Needham & Company LLC Cuts Applied Digital (NASDAQ:APLD) Price Target to $10.00

Applied Digital (NASDAQ:APLD) had its price target reduced by Needham & Company LLC from $11.00 to $10.00 in a research note released on Tuesday, MarketBeat Ratings reports. They currently have a buy rating on the stock.

A number of other equities analysts have also weighed in on APLD. Cantor Fitzgerald reduced their price objective on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. HC Wainwright lifted their price target on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Northland Securities upped their price objective on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 4th. Finally, Compass Point began coverage on shares of Applied Digital in a report on Tuesday, January 28th. They set a “buy” rating and a $10.00 target price for the company. Nine research 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 a consensus price target of $10.67.

Applied Digital Trading Down 3.4 %

Shares of NASDAQ:APLD opened at $3.94 on Tuesday. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. Applied Digital has a 52-week low of $2.36 and a 52-week high of $12.48. The stock has a market cap of $878.24 million, a price-to-earnings ratio of -2.28 and a beta of 5.18. The business has a 50-day moving average price of $6.86 and a 200-day moving average price of $7.81.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate 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 business had revenue of $52.92 million during the quarter, compared to analysts’ expectations of $62.91 million. During the same period last year, the company earned ($0.24) earnings per share. Equities analysts predict that Applied Digital will post -0.96 EPS for the current year.

Hedge Funds Weigh In On Applied Digital

A number of large investors have recently added to or reduced their stakes in the stock. Vontobel Holding Ltd. increased its stake in shares of Applied Digital by 9.8% during the fourth quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company’s stock worth $128,000 after purchasing an additional 1,500 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in Applied Digital by 16.8% in the 4th quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company’s stock worth $90,000 after buying an additional 1,692 shares during the last quarter. Wilmington Savings Fund Society FSB increased its stake in Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after buying an additional 2,000 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Applied Digital by 8.8% during the third quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock valued at $309,000 after acquiring an additional 3,040 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Applied Digital by 29.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,778 shares of the company’s stock valued at $77,000 after acquiring an additional 3,127 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.