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

Applied Digital (NASDAQ:APLD)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a report released on Wednesday, Benzinga reports. They currently have a $11.00 price objective on the stock. Needham & Company LLC’s target price suggests a potential upside of 85.50% from the company’s previous close.

A number of other research analysts have also commented on APLD. Roth Mkm reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a report on Wednesday. HC Wainwright reaffirmed a “buy” rating and issued a $5.00 price objective on shares of Applied Digital in a report on Wednesday, June 12th. Lake Street Capital dropped their price objective on Applied Digital from $19.00 to $7.00 and set a “buy” rating for the company in a research report on Friday, April 12th. Finally, B. Riley upped their price objective on Applied Digital from $6.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $8.40.

Applied Digital Stock Performance

APLD traded up $0.46 during trading hours on Wednesday, reaching $5.93. The company’s stock had a trading volume of 7,413,451 shares, compared to its average volume of 4,305,548. Applied Digital has a 52 week low of $2.36 and a 52 week high of $11.07. The company’s 50-day moving average is $4.66 and its 200-day moving average is $4.71. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.30 and a current ratio of 0.30. The firm has a market cap of $813.65 million, a PE ratio of -7.59 and a beta of 4.56.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Thursday, April 11th. The company reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.40). Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. The business had revenue of $43.35 million during the quarter, compared to the consensus estimate of $50.36 million. On average, equities analysts forecast that Applied Digital will post -1.03 EPS for the current year.

Hedge Funds Weigh In On Applied Digital

Several large investors have recently bought and sold shares of the company. Hood River Capital Management LLC raised its position in Applied Digital by 2.8% in the first quarter. Hood River Capital Management LLC now owns 8,824,532 shares of the company’s stock valued at $37,769,000 after purchasing an additional 240,177 shares during the last quarter. Capital Research Global Investors raised its position in Applied Digital by 427.2% in the fourth quarter. Capital Research Global Investors now owns 7,337,288 shares of the company’s stock valued at $49,453,000 after purchasing an additional 5,945,559 shares during the last quarter. Vanguard Group Inc. raised its position in Applied Digital by 70.2% in the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after purchasing an additional 2,547,485 shares during the last quarter. Oasis Management Co Ltd. raised its position in shares of Applied Digital by 23.6% during the fourth quarter. Oasis Management Co Ltd. now owns 4,928,129 shares of the company’s stock worth $33,216,000 after acquiring an additional 940,075 shares during the last quarter. Finally, Equitec Proprietary Markets LLC raised its position in shares of Applied Digital by 1.4% during the first quarter. Equitec Proprietary Markets LLC now owns 4,228,125 shares of the company’s stock worth $18,096,000 after acquiring an additional 59,468 shares during the last quarter. 65.67% of the stock is currently owned by institutional investors.

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.