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

Applied Digital (NASDAQ:APLD)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a research note issued to investors on Monday,Benzinga reports. They currently have a $11.00 target price on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 24.29% from the company’s previous close.

A number of other equities research analysts have also commented on the stock. HC Wainwright raised their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. Compass Point initiated coverage on Applied Digital in a report on Tuesday, January 28th. They set a “buy” rating and a $10.00 target price for the company. Cantor Fitzgerald cut their price target on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Wednesday, January 15th. Finally, Northland Securities increased their price objective on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a report on Tuesday, February 4th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $12.11.

Applied Digital Trading Down 16.9 %

Applied Digital stock traded down $1.80 during mid-day trading on Monday, hitting $8.85. 23,874,444 shares of the company’s stock were exchanged, compared to its average volume of 25,936,545. Applied Digital has a fifty-two week low of $2.36 and a fifty-two week high of $12.48. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $1.97 billion, a P/E ratio of -5.12 and a beta of 4.77. The company’s 50 day simple moving average is $8.48 and its 200-day simple moving average is $7.52.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The company had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. During the same quarter last year, the firm posted ($0.05) earnings per share. Applied Digital’s revenue was up 51.3% compared to the same quarter last year. On average, equities analysts anticipate that Applied Digital will post -0.96 earnings per share for the current year.

Insider Buying and Selling

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the transaction, the director now owns 342,923 shares of the company’s stock, valued at $3,034,868.55. The trade was a 5.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Wes Cummins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the sale, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 270,000 shares of company stock worth $2,477,000. Corporate insiders own 11.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Private Advisor Group LLC raised its holdings in shares of Applied Digital by 159.7% in the 3rd quarter. Private Advisor Group LLC now owns 38,700 shares of the company’s stock valued at $319,000 after purchasing an additional 23,800 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new position in Applied Digital during the third quarter worth approximately $88,000. Hunter Associates Investment Management LLC raised its stake in Applied Digital by 14.5% in the third quarter. Hunter Associates Investment Management LLC now owns 425,143 shares of the company’s stock valued at $3,515,000 after buying an additional 53,809 shares during the period. Beacon Harbor Wealth Advisors Inc. bought a new stake in Applied Digital in the third quarter valued at approximately $83,000. Finally, Victory Capital Management Inc. lifted its position in shares of Applied Digital by 72.5% in the third quarter. Victory Capital Management Inc. now owns 19,535 shares of the company’s stock valued at $161,000 after buying an additional 8,212 shares during the last quarter. 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.