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

Needham & Company LLC reiterated their buy rating on shares of Applied Digital (NASDAQ:APLD - Free Report) in a research report report published on Wednesday,Benzinga reports. They currently have a $10.00 price target on the stock.

APLD has been the subject of a number of other research reports. Compass Point began coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They set a "buy" rating and a $10.00 target price for the company. Cantor Fitzgerald dropped their price objective on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a report on Tuesday, April 15th. HC Wainwright cut their price objective on Applied Digital from $12.00 to $7.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Finally, Northland Securities boosted their target price on Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a research report on Tuesday, February 4th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $10.67.

Applied Digital Price Performance

NASDAQ:APLD traded up $0.16 on Wednesday, reaching $4.70. 39,493,972 shares of the company's stock traded hands, compared to its average volume of 28,794,992. The stock has a 50-day simple moving average of $6.34 and a 200-day simple moving average of $7.66. Applied Digital has a 12 month low of $2.63 and a 12 month high of $12.48. The firm has a market cap of $1.06 billion, a PE ratio of -2.72 and a beta of 5.18. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its earnings results on Monday, April 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $52.92 million for the quarter, compared to the consensus estimate of $62.91 million. During the same period last year, the business posted ($0.24) EPS. Equities research analysts forecast that Applied Digital will post -0.96 earnings per share for the current year.

Institutional Investors Weigh In On Applied Digital

Several large investors have recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB boosted its holdings 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. R Squared Ltd purchased a new position in Applied Digital during the fourth quarter worth $36,000. US Bancorp DE purchased a new position in Applied Digital during the fourth quarter worth $37,000. Jones Financial Companies Lllp bought a new position in Applied Digital during the fourth quarter valued at $39,000. Finally, Spire Wealth Management purchased a new stake in shares of Applied Digital in the fourth quarter valued at $43,000. 65.67% of the stock is owned by institutional investors.

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.