Applied Digital (NASDAQ:APLD) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Applied Digital (NASDAQ:APLD) in a research note released on Friday, Benzinga reports. The brokerage currently has a $11.00 price target on the stock.

A number of other equities analysts have also commented on APLD. B. Riley raised their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Craig Hallum upped their price target on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Lake Street Capital raised their price objective on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. HC Wainwright increased their price target on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital has an average rating of “Buy” and a consensus target price of $10.50.

Applied Digital Price Performance

Shares of NASDAQ APLD opened at $5.97 on Friday. The stock’s fifty day simple moving average is $6.72 and its 200 day simple moving average is $5.31. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. Applied Digital has a 52-week low of $2.36 and a 52-week high of $9.48.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The firm had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. During the same quarter in the previous year, the company earned ($0.10) EPS. The business’s revenue for the quarter was up 67.2% compared to the same quarter last year. As a group, sell-side analysts predict that Applied Digital will post -0.4 earnings per share for the current year.

Insider Buying and Selling

In other Applied Digital news, Director Richard N. Nottenburg sold 80,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $7.37, for a total value of $589,600.00. Following the completion of the sale, the director now directly owns 433,686 shares of the company’s stock, valued at $3,196,265.82. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Applied Digital news, Director Richard N. Nottenburg sold 80,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the transaction, the director now directly owns 433,686 shares in the company, valued at $3,196,265.82. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $8.01, for a total value of $80,100.00. Following the sale, the director now owns 208,506 shares of the company’s stock, valued at approximately $1,670,133.06. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 100,000 shares of company stock worth $724,700. Insiders own 11.81% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. bought a new stake in Applied Digital during the 1st quarter valued at approximately $50,000. Headlands Technologies LLC grew its stake in shares of Applied Digital by 381.8% in the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after acquiring an additional 6,933 shares during the last quarter. ARS Investment Partners LLC acquired a new position in Applied Digital during the 2nd quarter valued at $60,000. Beacon Harbor Wealth Advisors Inc. bought a new stake in Applied Digital in the 3rd quarter valued at $83,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in Applied Digital in the 3rd quarter worth $88,000. 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.