Applied Digital’s (APLD) Buy Rating Reiterated at Needham & Company LLC

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

Several other brokerages have also recently commented on APLD. HC Wainwright lifted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Compass Point started coverage on Applied Digital in a research note on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price target on the stock. Northland Securities upped their price objective on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, February 4th. Finally, Cantor Fitzgerald decreased their target price on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital currently has a consensus rating of “Buy” and an average target price of $12.11.

Applied Digital Price Performance

Shares of APLD stock opened at $8.11 on Monday. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $1.81 billion, a price-to-earnings ratio of -4.69 and a beta of 4.78. The firm’s 50 day moving average is $8.41 and its 200-day moving average is $7.59. Applied Digital has a 1 year low of $2.36 and a 1 year high of $12.48.

Applied Digital (NASDAQ:APLD) last released its earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.08. The company had revenue of $63.87 million during the quarter, compared to analysts’ expectations of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same period last year, the firm earned ($0.05) EPS. Sell-side analysts forecast that Applied Digital will post -0.96 EPS for the current fiscal year.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the company’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 completion of the transaction, the director now owns 342,923 shares of the company’s stock, valued at $3,034,868.55. This represents a 5.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 11.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Polar Asset Management Partners Inc. acquired a new stake in shares of Applied Digital in the fourth quarter valued at about $510,000. Mackenzie Financial Corp acquired a new stake in shares of Applied Digital in the 4th quarter valued at approximately $92,000. GTS Securities LLC acquired a new position in Applied Digital during the fourth quarter worth $196,000. Two Seas Capital LP bought a new stake in Applied Digital during the fourth quarter worth $5,062,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Applied Digital by 271.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 343,260 shares of the company’s stock valued at $2,623,000 after acquiring an additional 250,944 shares during the period. Institutional investors and hedge funds 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.