Needham & Company LLC Reaffirms “Buy” Rating for Applied Digital (NASDAQ:APLD)

Needham & Company LLC reiterated their buy rating on shares of Applied Digital (NASDAQ:APLD) in a report published on Friday, Benzinga reports. The firm currently has a $11.00 price target on the stock.

Several other equities research analysts also recently weighed in on the company. HC Wainwright reissued a buy rating and issued a $5.00 price objective on shares of Applied Digital in a report on Wednesday, June 12th. Roth Mkm decreased their price target on Applied Digital from $13.00 to $8.00 and set a buy rating for the company in a report on Friday, April 12th. Lake Street Capital decreased their price target on Applied Digital from $19.00 to $7.00 and set a buy rating for the company in a report on Friday, April 12th. Finally, B. Riley decreased their price target on Applied Digital from $8.00 to $6.00 and set a buy rating for the company in a report on Monday, May 6th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of Buy and an average price target of $7.40.

Applied Digital Stock Performance

Shares of Applied Digital stock opened at $4.65 on Friday. The firm has a market capitalization of $571.16 million, a P/E ratio of -5.89 and a beta of 4.38. Applied Digital has a 52 week low of $2.36 and a 52 week high of $11.62. The firm’s 50 day moving average is $3.57 and its two-hundred day moving average is $4.70. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.90.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Thursday, April 11th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.40). The firm had revenue of $43.35 million during the quarter, compared to analyst estimates of $50.36 million. Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. Research analysts forecast that Applied Digital will post -1.03 EPS for the current fiscal year.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently bought and sold shares of APLD. Barclays PLC lifted its holdings in Applied Digital by 73.6% in the third quarter. Barclays PLC now owns 23,588 shares of the company’s stock valued at $146,000 after acquiring an additional 10,002 shares during the period. Swiss National Bank acquired a new stake in Applied Digital in the third quarter valued at $856,000. William Blair Investment Management LLC lifted its holdings in Applied Digital by 110.9% in the third quarter. William Blair Investment Management LLC now owns 1,152,940 shares of the company’s stock valued at $7,194,000 after acquiring an additional 606,347 shares during the period. Federated Hermes Inc. acquired a new stake in Applied Digital in the third quarter valued at $755,000. Finally, Millrace Asset Group Inc. acquired a new stake in Applied Digital in the third quarter valued at $982,000. Institutional investors and hedge funds 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.