Needham & Company LLC Reiterates “Buy” Rating for Applied Digital (NASDAQ:APLD)

by · The Markets Daily

Needham & Company LLC reaffirmed their buy rating on shares of Applied Digital (NASDAQ:APLD – Free Report) in a report released on Monday morning,Benzinga reports. Needham & Company LLC currently has a $11.00 target price on the stock.

Other research analysts have also recently issued research reports about the company. Cantor Fitzgerald decreased their price target on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Northland Securities increased their price target on shares of Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 4th. Compass Point started coverage on Applied Digital in a research note on Tuesday, January 28th. They set a “buy” rating and a $10.00 target price for the company. Finally, HC Wainwright lifted their price target on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $12.11.

Get Our Latest Research Report on Applied Digital

Applied Digital Trading Up 2.7 %

APLD stock opened at $8.11 on Monday. Applied Digital has a 52 week low of $2.36 and a 52 week high of $12.48. The company has a market capitalization of $1.81 billion, a PE ratio of -4.69 and a beta of 4.78. The company’s 50-day simple moving average is $8.41 and its 200 day simple moving average is $7.59. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77.

Applied Digital (NASDAQ:APLD – Get Free Report) last released its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. The company had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The firm’s quarterly revenue was up 51.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.05) earnings per share. As a group, sell-side analysts anticipate that Applied Digital will post -0.96 earnings per share for the current year.

Insider Buying and Selling at Applied Digital

In related news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction on Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $177,000.00. Following the completion of the transaction, the director now owns 342,923 shares of the company’s stock, valued at $3,034,868.55. This trade represents a 5.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 11.81% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Wilmington Savings Fund Society FSB grew its position in shares of Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after buying an additional 2,000 shares during the period. R Squared Ltd bought a new stake in Applied Digital in the fourth quarter valued at $36,000. US Bancorp DE bought a new position in shares of Applied Digital during the 4th quarter worth about $37,000. Jones Financial Companies Lllp acquired a new stake in shares of Applied Digital in the 4th quarter valued at about $39,000. Finally, Spire Wealth Management bought a new stake in Applied Digital in the 4th quarter valued at about $43,000. 65.67% of the stock is owned by institutional investors.

Applied Digital Company Profile

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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.

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