Needham & Company LLC Reaffirms ‘Buy’ Rating for Applied Digital (NASDAQ:APLD)

Applied Digital (NASDAQ:APLD – Get a Free Report)The stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a report issued on Thursday, Benzinga reports. They currently have a $11.00 target price on the stock. Needham & Company LLC’s price target indicates a potential upside of 149.43% from the stock’s current price.

A number of other equities research analysts also recently weighed in on APLD. HC Wainwright reiterated a “buy” rating and issued a $5.00 price target on shares of Applied Digital in a research report on Wednesday, June 12th. Roth Mkm reissued a “buy” rating and set a $11.00 target price on shares of Applied Digital in a report on Wednesday, July 10th. Finally, B. Riley upped their price objective on shares of Applied Digital from $6.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday, 28 June. Five analysts have rated the stock with a buy rating. The stock has an average rating of “Buy” and a consensus price target of $8.40, based on data from MarketBeat.com.

Check out our latest research report on APLD

Applied digital trading down 6.8%

Shares of Applied Digital stock opened at $4.41 on Thursday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.30, and a current ratio of 0.30. The firm has a 50-day moving average of $5.16 and a 200-day moving average of $4.36. Applied Digital has a 52 week low of $2.36 and a 52 week high of $8.65. The stock has a market cap of $605.09 million, a PE ratio of -5.58 and a beta of 4.56.

Institutional inputs and outputs

A number of hedge funds and other institutional investors have recently bought and sold shares of APLD. International Assets Investment Management LLC boosted its stake in Applied Digital by 106.3% in the 4th quarter. International Assets Investment Management LLC now owns 25,275 shares of the company’s stock valued at $1,700,000 after buying an additional 13,025 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Applied Digital during the fourth quarter valued at about $133,000. New York State Common Retirement Fund raised its holdings in Applied Digital by 71.5% in the fourth quarter. New York State Common Retirement Fund now owns 37,677 shares of the company’s stock worth $254,000 after acquiring an additional 15,708 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of Applied Digital by 154.0% in the fourth quarter. Russell Investments Group Ltd. now owns 265,929 shares of the company’s stock valued at $1,792,000 after acquiring an additional 161,250 shares during the last quarter. Finally, Van ECK Associates Corp lifted its position in shares of Applied Digital by 57.9% during the 4th quarter. Van ECK Associates Corp now owns 1,263,034 shares of the company’s stock valued at $8,513,000 after which acquired an additional 463,172 shares during the period. Institutional investors own 65.67% of the company’s shares.

Applied Digital Company Profile

(Get a free report)

Applied Digital Corporation designs, develops and operates data centers in North America. Its data centers provide digital infrastructure solutions to the high-performance computing industry. The company also offers artificial intelligence cloud services, high-performance computing data center hosting, and crypto data center hosting services.

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