Applied Digital (NASDAQ:APLD) Given New $10.00 Price Target at Needham & Company LLC

Applied Digital (NASDAQ:APLD) had its target price reduced by research analysts at Needham & Company LLC from $11.00 to $10.00 in a research report issued on Tuesday, Marketbeat.com reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target would suggest a potential upside of 145.10% from the company’s previous close.

Several other analysts have also recently commented on APLD. Northland Securities increased their target price on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a report on Tuesday, February 4th. HC Wainwright raised their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Cantor Fitzgerald reduced their target price on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Finally, Compass Point began coverage on shares of Applied Digital in a report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price target for the company. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Digital currently has an average rating of “Buy” and an average price target of $10.67.

Applied Digital Stock Performance

Applied Digital stock opened at $4.08 on Tuesday. Applied Digital has a 52-week low of $2.36 and a 52-week high of $12.48. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The stock has a fifty day moving average price of $6.94 and a two-hundred day moving average price of $7.84. The firm has a market capitalization of $909.44 million, a P/E ratio of -2.36 and a beta of 5.18.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.05). Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The firm had revenue of $52.92 million during the quarter, compared to analyst estimates of $62.91 million. During the same quarter last year, the firm earned ($0.24) earnings per share. As a group, analysts anticipate that Applied Digital will post -0.96 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Richard N. Nottenburg sold 20,000 shares of the firm’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the transaction, the director now directly owns 342,923 shares in the company, valued at $3,034,868.55. This trade represents a 5.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Several hedge funds have recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB increased its stake in shares of Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after acquiring an additional 2,000 shares during the last quarter. R Squared Ltd acquired a new position in Applied Digital during the fourth quarter valued at approximately $36,000. US Bancorp DE acquired a new position in Applied Digital during the fourth quarter valued at approximately $37,000. Jones Financial Companies Lllp bought a new stake in Applied Digital in the fourth quarter valued at approximately $39,000. Finally, Spire Wealth Management acquired a new stake in Applied Digital in the fourth quarter worth $43,000. 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.