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

Needham & Company LLC reiterated their buy rating on shares of Applied Digital (NASDAQ:APLD) in a report published on Thursday, Benzinga reports. Needham & Company LLC currently has a $11.00 price objective on the stock.

A number of other equities research analysts also recently issued reports on the stock. Roth Mkm reaffirmed a buy rating and issued a $10.00 price objective on shares of Applied Digital in a research report on Thursday, September 5th. HC Wainwright reiterated a buy rating and set a $5.00 price target on shares of Applied Digital in a report on Thursday, August 29th. Finally, B. Riley upped their price objective on Applied Digital from $8.00 to $9.00 and gave the company a buy rating in a research note on Friday, September 13th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Digital currently has a consensus rating of Buy and an average price target of $9.67.

Applied Digital Stock Performance

Shares of Applied Digital stock opened at $7.28 on Thursday. Applied Digital has a 52 week low of $2.36 and a 52 week high of $8.78. 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 business has a 50 day moving average price of $5.54 and a 200-day moving average price of $4.79. The company has a market cap of $1.56 billion, a PE ratio of -6.22 and a beta of 4.56.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. The business 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 107.05% 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 in the prior year, the firm posted ($0.10) EPS. Equities analysts anticipate that Applied Digital will post -1.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the transaction, the director now owns 218,506 shares of the company’s stock, valued at $1,201,783. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 20.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Headlands Technologies LLC lifted its position in shares of Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after acquiring an additional 6,933 shares in the last quarter. ARS Investment Partners LLC bought a new stake in shares of Applied Digital during the 2nd quarter valued at $60,000. Principal Financial Group Inc. purchased a new stake in Applied Digital during the 1st quarter worth about $50,000. ICA Group Wealth Management LLC purchased a new stake in Applied Digital during the 4th quarter worth about $81,000. Finally, Crumly & Associates Inc. bought a new position in Applied Digital in the 2nd quarter worth about $110,000. 65.67% of the stock is 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.