Applied Digital’s (APLD) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Applied Digital (NASDAQ:APLD) in a research note released on Wednesday, MarketBeat reports. The brokerage currently has a $11.00 target price on the stock.

APLD has been the subject of several other reports. Roth Mkm restated a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. HC Wainwright upped their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Craig Hallum raised their target price on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Lake Street Capital boosted their price target on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, Cantor Fitzgerald assumed coverage on Applied Digital in a research note on Friday, December 20th. They set an “overweight” rating and a $15.00 price objective for the company. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $11.29.

Applied Digital Price Performance

NASDAQ:APLD opened at $8.37 on Wednesday. Applied Digital has a 12 month low of $2.36 and a 12 month high of $11.25. The business’s 50-day moving average is $8.77 and its two-hundred day moving average is $6.95. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.08. The business had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The company’s revenue was up 51.3% on a year-over-year basis. During the same period last year, the business posted ($0.05) EPS. Equities research analysts anticipate that Applied Digital will post -0.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Wes Cummins sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the sale, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. This represents a 4.91 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Richard N. Nottenburg sold 50,000 shares of Applied Digital stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $460,000.00. Following the completion of the transaction, the director now directly owns 334,317 shares of the company’s stock, valued at approximately $3,075,716.40. This represents a 13.01 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 269,369 shares of company stock worth $2,445,461. Corporate insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors have recently modified their holdings of APLD. Charles Schwab Investment Management Inc. boosted its stake in Applied Digital by 36.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after acquiring an additional 240,554 shares during the period. Quadrature Capital Ltd bought a new stake in shares of Applied Digital in the 3rd quarter worth approximately $545,000. Barclays PLC boosted its position in Applied Digital by 736.8% during the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after purchasing an additional 428,428 shares during the period. Virtu Financial LLC bought a new position in Applied Digital during the 3rd quarter worth $2,030,000. Finally, B. Riley Wealth Advisors Inc. increased its position in Applied Digital by 66.1% in the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock worth $4,609,000 after buying an additional 308,223 shares during the period. Institutional investors own 65.67% of the company’s stock.

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.