Needham & Company LLC Issues Pessimistic Forecast for Applied Digital (NASDAQ:APLD) Stock Price

Applied Digital (NASDAQ:APLD - Free Report) had its target price cut by Needham & Company LLC from $11.00 to $10.00 in a research note published on Tuesday, Marketbeat reports. They currently have a buy rating on the stock.

Other research analysts have also recently issued research reports about the stock. HC Wainwright lifted their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research note on Wednesday, January 15th. Compass Point began coverage on Applied Digital in a research report on Tuesday, January 28th. They set a "buy" rating and a $10.00 target price for the company. Northland Securities increased their price objective on shares of Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a report on Tuesday, February 4th. Finally, Cantor Fitzgerald dropped their target price on shares of Applied Digital from $15.00 to $14.00 and set an "overweight" rating for the company in a research report on Wednesday, January 15th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $10.67.

Applied Digital Stock Performance

APLD traded down $0.14 during mid-day trading on Tuesday, reaching $3.94. 36,300,379 shares of the company traded hands, compared to its average volume of 28,302,324. The stock has a market capitalization of $885.39 million, a P/E ratio of -2.28 and a beta of 5.18. Applied Digital has a 52-week low of $2.36 and a 52-week high of $12.48. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The company's fifty day moving average price is $6.78 and its 200-day moving average price is $7.78.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vontobel Holding Ltd. raised its stake in shares of Applied Digital by 9.8% in the fourth quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company's stock valued at $128,000 after acquiring an additional 1,500 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of Applied Digital by 16.8% during the fourth quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company's stock valued at $90,000 after buying an additional 1,692 shares during the last quarter. Wilmington Savings Fund Society FSB lifted its stake in shares of Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock worth $31,000 after acquiring an additional 2,000 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Applied Digital by 8.8% during the third quarter. Wellington Management Group LLP now owns 37,411 shares of the company's stock valued at $309,000 after purchasing an additional 3,040 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its position in Applied Digital by 29.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,778 shares of the company's stock valued at $77,000 after buying an additional 3,127 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.