Applied Digital Corp (NASDAQ:APLD) on Wednesday posted better-than-expected financial results for the first quarter.

Applied Digital reported first-quarter revenue of $300.39 million, beating analyst estimates of $132.16 million, according to Benzinga Pro. The digital infrastructure provider reported an adjusted loss of one cent per share for the quarter, beating estimates for a loss of 30 cents per share.

"Our goal is to establish Applied Digital as the category leader in the design, construction, deployment and operation of purpose-built AI factories," said Wes Cummins, chairman and CEO of Applied Digital.

Applied Digital shares fell 1.4% to trade at $23.47 on Thursday.

These analysts made changes to their price targets on Applied Digital following earnings announcement.

• Needham analyst John Todaro maintained the stock with a Buy and cut the price target from $83 to $70.
• Wells Fargo analyst Eric Luebchow maintained the stock with an Overweight rating and raised the price target from $50 to $55.

Considering buying APLD stock? Here’s what analysts think:

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