Applied Digital (NASDAQ:APLD) Price Target Raised to $66.00

Applied Digital (NASDAQ:APLD) had its price objective lifted by stock analysts at Needham & Company LLC from $51.00 to $66.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 67.00% from the stock’s previous close.

A number of other brokerages have also weighed in on APLD. Zacks Research raised Applied Digital from a “strong sell” rating to a “hold” rating in a report on Thursday, May 7th. Northland Securities set a $56.00 price objective on Applied Digital in a report on Wednesday, January 28th. Wall Street Zen lowered Applied Digital from a “hold” rating to a “sell” rating in a report on Saturday, April 11th. Roth Mkm reissued a “buy” rating and issued a $65.00 price objective on shares of Applied Digital in a report on Thursday, April 23rd. Finally, Citigroup reissued an “outperform” rating on shares of Applied Digital in a report on Thursday. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Applied Digital has a consensus rating of “Moderate Buy” and an average price target of $46.33.

Applied Digital Trading Up 7.9%

Shares of NASDAQ:APLD opened at $39.52 on Thursday. The business’s 50-day moving average is $31.63 and its 200 day moving average is $30.67. Applied Digital has a 1 year low of $6.53 and a 1 year high of $47.79. The firm has a market capitalization of $11.29 billion, a P/E ratio of -53.40 and a beta of 5.69. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.38 and a quick ratio of 2.38.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.23). Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. The business had revenue of $108.55 million for the quarter, compared to analyst estimates of $78.47 million. During the same period in the prior year, the company earned ($0.08) earnings per share. The company’s quarterly revenue was up 139.3% on a year-over-year basis. On average, research analysts predict 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 firm’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $34.59, for a total transaction of $432,375.00. Following the sale, the director directly owned 208,378 shares of the company’s stock, valued at $7,207,795.02. This trade represents a 5.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the sale, the director directly owned 184,859 shares in the company, valued at approximately $6,466,367.82. This trade represents a 5.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 35,000 shares of company stock worth $1,182,175 over the last three months. Corporate insiders own 9.50% of the company’s stock.

Institutional Trading of Applied Digital

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Newbridge Financial Services Group Inc. grew its holdings in Applied Digital by 8.6% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 3,800 shares of the company’s stock worth $93,000 after acquiring an additional 300 shares during the period. Concurrent Investment Advisors LLC grew its holdings in Applied Digital by 1.5% during the fourth quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company’s stock worth $523,000 after acquiring an additional 318 shares during the period. Brookstone Capital Management grew its holdings in Applied Digital by 3.6% during the fourth quarter. Brookstone Capital Management now owns 9,275 shares of the company’s stock worth $227,000 after acquiring an additional 321 shares during the period. ProShare Advisors LLC grew its holdings in Applied Digital by 1.0% during the third quarter. ProShare Advisors LLC now owns 36,652 shares of the company’s stock worth $841,000 after acquiring an additional 376 shares during the period. Finally, Independent Advisor Alliance grew its holdings in Applied Digital by 4.6% during the fourth quarter. Independent Advisor Alliance now owns 9,215 shares of the company’s stock worth $226,000 after acquiring an additional 407 shares during the period. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Company Profile

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.