Applied Digital’s (APLD) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Applied Digital (NASDAQ:APLD) in a report published on Wednesday morning, Benzinga reports. They currently have a $11.00 price target on the stock.

APLD has been the topic of a number of other reports. HC Wainwright restated a buy rating and set a $5.00 price objective on shares of Applied Digital in a research report on Wednesday, June 12th. Lake Street Capital lowered their price target on shares of Applied Digital from $19.00 to $7.00 and set a buy rating on the stock in a report on Friday, April 12th. B. Riley raised their price objective on shares of Applied Digital from $6.00 to $8.00 and gave the stock a buy rating in a report on Friday, June 28th. Finally, Roth Mkm reissued a buy rating and issued a $11.00 target price on shares of Applied Digital in a research note on Wednesday. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of Buy and a consensus price target of $8.40.

Applied Digital Price Performance

Shares of Applied Digital stock opened at $6.20 on Wednesday. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.30 and a quick ratio of 0.30. The company has a market cap of $850.70 million, a PE ratio of -7.85 and a beta of 4.56. The firm has a fifty day moving average price of $4.89 and a two-hundred day moving average price of $4.71. Applied Digital has a fifty-two week low of $2.36 and a fifty-two week high of $11.07.

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

Hedge Funds Weigh In On Applied Digital

Several institutional investors have recently added to or reduced their stakes in the company. Capital Research Global Investors grew its holdings in shares of Applied Digital by 427.2% during the fourth quarter. Capital Research Global Investors now owns 7,337,288 shares of the company’s stock worth $49,453,000 after purchasing an additional 5,945,559 shares during the last quarter. Equitec Proprietary Markets LLC lifted its position in Applied Digital by 415.4% during the 4th quarter. Equitec Proprietary Markets LLC now owns 4,168,657 shares of the company’s stock worth $28,097,000 after buying an additional 3,359,845 shares in the last quarter. Vanguard Group Inc. grew its holdings in Applied Digital by 70.2% during the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock worth $26,434,000 after acquiring an additional 2,547,485 shares during the last quarter. Van ECK Associates Corp increased its position in Applied Digital by 92.1% in the 1st quarter. Van ECK Associates Corp now owns 2,426,281 shares of the company’s stock valued at $10,384,000 after acquiring an additional 1,163,247 shares in the last quarter. Finally, Oasis Management Co Ltd. raised its stake in shares of Applied Digital by 23.6% in the fourth quarter. Oasis Management Co Ltd. now owns 4,928,129 shares of the company’s stock worth $33,216,000 after acquiring an additional 940,075 shares during the last quarter. 65.67% of the stock is owned by institutional investors.

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.