Barclays PLC Acquires 428,428 Shares of Applied Digital Co. (NASDAQ:APLD)

Barclays PLC raised its holdings in Applied Digital Co. (NASDAQ:APLD) by 736.8% during the third quarter, HoldingsChannel.com reports. The fund owned 486,577 shares of the company’s stock after purchasing an additional 428,428 shares during the period. Barclays PLC’s holdings in Applied Digital were worth $4,014,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Wellington Management Group LLP boosted its stake in shares of Applied Digital by 8.8% in the 3rd quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock valued at $309,000 after purchasing an additional 3,040 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Applied Digital by 14.4% in the third quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company’s stock valued at $355,000 after buying an additional 5,423 shares in the last quarter. FMR LLC grew its stake in shares of Applied Digital by 99.1% during the third quarter. FMR LLC now owns 13,071 shares of the company’s stock worth $108,000 after buying an additional 6,507 shares during the last quarter. ICA Group Wealth Management LLC grew its stake in shares of Applied Digital by 56.8% during the second quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock worth $112,000 after buying an additional 6,795 shares during the last quarter. Finally, Headlands Technologies LLC increased its holdings in shares of Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after buying an additional 6,933 shares in the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Stock Performance

Shares of APLD stock opened at $8.01 on Monday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. Applied Digital Co. has a one year low of $2.36 and a one year high of $11.25. The business’s 50 day simple moving average is $8.47 and its 200 day simple moving average is $6.55. The stock has a market capitalization of $1.69 billion, a PE ratio of -6.85 and a beta of 4.67.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.13. The company had revenue of $60.70 million during the quarter, compared to analysts’ expectations of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. Applied Digital’s revenue for the quarter was up 67.2% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.10) earnings per share. As a group, research analysts forecast that Applied Digital Co. will post -0.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on APLD. B. Riley boosted their price objective on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Craig Hallum boosted their price target on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a report on Friday, November 1st. Cantor Fitzgerald started coverage on shares of Applied Digital in a report on Friday. They set an “overweight” rating and a $15.00 target price on the stock. Finally, HC Wainwright raised their price target on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital currently has an average rating of “Buy” and a consensus target price of $11.14.

Insiders Place Their Bets

In related news, Director Richard N. Nottenburg sold 19,369 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total transaction of $145,461.19. Following the transaction, the director now owns 384,317 shares in the company, valued at $2,886,220.67. The trade was a 4.80 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total transaction of $80,100.00. Following the completion of the sale, the director now owns 208,506 shares of the company’s stock, valued at $1,670,133.06. The trade was a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 359,369 shares of company stock worth $3,115,161. Company insiders own 11.81% of the company’s stock.

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.