Applied Digital Corporation (NASDAQ:APLD) shares are trading higher Thursday after the company reported its first-quarter financial results after Wednesday's closing bell.

The Details:

Applied Digital beat analyst expectations on the top and bottom lines for the first quarter of fiscal year 2025. The company credited the increase in revenues to the launch of its Cloud Services business at the end of the previous fiscal year.

Applied Digital also highlighted the September closing of a $160 million private placement from a group of institutional and accredited investors which included Nvidia Corp.

Multiple analysts updated coverage on Applied Digital stock following the print:

• Roth MKM reiterated its Buy rating on Applied Digital and maintained its $10 price target.
• Craig-Hallum analyst George Sutton maintained a Buy rating and raised the price target from $10 to $12.
• Needham analyst John Todaro reiterated Applied Digital with a Buy and an $11 price target.

According to data from Benzinga Pro, Applied Digital shares are trading above the stock's 50-day moving average of $5.46 and 13.91% of shares are being sold short.

Will APLD Stock Go Up?

When trying to assess whether or not Applied Digital will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $9.89 on Applied Digital. The Street high target is currently at $12 and the Street low target is $5. Of all the analysts covering Applied Digital, 9 have positive ratings, no one has neutral ratings and no one has negative ratings.

In the last month, 4 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Applied Digital have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Applied Digital is 1.01% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Applied Digital, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

APLD Price Action: According to Benzinga Pro, Applied Digital shares are up 1.73% at $7.51 at the time of publication Thursday.

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