Applied Digital (NASDAQ:APLD) Given Buy Rating at Needham & Company LLC

Applied Digital (NASDAQ:APLD - Get Free Report)'s stock had its "buy" rating reissued by stock analysts at Needham & Company LLC in a report issued on Monday,Benzinga reports. They presently have a $10.00 price objective on the stock. Needham & Company LLC's target price would indicate a potential downside of 23.84% from the company's previous close.

A number of other research firms have also recently commented on APLD. Northland Securities lifted their price target on shares of Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 4th. HC Wainwright dropped their price target on shares of Applied Digital from $12.00 to $7.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Cantor Fitzgerald dropped their price target on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a research note on Tuesday, April 15th. Citizens Jmp raised shares of Applied Digital to a "strong-buy" rating and set a $12.00 price target for the company in a research note on Thursday, May 22nd. Finally, JMP Securities started coverage on shares of Applied Digital in a research note on Thursday, May 22nd. They set a "market outperform" rating and a $12.00 price target for the company. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $12.45.

Applied Digital Price Performance

Shares of Applied Digital stock traded down $0.12 during trading hours on Monday, reaching $13.13. The company's stock had a trading volume of 160,541,782 shares, compared to its average volume of 36,527,094. The firm has a 50 day moving average price of $5.85 and a 200-day moving average price of $7.48. Applied Digital has a one year low of $3.01 and a one year high of $14.49. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The stock has a market cap of $2.95 billion, a P/E ratio of -7.59 and a beta of 6.09.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its earnings results on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.05). Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business had revenue of $52.92 million during the quarter, compared to the consensus estimate of $62.91 million. During the same quarter last year, the firm earned ($0.24) earnings per share. On average, analysts predict that Applied Digital will post -0.96 EPS for the current year.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the business's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total value of $169,484.00. Following the completion of the sale, the director now directly owns 83,613 shares of the company's stock, valued at $585,291. The trade was a 22.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 11.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

Several large investors have recently added to or reduced their stakes in APLD. Vontobel Holding Ltd. lifted its position in shares of Applied Digital by 9.8% in the 4th quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company's stock worth $128,000 after purchasing an additional 1,500 shares during the period. Corebridge Financial Inc. lifted its position in shares of Applied Digital by 2.0% in the 1st quarter. Corebridge Financial Inc. now owns 97,224 shares of the company's stock worth $546,000 after purchasing an additional 1,899 shares during the period. Wilmington Savings Fund Society FSB lifted its position in shares of Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock worth $31,000 after purchasing an additional 2,000 shares during the period. Wedbush Securities Inc. lifted its position in shares of Applied Digital by 14.8% in the 1st quarter. Wedbush Securities Inc. now owns 15,500 shares of the company's stock worth $87,000 after purchasing an additional 2,000 shares during the period. Finally, Wellington Management Group LLP lifted its position in shares of Applied Digital by 11.7% in the 1st quarter. Wellington Management Group LLP now owns 19,056 shares of the company's stock worth $107,000 after purchasing an additional 2,001 shares during the period. 65.67% of the stock is owned by hedge funds and other institutional investors.

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.