AlphaQuest LLC Takes $476,000 Position in Applied Digital Co. (NASDAQ:APLD)

AlphaQuest LLC bought a new position in shares of Applied Digital Co. (NASDAQ:APLD) in the 4th quarter, HoldingsChannel.com reports. The firm bought 62,365 shares of the company’s stock, valued at approximately $476,000.

Several other institutional investors have also recently added to or reduced their stakes in APLD. Charles Schwab Investment Management Inc. lifted its stake in Applied Digital by 36.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after buying an additional 240,554 shares during the last quarter. Quadrature Capital Ltd purchased a new stake in Applied Digital in the third quarter valued at approximately $545,000. Rhumbline Advisers lifted its stake in Applied Digital by 68.7% in the fourth quarter. Rhumbline Advisers now owns 258,892 shares of the company’s stock valued at $1,978,000 after buying an additional 105,428 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake in Applied Digital by 37.6% in the fourth quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company’s stock valued at $7,656,000 after buying an additional 273,666 shares during the last quarter. Finally, Barclays PLC lifted its stake in Applied Digital by 736.8% in the third quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after buying an additional 428,428 shares during the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Trading Up 3.8 %

Shares of APLD stock opened at $6.62 on Thursday. The business’s fifty day moving average price is $8.18 and its 200 day moving average price is $7.80. Applied Digital Co. has a 1-year low of $2.36 and a 1-year high of $12.48. The firm has a market capitalization of $1.48 billion, a PE ratio of -3.83 and a beta of 4.69. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. The firm had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. Applied Digital’s quarterly revenue was up 51.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.05) earnings per share. As a group, sell-side analysts forecast that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on APLD. Cantor Fitzgerald dropped their target price on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Wednesday, January 15th. Northland Securities boosted their target price on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, February 4th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a report on Monday, February 24th. HC Wainwright boosted their target price on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Finally, Compass Point began coverage on Applied Digital in a report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 target price on the stock. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $12.11.

Insiders Place Their Bets

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the business’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the sale, the director now directly owns 342,923 shares in the company, valued at approximately $3,034,868.55. The trade was a 5.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 11.81% of the stock is owned by company insiders.

About Applied Digital

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