Applied Digital (NASDAQ:APLD) Price Target Raised to $66.00

by · The Cerbat Gem

Applied Digital (NASDAQ:APLD – Get Free Report) had its target price hoisted by equities research analysts at Needham & Company LLC from $51.00 to $66.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price would indicate a potential upside of 67.00% from the company’s previous close.

Several other equities research analysts have also recently weighed in on APLD. Wall Street Zen cut Applied Digital from a “hold” rating to a “sell” rating in a report on Saturday, April 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a report on Friday, April 24th. Citizens Jmp reiterated a “market outperform” rating and issued a $40.00 target price on shares of Applied Digital in a report on Thursday, April 9th. Northland Securities set a $56.00 target price on Applied Digital in a report on Wednesday, January 28th. Finally, Zacks Research upgraded Applied Digital from a “strong sell” rating to a “hold” rating in a report on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $46.33.

View Our Latest Stock Analysis on APLD

Applied Digital Stock Performance

Shares of Applied Digital stock opened at $39.52 on Thursday. The stock’s fifty day moving average is $31.63 and its two-hundred day moving average is $30.67. The company has a market capitalization of $11.29 billion, a PE ratio of -53.40 and a beta of 5.69. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65. Applied Digital has a 52 week low of $6.53 and a 52 week high of $47.79.

Applied Digital (NASDAQ:APLD – Get Free Report) last announced its quarterly earnings data on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.23). The business had revenue of $108.55 million during the quarter, compared to the consensus estimate of $78.47 million. Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. The business’s revenue was up 139.3% compared to the same quarter last year. During the same period last year, the company earned ($0.08) EPS. As a group, analysts expect that Applied Digital will post -0.61 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Richard N. Nottenburg sold 12,500 shares of the company’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $34.59, for a total transaction of $432,375.00. Following the completion of the sale, the director directly owned 208,378 shares in the company, valued at $7,207,795.02. This represents a 5.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction on Monday, April 27th. The stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the sale, the director owned 184,859 shares of the company’s stock, valued at $6,466,367.82. This trade represents a 5.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 35,000 shares of company stock valued at $1,182,175 over the last 90 days. 9.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Applied Digital by 36.4% during the 4th quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock worth $592,601,000 after purchasing an additional 6,445,908 shares during the last quarter. Situational Awareness LP increased its position in Applied Digital by 18.9% during the 1st quarter. Situational Awareness LP now owns 13,478,438 shares of the company’s stock valued at $319,978,000 after buying an additional 2,139,378 shares in the last quarter. Geode Capital Management LLC increased its position in Applied Digital by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company’s stock valued at $154,151,000 after buying an additional 304,228 shares in the last quarter. Value Aligned Research Advisors LLC acquired a new position in Applied Digital during the 4th quarter valued at about $138,380,000. Finally, BNP Paribas Financial Markets increased its position in Applied Digital by 24,356.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock valued at $52,561,000 after buying an additional 5,198,223 shares in the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

About Applied Digital

(Get Free Report)

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.

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