Applied Digital (NASDAQ:APLD – Get Free Report)‘s stock had its “buy” rating reiterated by investment analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $11.00 price target on the stock. Needham & Company LLC’s target price would indicate a potential upside of 28.81% from the stock’s current price.
A number of other brokerages have also recently weighed in on APLD. Craig Hallum boosted their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Cantor Fitzgerald started coverage on Applied Digital in a research note on Friday, December 20th. They issued an “overweight” rating and a $15.00 price objective for the company. Roth Mkm reiterated a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research note on Thursday, October 10th. HC Wainwright boosted their price objective on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Finally, Lake Street Capital boosted their price objective on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital has an average rating of “Buy” and a consensus target price of $11.14.
View Our Latest Analysis on APLD
Applied Digital Stock Performance
Applied Digital (NASDAQ:APLD – Get Free Report) last announced its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The firm had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. During the same period in the prior year, the company posted ($0.05) earnings per share. The firm’s quarterly revenue was up 51.3% compared to the same quarter last year. Research analysts predict that Applied Digital will post -0.4 EPS for the current fiscal year.
Insider Transactions at Applied Digital
In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the transaction, the chief executive officer now owns 3,875,955 shares in the company, valued at approximately $35,658,786. This represents a 4.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total value of $80,100.00. Following the completion of the transaction, the director now owns 208,506 shares of the company’s stock, valued at $1,670,133.06. The trade was a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 279,369 shares of company stock worth $2,525,561 over the last 90 days. 11.81% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of APLD. SeaCrest Wealth Management LLC acquired a new stake in Applied Digital in the fourth quarter valued at $586,000. Gunderson Capital Management Inc. acquired a new stake in Applied Digital in the fourth quarter valued at $83,000. JPMorgan Chase & Co. grew its holdings in Applied Digital by 18.4% in the third quarter. JPMorgan Chase & Co. now owns 56,355 shares of the company’s stock valued at $465,000 after purchasing an additional 8,774 shares during the last quarter. Tidal Investments LLC acquired a new stake in Applied Digital in the third quarter valued at $95,000. Finally, Virtu Financial LLC acquired a new stake in Applied Digital in the third quarter valued at $2,030,000. Hedge funds and other 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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