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

Needham & Company LLC restated their buy rating on shares of Applied Digital (NASDAQ:APLD) in a research note published on Thursday, Benzinga reports. Needham & Company LLC currently has a $11.00 price objective on the stock.

Other analysts also recently issued research reports about the company. Roth Mkm reissued a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a research note on Thursday, October 10th. B. Riley raised their price objective on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a report on Friday, September 13th. Lake Street Capital raised their price objective on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, October 10th. HC Wainwright raised their price objective on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Finally, Craig Hallum raised their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital currently has an average rating of “Buy” and a consensus price target of $10.50.

Applied Digital Stock Performance

Shares of Applied Digital stock opened at $8.18 on Thursday. The stock’s fifty day simple moving average is $5.92 and its 200 day simple moving average is $4.93. Applied Digital has a 12 month low of $2.36 and a 12 month high of $8.78. The company has a market capitalization of $1.12 billion, a PE ratio of -10.35 and a beta of 4.56. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative return on equity of 107.05% 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 last year, the business posted ($0.10) EPS. The company’s revenue for the quarter was up 67.2% on a year-over-year basis. On average, research analysts predict that Applied Digital will post -1.12 EPS for the current year.

Insider Buying and Selling

In related news, Director Richard N. Nottenburg sold 80,000 shares of Applied Digital 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 completion of the transaction, the director now owns 433,686 shares in the company, valued at approximately $3,196,265.82. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the completion of the sale, the director now owns 218,506 shares in the company, valued at $1,201,783. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Richard N. Nottenburg sold 80,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $7.37, for a total value of $589,600.00. Following the sale, the director now owns 433,686 shares of the company’s stock, valued at approximately $3,196,265.82. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 20.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

Institutional investors have recently made changes to their positions in the company. Headlands Technologies LLC boosted its holdings in shares of Applied Digital by 381.8% during 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 period. ARS Investment Partners LLC acquired a new stake in shares of Applied Digital in the second quarter valued at approximately $60,000. Principal Financial Group Inc. acquired a new stake in shares of Applied Digital in the first quarter valued at approximately $50,000. Crumly & Associates Inc. acquired a new stake in shares of Applied Digital in the second quarter valued at approximately $110,000. Finally, ICA Group Wealth Management LLC raised its position in shares of Applied Digital by 56.8% in the second quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock valued at $112,000 after buying an additional 6,795 shares in the last quarter. Institutional investors own 65.67% of the company’s stock.

About Applied Digital

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.