside of 62.72% from the company’s current price.

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

Applied Digital Stock Performance

Applied Digital stock opened at $6.76 on Friday. Applied Digital has a 1-year low of $2.36 and a 1-year high of $9.48. The company’s 50-day moving average is $6.66 and its 200 day moving average is $5.22. The firm has a market capitalization of $1.46 billion, a P/E ratio of -5.78 and a beta of 4.56. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22.

Applied Digital (NASDAQ:APLD) 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. The firm had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. Applied Digital’s quarterly revenue was up 67.2% compared to the same quarter last year. During the same period last year, the company earned ($0.10) EPS. Research analysts forecast that Applied Digital will post -0.4 EPS for the current year.

Insider Transactions at Applied Digital

In related news, Director Richard N. Nottenburg sold 80,000 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were 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 represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Applied Digital news, Director Richard N. Nottenburg sold 80,000 shares of the company’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $7.37, for a total value of $589,600.00. Following the sale, the director now directly owns 433,686 shares of the company’s stock, valued at approximately $3,196,265.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total value of $80,100.00. Following the completion of the transaction, the director now directly owns 208,506 shares of the company’s stock, valued at $1,670,133.06. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 100,000 shares of company stock worth $724,700 over the last three months. 11.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Applied Digital

Several hedge funds and other institutional investors have recently modified their holdings of APLD. Beacon Harbor Wealth Advisors Inc. purchased a new position in shares of Applied Digital during the 3rd quarter worth $83,000. Hunter Associates Investment Management LLC increased its position in Applied Digital by 14.5% during the third quarter. Hunter Associates Investment Management LLC now owns 425,143 shares of the company’s stock worth $3,515,000 after purchasing an additional 53,809 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in Applied Digital during the third quarter worth about $88,000. Private Advisor Group LLC boosted its holdings in Applied Digital by 159.7% in the 3rd quarter. Private Advisor Group LLC now owns 38,700 shares of the company’s stock valued at $319,000 after purchasing an additional 23,800 shares during the last quarter. Finally, Jade Capital Advisors LLC acquired a new stake in shares of Applied Digital during the 3rd quarter worth approximately $236,000. 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.