Needham & Company LLC Increases Applied Digital (NASDAQ:APLD) Price Target to $83.00

Key Points

• Needham & Company LLC raised its price target on Applied Digital from $66 to $83 and kept a Buy rating, implying about 103% upside from the current share price.
• Other analysts remain mostly constructive, with multiple Buy ratings and a consensus price target of $61, though some firms remain cautious or bearish.
• Applied Digital recently reported strong revenue growth but still posted a quarterly loss, and its stock was trading up about 3.3% on the day of the report.

Applied Digital (NASDAQ:APLD - Get Free Report) had its price target upped by stock analysts at Needham & Company LLC from $66.00 to $83.00 in a report released on Tuesday, MarketBeat Ratings reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's price target points to a potential upside of 102.74% from the stock's current price.

Other equities research analysts also recently issued reports about the stock. Compass Point reiterated a "buy" rating and set a $70.00 target price on shares of Applied Digital in a research report on Friday, May 22nd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Applied Digital in a research report on Friday, April 24th. Citigroup restated a "market outperform" rating on shares of Applied Digital in a report on Tuesday. Zacks Research upgraded Applied Digital from a "strong sell" rating to a "hold" rating in a report on Thursday, May 7th. Finally, B. Riley Financial restated a "buy" rating and issued a $66.00 price objective (up from $53.00) on shares of Applied Digital in a report on Wednesday, May 27th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $61.00.

Applied Digital Trading Up 3.3%

APLD opened at $40.94 on Tuesday. The company's 50 day moving average is $36.49 and its 200-day moving average is $32.25. Applied Digital has a 1-year low of $9.02 and a 1-year high of $50.72. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65. The company has a market cap of $11.70 billion, a P/E ratio of -55.32 and a beta of 5.69.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.23). Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. The company had revenue of $108.55 million during the quarter, compared to analyst estimates of $78.47 million. During the same quarter in the previous year, the business posted ($0.08) earnings per share. The company's revenue for the quarter was up 139.3% on a year-over-year basis. Equities research analysts predict that Applied Digital will post -0.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction on Monday, April 27th. The shares were sold at an average price of $34.98, for a total value of $349,800.00. Following the completion of the sale, the director owned 184,859 shares in the company, valued at $6,466,367.82. The trade was a 5.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Richard N. Nottenburg sold 12,500 shares of Applied Digital stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $34.59, for a total transaction of $432,375.00. Following the completion of the sale, the director owned 208,378 shares of the company's stock, valued at $7,207,795.02. This represents a 5.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 35,000 shares of company stock valued at $1,182,175 in the last quarter. 9.50% of the stock is currently owned by company insiders.

Institutional Trading of Applied Digital

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Newbridge Financial Services Group Inc. increased its stake in Applied Digital by 8.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 3,800 shares of the company's stock valued at $93,000 after purchasing an additional 300 shares in the last quarter. Concurrent Investment Advisors LLC increased its stake in Applied Digital by 1.5% during the 4th quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company's stock valued at $523,000 after purchasing an additional 318 shares in the last quarter. Brookstone Capital Management increased its stake in Applied Digital by 3.6% during the 4th quarter. Brookstone Capital Management now owns 9,275 shares of the company's stock valued at $227,000 after purchasing an additional 321 shares in the last quarter. ProShare Advisors LLC grew its stake in shares of Applied Digital by 1.0% in the 3rd quarter. ProShare Advisors LLC now owns 36,652 shares of the company's stock worth $841,000 after acquiring an additional 376 shares in the last quarter. Finally, Independent Advisor Alliance grew its stake in shares of Applied Digital by 4.6% in the 4th quarter. Independent Advisor Alliance now owns 9,215 shares of the company's stock worth $226,000 after acquiring an additional 407 shares in the last quarter. Institutional investors own 65.67% of the company's stock.

Trending Headlines about Applied Digital

Here are the key news stories impacting Applied Digital this week:

• Positive Sentiment: Applied Digital secured a 15-year, 210 MW lease with a U.S. hyperscaler, adding roughly $5.2 billion in expected revenue and bringing total contracted lease revenue to about $36 billion across five campuses. Reuters: Applied Digital signs $5.2 billion AI data center lease with U.S. hyperscaler
• Positive Sentiment: The deal increases confidence that Applied Digital can scale its AI data center platform, with about 70% of contracted revenue now backed by investment-grade hyperscalers. Yahoo Finance: Applied Digital Signs 210 MW Lease at Delta Forge 2
• Positive Sentiment: Applied Digital also secured a revolving credit facility of up to $550 million, including committed capacity from Goldman Sachs, which gives it more flexibility to fund strategic growth. GlobeNewswire: Applied Digital Secures Revolving Credit Facility
• Neutral Sentiment: Analyst commentary remains supportive, with Needham reiterating a Buy rating and a $66 price target, citing stronger multi-year visibility. Yahoo Finance: Needham Thinks About Applied Digital

About Applied Digital

Applied Digital NASDAQ: APLD is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital's modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.

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