Zurcher Kantonalbank Zurich Cantonalbank Purchases Shares of 7,146 Applied Digital Co. (NASDAQ:APLD)

Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Applied Digital Co. (NASDAQ:APLD) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 7,146 shares of the company’s stock, valued at approximately $59,000.

A number of other large investors have also recently added to or reduced their stakes in APLD. Hood River Capital Management LLC raised its position in shares of Applied Digital by 8.7% in the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after purchasing an additional 771,699 shares during the period. Van ECK Associates Corp raised its position in shares of Applied Digital by 18.3% in the second quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock valued at $17,077,000 after purchasing an additional 443,699 shares during the period. Royce & Associates LP raised its position in shares of Applied Digital by 1.4% in the third quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock valued at $9,340,000 after purchasing an additional 15,763 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of 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 purchasing an additional 240,554 shares during the period. Finally, B. Riley Wealth Advisors Inc. raised its position in shares of Applied Digital by 66.1% in the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock valued at $4,609,000 after purchasing an additional 308,223 shares during the period. Institutional investors and hedge funds own 65.67% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Craig Hallum increased their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Roth Mkm reissued a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research report on Friday, November 1st. HC Wainwright raised their price target on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Finally, B. Riley raised their price target on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $10.50.

Insider Buying and Selling at Applied Digital

In related news, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the sale, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Richard N. Nottenburg sold 80,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the transaction, the director now owns 433,686 shares of the company’s stock, valued at approximately $3,196,265.82. This represents a 15.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 359,369 shares of company stock valued at $3,115,161 in the last ninety days. 11.81% of the stock is currently owned by company insiders.

Applied Digital Price Performance

APLD stock opened at $9.52 on Tuesday. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. Applied Digital Co. has a 12 month low of $2.36 and a 12 month high of $11.25. The firm has a market cap of $2.01 billion, a P/E ratio of -8.14 and a beta of 4.67. The company’s 50-day moving average price is $8.23 and its two-hundred day moving average price is $6.26.

Applied Digital (NASDAQ:APLD) last released its earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The firm had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. During the same period last year, the firm earned ($0.10) EPS. The business’s quarterly revenue was up 67.2% compared to the same quarter last year. On average, analysts anticipate that Applied Digital Co. will post -0.4 earnings per share for the current fiscal year.

Applied Digital Company 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.