Applied Digital (NASDAQ:APLD) Given New $0.00 Price Target at Needham & Company LLC

Applied Digital (NASDAQ:APLD - Get Free Report) had its target price upped by stock analysts at Needham & Company LLC from $21.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock.

• The Applied Digital Breakout Is Only the Beginning

APLD has been the subject of several other reports. Craig Hallum upped their price target on Applied Digital from $12.00 to $23.00 and gave the stock a "buy" rating in a research note on Monday, August 18th. HC Wainwright increased their price target on Applied Digital from $15.00 to $20.00 and gave the company a "buy" rating in a research note on Monday, August 25th. Compass Point started coverage on Applied Digital in a report on Monday, September 15th. They set a "buy" rating for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Applied Digital in a report on Wednesday. Finally, Citigroup reaffirmed an "outperform" rating on shares of Applied Digital in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $16.20.

Check Out Our Latest Analysis on APLD

Applied Digital Price Performance

• MarketBeat Week in Review – 08/04 - 08/08

APLD opened at $29.29 on Friday. Applied Digital has a 1 year low of $3.31 and a 1 year high of $29.98. The stock has a 50-day moving average price of $18.50 and a 200-day moving average price of $11.62. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a market cap of $8.02 billion, a PE ratio of -26.87 and a beta of 6.77.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its earnings results on Thursday, October 9th. The company reported ($0.03) earnings per share for the quarter, topping analysts' consensus estimates of ($0.11) by $0.08. The business had revenue of $38.01 million during the quarter, compared to analyst estimates of $52.25 million. Applied Digital had a negative return on equity of 50.03% and a negative net margin of 107.22%.Applied Digital's revenue was up 84.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.15) EPS. Sell-side analysts predict that Applied Digital will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

• Applied Digital: Why a Surge in Bullish Bets Signals a New Era

In other news, CFO Mohammad Saidal Lavanw Mohmand sold 75,000 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total transaction of $1,144,500.00. Following the transaction, the chief financial officer owned 201,800 shares of the company's stock, valued at approximately $3,079,468. This represents a 27.10% 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 20,000 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total value of $305,200.00. Following the transaction, the director directly owned 297,987 shares in the company, valued at $4,547,281.62. The trade was a 6.29% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 506,250 shares of company stock valued at $7,713,675 in the last quarter. 9.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in APLD. GAMMA Investing LLC grew its position in shares of Applied Digital by 1,237.4% during the 1st quarter. GAMMA Investing LLC now owns 9,576 shares of the company's stock worth $540,000 after buying an additional 8,860 shares in the last quarter. Rhumbline Advisers grew its position in shares of Applied Digital by 7.8% during the 1st quarter. Rhumbline Advisers now owns 279,191 shares of the company's stock worth $1,569,000 after buying an additional 20,299 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Applied Digital by 29.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,778 shares of the company's stock worth $77,000 after purchasing an additional 3,127 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake in shares of Applied Digital by 4.0% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,042,035 shares of the company's stock worth $5,856,000 after purchasing an additional 39,945 shares during the last quarter. Finally, Mayfair Advisory Group LLC purchased a new stake in shares of Applied Digital during the 1st quarter worth $68,000. 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.

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