HomeMarket NewsSmall CapsApplied Digital Corporation Poised for Narrower Q1 Loss; Analysts Adjust Price Targets

Applied Digital Corporation Poised for Narrower Q1 Loss; Analysts Adjust Price Targets

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Applied Digital Corporation (NASDAQ: APLD) is set to announce its financial results for the fiscal first quarter ended August 31, 2023, before the opening bell on October 9, 2023.

Analysts predict that the company will report a quarterly loss of 2 cents per share, a significant improvement from the loss of 5 cents per share in the same period last year. Revenue for the quarter is expected to reach $35.16 million, compared to $6.64 million in the year-ago period.

Following this news, Applied Digital shares experienced a 5% decline, closing at $5.20 on Thursday.

Recent Price Target Changes by Top Analysts

Let’s take a closer look at how some of the most accurate analysts from Benzinga have rated Applied Digital Corporation in recent months:

  • HC Wainwright & Co. analyst Kevin Dede reiterated a Buy rating with a price target of $12 on September 21, 2023. Dede has a 67% accuracy rate.
  • B. Riley Securities analyst Lucas Pipes maintained a Buy rating and reduced the price target from $18 to $16 on September 18, 2023. Pipes has a 64% accuracy rate.
  • Needham analyst John Todaro maintained a Buy rating and raised the price target from $16 to $17.5 on July 25, 2023. Todaro has a 79% accuracy rate.
  • Lake Street analyst Rob Brown maintained a Buy rating and increased the price target from $9 to $16 on July 17, 2023. Brown has a 79% accuracy rate.
  • Craig-Hallum analyst George Sutton maintained a Buy rating and raised the price target from $10 to $13 on May 17, 2023. Sutton has a 63% accuracy rate.

What to Expect for Applied Digital Corporation

The upcoming earnings release for Applied Digital Corporation’s Q1 is highly anticipated by investors. While the company is expected to report a narrower loss compared to the previous year, the market reaction may vary depending on how the results align with analysts’ estimates. Investors will closely monitor the revenue figure as a key indicator of the company’s growth potential.

FAQs

What factors could potentially impact Applied Digital Corporation’s performance in Q1?

Several factors may influence Applied Digital Corporation’s performance in Q1, such as:

  • Market conditions and trends in the digital technology sector
  • The company’s ability to secure and retain clients
  • Technological advancements and competitive landscape
  • Regulatory changes impacting the industry

Are there any key initiatives or developments to watch for from Applied Digital Corporation?

Investors should keep an eye out for any significant initiatives or developments from Applied Digital Corporation that could impact its future performance. This may include:

  • New product launches or improvements to existing products
  • Strategic partnerships or acquisitions
  • Expansion into new markets or industries
  • Updates on research and development projects

What are the key risks associated with investing in Applied Digital Corporation?

Like any investment, there are risks involved in investing in Applied Digital Corporation. Some key risks to consider include:

  • Market volatility and economic uncertainties
  • Regulatory changes impacting the industry
  • Competition from larger, established companies
  • Technological disruptions and obsolescence

Investors should conduct thorough research and seek professional advice before making any investment decisions.

Conclusion

Applied Digital Corporation’s upcoming Q1 earnings release is eagerly awaited by investors. Analysts are optimistic about the company’s performance, with predictions of a narrower quarterly loss compared to the previous year. The recent price target adjustments by top analysts demonstrate confidence in the company’s growth prospects. However, investors should carefully consider the risks associated with investing in Applied Digital Corporation before making any investment decisions.

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