Applied Digital (NASDAQ:APLD) Given New $51.00 Price Target at Needham & Company LLC

Applied Digital (NASDAQ:APLD) had its price objective upped by Needham & Company LLC to $51.00 in a research report report published on Friday morning, Marketbeat.com reports. They currently have a buy rating on the stock.

A number of other research firms have also recently commented on APLD. Zacks Research raised shares of Applied Digital from a “strong sell” rating to a “hold” rating in a research note on Thursday, May 7th. Texas Capital raised shares of Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 20th. Wall Street Zen lowered shares of Applied Digital from a “hold” rating to a “sell” rating in a research report on Saturday, April 11th. Roth Mkm restated a “buy” rating and set a $65.00 price target on shares of Applied Digital in a research report on Thursday, April 23rd. Finally, Northland Securities set a $56.00 price target on shares of Applied Digital in a research report on Wednesday, January 28th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $44.67.

Applied Digital Stock Down 8.9%

APLD stock opened at $42.56 on Friday. The stock has a market capitalization of $12.16 billion, a P/E ratio of -57.51 and a beta of 5.69. The firm has a 50-day simple moving average of $30.93 and a 200-day simple moving average of $30.61. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65. Applied Digital has a 52 week low of $5.75 and a 52 week high of $47.79.

Applied Digital (NASDAQ:APLD) last released its earnings results on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). The company had revenue of $108.55 million for the quarter, compared to analysts’ expectations of $78.47 million. Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The firm’s revenue for the quarter was up 139.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.08) EPS. Equities analysts forecast that Applied Digital will post -0.61 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

In related news, Director Richard N. Nottenburg sold 12,500 shares of the business’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $34.59, for a total transaction of $432,375.00. Following the transaction, the director directly owned 208,378 shares in the company, valued at approximately $7,207,795.02. The trade was a 5.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $34.98, for a total transaction of $349,800.00. Following the transaction, the director owned 184,859 shares in the company, valued at $6,466,367.82. The trade was a 5.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 35,000 shares of company stock worth $1,182,175 over the last 90 days. 9.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Applied Digital

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Applied Digital by 36.4% in the 4th quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock valued at $592,601,000 after purchasing an additional 6,445,908 shares during the last quarter. Situational Awareness LP boosted its holdings in Applied Digital by 87.0% in the 4th quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock valued at $278,034,000 after purchasing an additional 5,274,905 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Applied Digital by 5.1% in the 4th quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company’s stock valued at $154,151,000 after purchasing an additional 304,228 shares during the last quarter. Value Aligned Research Advisors LLC acquired a new position in Applied Digital in the 4th quarter valued at about $138,380,000. Finally, BNP Paribas Financial Markets boosted its holdings in Applied Digital by 24,356.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock valued at $52,561,000 after purchasing an additional 5,198,223 shares during the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

About Applied Digital

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.