Exchange Traded Concepts LLC Boosts Stock Holdings in Applied Digital Co. (NASDAQ:APLD)

Exchange Traded Concepts LLC grew its position in shares of Applied Digital Co. (NASDAQ:APLD) by 37.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,002,090 shares of the company’s stock after purchasing an additional 273,666 shares during the period. Exchange Traded Concepts LLC’s holdings in Applied Digital were worth $7,656,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Nisa Investment Advisors LLC boosted its stake in Applied Digital by 16.8% during the fourth quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company’s stock valued at $90,000 after buying an additional 1,692 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Applied Digital by 8.8% in the third 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 raised its stake in Applied Digital by 14.4% during the third quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company’s stock valued at $355,000 after purchasing an additional 5,423 shares in the last quarter. FMR LLC lifted its position in Applied Digital by 99.1% during the third quarter. FMR LLC now owns 13,071 shares of the company’s stock valued at $108,000 after purchasing an additional 6,507 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Applied Digital in the 3rd quarter worth about $59,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. HC Wainwright lifted their price target on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Roth Mkm restated a “buy” rating and set a $10.00 price target on shares of Applied Digital in a report on Thursday, October 10th. Lake Street Capital boosted their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Needham & Company LLC restated a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a report on Wednesday, January 15th. Finally, Cantor Fitzgerald cut their price target on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Wednesday, January 15th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital currently has an average rating of “Buy” and a consensus price target of $11.29.

Insider Buying and Selling

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of the firm’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the transaction, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Richard N. Nottenburg sold 19,369 shares of Applied Digital stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $7.51, for a total value of $145,461.19. Following the sale, the director now directly owns 384,317 shares of the company’s stock, valued at approximately $2,886,220.67. This represents a 4.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 289,369 shares of company stock worth $2,622,461 in the last 90 days. 11.81% of the stock is owned by corporate insiders.

Applied Digital Price Performance

APLD opened at $8.96 on Friday. Applied Digital Co. has a 12-month low of $2.36 and a 12-month high of $11.25. The business’s fifty day simple moving average is $9.01 and its 200-day simple moving average is $7.07. The company has a market capitalization of $2.00 billion, a price-to-earnings ratio of -5.18 and a beta of 4.78. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD) last posted its earnings results 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. 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 during the quarter, compared to analyst estimates of $62.41 million. During the same quarter in the prior year, the business earned ($0.05) earnings per share. Applied Digital’s revenue was up 51.3% on a year-over-year basis. On average, equities research analysts anticipate that Applied Digital Co. will post -0.8 earnings per share for the current fiscal year.

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.