Rhumbline Advisers Boosts Stock Position in Applied Digital Co. (NASDAQ:APLD)

Rhumbline Advisers raised its stake in shares of Applied Digital Co. (NASDAQ:APLD) by 68.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 258,892 shares of the company’s stock after buying an additional 105,428 shares during the quarter. Rhumbline Advisers’ holdings in Applied Digital were worth $1,978,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of APLD. Wilmington Savings Fund Society FSB increased its stake in Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after acquiring an additional 2,000 shares during the last quarter. R Squared Ltd bought a new position in Applied Digital during the 4th quarter worth approximately $36,000. Spire Wealth Management purchased a new position in Applied Digital in the 4th quarter worth approximately $43,000. KBC Group NV bought a new stake in Applied Digital in the fourth quarter valued at approximately $55,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Applied Digital during the third quarter valued at approximately $59,000. Institutional investors own 65.67% of the company’s stock.

Insiders Place Their Bets

In related news, Director Richard N. Nottenburg sold 20,000 shares of the business’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total value 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 11.81% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on APLD shares. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research report on Monday, February 24th. Compass Point assumed coverage on Applied Digital in a research report on Tuesday, January 28th. They set a “buy” rating and a $10.00 price objective for the company. Northland Securities upped their price target on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 4th. Cantor Fitzgerald reduced their price objective on 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 upped their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $12.11.

Applied Digital Trading Down 14.0 %

Applied Digital stock opened at $6.88 on Tuesday. Applied Digital Co. has a 52-week low of $2.36 and a 52-week high of $12.48. The company has a market cap of $1.53 billion, a P/E ratio of -3.98 and a beta of 4.77. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The business has a 50-day simple moving average of $8.39 and a two-hundred day simple moving average of $7.69.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. The company had revenue of $63.87 million for the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 51.3% compared to the same quarter last year. During the same period last year, the firm earned ($0.05) EPS. Analysts predict that Applied Digital Co. will post -0.96 EPS for the current year.

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.