Royce & Associates LP Has $4.47 Million Position in Applied Digital Co. (NASDAQ:APLD)

Royce & Associates LP lowered its position in Applied Digital Co. (NASDAQ:APLD) by 48.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 585,230 shares of the company’s stock after selling 546,910 shares during the quarter. Royce & Associates LP owned 0.26% of Applied Digital worth $4,471,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Commonwealth Equity Services LLC increased its stake in shares of Applied Digital by 55.1% in the fourth quarter. Commonwealth Equity Services LLC now owns 106,270 shares of the company’s stock valued at $812,000 after buying an additional 37,742 shares during the period. Swiss National Bank increased its position in Applied Digital by 29.1% during the 4th quarter. Swiss National Bank now owns 338,800 shares of the company’s stock valued at $2,588,000 after purchasing an additional 76,300 shares during the period. HighTower Advisors LLC increased its position in Applied Digital by 34.7% during the 4th quarter. HighTower Advisors LLC now owns 16,162 shares of the company’s stock valued at $123,000 after purchasing an additional 4,162 shares during the period. AlphaQuest LLC acquired a new stake in Applied Digital during the 4th quarter valued at approximately $476,000. Finally, Arizona State Retirement System increased its position in Applied Digital by 66.8% during the 4th quarter. Arizona State Retirement System now owns 49,953 shares of the company’s stock valued at $382,000 after purchasing an additional 20,002 shares during the period. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Price Performance

Applied Digital stock opened at $7.26 on Thursday. The stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of -4.20 and a beta of 4.69. Applied Digital Co. has a 52-week low of $2.36 and a 52-week high of $12.48. The stock’s 50 day moving average price is $7.98 and its two-hundred day moving average price is $7.89. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The company had revenue of $63.87 million for the quarter, compared to analysts’ expectations of $62.41 million. During the same period last year, the business earned ($0.05) EPS. Applied Digital’s quarterly revenue was up 51.3% compared to the same quarter last year. On average, equities analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction on Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the transaction, the director now directly owns 342,923 shares in the company, valued at $3,034,868.55. This trade represents a 5.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 11.81% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

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

Applied Digital Profile

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.