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

Needham & Company LLC reaffirmed their buy rating on shares of Applied Digital (NASDAQ:APLD) in a report released on Monday, Benzinga reports. They currently have a $11.00 price objective on the stock.

APLD has been the topic of several other reports. B. Riley upped their price target on shares of Applied Digital from $6.00 to $8.00 and gave the stock a buy rating in a research report on Friday, June 28th. HC Wainwright reaffirmed a buy rating and set a $5.00 price target on shares of Applied Digital in a research report on Thursday, August 29th. Finally, Roth Mkm reaffirmed a buy rating and set a $10.00 price target on shares of Applied Digital in a research report on Thursday, September 5th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of Buy and a consensus price target of $8.20.

Applied Digital Stock Performance

Shares of APLD stock opened at $5.87 on Monday. The company’s fifty day simple moving average is $4.85 and its 200-day simple moving average is $4.36. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14. The firm has a market cap of $805.42 million, a PE ratio of -7.43 and a beta of 4.51. Applied Digital has a 12 month low of $2.36 and a 12 month high of $8.65.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, August 28th. The company reported ($0.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.29). The business had revenue of $43.70 million during the quarter, compared to the consensus estimate of $42.70 million. Applied Digital had a negative return on equity of 111.80% and a negative net margin of 88.95%. During the same period in the prior year, the firm earned ($0.07) EPS. Equities research analysts expect that Applied Digital will post -1.02 EPS for the current fiscal year.

Insider Activity

In other news, Director Douglas S. Miller sold 10,000 shares of the 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 transaction, the director now directly owns 218,506 shares of the company’s stock, valued at $1,201,783. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 20.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Several large investors have recently modified their holdings of APLD. Principal Financial Group Inc. bought a new position in shares of Applied Digital in the first quarter valued at about $50,000. Headlands Technologies LLC grew its stake in shares of Applied Digital by 381.8% in the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after acquiring an additional 6,933 shares in the last quarter. ARS Investment Partners LLC acquired a new position in shares of Applied Digital in the second quarter valued at about $60,000. Capstone Investment Advisors LLC acquired a new position in shares of Applied Digital in the fourth quarter valued at about $78,000. Finally, ICA Group Wealth Management LLC acquired a new position in shares of Applied Digital in the fourth quarter valued at about $81,000. 65.67% of the stock is 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.