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

Applied Digital (NASDAQ:APLD - Get Free Report)'s stock had its "buy" rating restated by analysts at Needham & Company LLC in a report released on Monday,Benzinga reports. They presently have a $10.00 price objective on the stock. Needham & Company LLC's price target would indicate a potential downside of 2.44% from the stock's previous close.

APLD has been the topic of several other reports. Citizens Jmp upgraded shares of Applied Digital to a "strong-buy" rating and set a $12.00 price objective on the stock in a research note on Thursday, May 22nd. HC Wainwright lowered their target price on shares of Applied Digital from $12.00 to $7.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Cantor Fitzgerald cut their price objective on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a research report on Tuesday, April 15th. Northland Securities lifted their target price 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. Finally, JMP Securities assumed coverage on shares of Applied Digital in a research note on Thursday, May 22nd. They set a "market outperform" rating and a $12.00 target price on the stock. Ten research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $11.91.

Applied Digital Stock Up 1.1%

Applied Digital stock traded up $0.11 during mid-day trading on Monday, hitting $10.25. 150,246,092 shares of the company's stock were exchanged, compared to its average volume of 33,631,281. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. Applied Digital has a 1-year low of $3.01 and a 1-year high of $12.48. The stock has a 50 day moving average of $5.61 and a two-hundred day moving average of $7.42. The stock has a market cap of $2.30 billion, a P/E ratio of -5.92 and a beta of 6.09.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly 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 net margin of 127.86% and a negative return on equity of 117.67%. The company had revenue of $52.92 million during the quarter, compared to analyst estimates of $62.91 million. During the same period in the prior year, the business earned ($0.24) EPS. As a group, analysts anticipate that Applied Digital will post -0.96 EPS for the current fiscal year.

Insider Transactions at Applied Digital

In related news, Director Rachel H. Lee sold 24,212 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total transaction of $169,484.00. Following the transaction, the director now owns 83,613 shares in the company, valued at $585,291. This trade represents a 22.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 11.81% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of APLD. Barclays PLC boosted its position in shares of 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 acquiring an additional 428,428 shares in the last quarter. KBC Group NV acquired a new position in Applied Digital during the fourth quarter valued at approximately $55,000. R Squared Ltd acquired a new position in shares of Applied Digital in the fourth quarter valued at approximately $36,000. Spire Wealth Management acquired a new position in shares of Applied Digital in the fourth quarter valued at approximately $43,000. Finally, Calamos Advisors LLC acquired a new position in Applied Digital during the fourth quarter worth $1,273,000. Institutional investors own 65.67% of the company's stock.

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.