Applied Digital Analysts Boost Their Forecasts Following Upbeat Earnings

Core Insights - Applied Digital Corp reported first-quarter revenue of $64.22 million, exceeding analyst estimates of $49.99 million, and an adjusted loss of three cents per share, better than the expected loss of 13 cents per share [1] - The company’s CEO highlighted the strategic position of Applied Digital in the AI deployment market, with hyperscalers expected to invest approximately $350 billion this year [2] - Following the earnings announcement, analysts adjusted their price targets for Applied Digital, reflecting positive sentiment towards the stock [3] Financial Performance - First-quarter revenue: $64.22 million, beating estimates of $49.99 million [1] - Adjusted loss per share: three cents, compared to an expected loss of 13 cents [1] Analyst Ratings and Price Targets - Consensus rating for Applied Digital is a Buy, with the highest price target set at $43.00 and the lowest at $7.00, resulting in a consensus price target of $22.67 [4] - Needham analyst John Todaro raised the price target from $21 to $41, while Craig-Hallum analyst George Sutton increased it from $23 to $37, and HC Wainwright & Co. analyst Kevin Dede raised it from $20 to $40 [7] Market Reaction - Applied Digital shares increased by 19.3% to $34.93 following the earnings report [2]