Applied Digital (NASDAQ:APLD) Given Buy Rating at Needham & Company LLC

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

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

Applied Digital Trading Down 4.4 %

APLD traded down $0.30 during midday trading on Friday, reaching $6.46. 21,629,268 shares of the company’s stock traded hands, compared to its average volume of 7,189,181. Applied Digital has a 52 week low of $2.36 and a 52 week high of $9.48. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of -5.52 and a beta of 4.56. The firm has a fifty day moving average of $6.69 and a two-hundred day moving average of $5.25. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. During the same quarter last year, the company earned ($0.10) EPS. The firm’s revenue for the quarter was up 67.2% on a year-over-year basis. On average, equities analysts anticipate that Applied Digital will post -0.4 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the sale, the director now directly owns 218,506 shares in the company, valued at $1,201,783. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total transaction of $55,000.00. Following the sale, the director now owns 218,506 shares of the company’s stock, valued at approximately $1,201,783. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard N. Nottenburg sold 80,000 shares of Applied Digital stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the sale, the director now owns 433,686 shares of the company’s stock, valued at $3,196,265.82. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 100,000 shares of company stock valued at $724,700. Corporate insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

Institutional investors have recently added to or reduced their stakes in the stock. 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 in the last quarter. ARS Investment Partners LLC purchased a new stake in Applied Digital in the second quarter valued at $60,000. Beacon Harbor Wealth Advisors Inc. purchased a new stake in shares of Applied Digital in the third quarter valued at about $83,000. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Applied Digital in the third quarter valued at about $88,000. Finally, Principal Financial Group Inc. acquired a new position in shares of Applied Digital during the first quarter worth about $50,000. 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.