Blueshift Asset Management LLC Buys New Stake in Applied Digital Co. (NASDAQ:APLD)

Blueshift Asset Management LLC purchased a new stake in Applied Digital Co. (NASDAQ:APLD) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 13,824 shares of the company’s stock, valued at approximately $106,000.

Several other hedge funds also recently added to or reduced their stakes in APLD. Victory Capital Management Inc. grew its stake in shares of Applied Digital by 72.5% in the third quarter. Victory Capital Management Inc. now owns 19,535 shares of the company’s stock valued at $161,000 after buying an additional 8,212 shares in the last quarter. Intech Investment Management LLC acquired a new stake in Applied Digital in the third quarter valued at approximately $115,000. Charles Schwab Investment Management Inc. raised its stake in shares of Applied Digital by 36.5% during 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. The Manufacturers Life Insurance Company lifted its position in shares of Applied Digital by 14.4% during the third quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company’s stock worth $355,000 after purchasing an additional 5,423 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of Applied Digital in the third quarter valued at $283,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

APLD has been the topic of several analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research note on Monday, February 24th. Cantor Fitzgerald cut their price target on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Northland Securities increased their price target on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, February 4th. HC Wainwright upped their target price on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Finally, Compass Point began coverage on Applied Digital in a research note on Tuesday, January 28th. They set a “buy” rating and a $10.00 target price for the company. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Digital has a consensus rating of “Buy” and a consensus price target of $12.11.

Applied Digital Stock Down 3.0 %

APLD stock opened at $7.07 on Friday. The firm has a market cap of $1.58 billion, a price-to-earnings ratio of -4.09 and a beta of 4.69. Applied Digital Co. has a 1-year low of $2.36 and a 1-year high of $12.48. The firm has a fifty day moving average price of $7.93 and a two-hundred day moving average price of $7.94. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The firm had revenue of $63.87 million for 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 quarterly revenue was up 51.3% on a year-over-year basis. Research analysts predict that Applied Digital Co. will post -0.96 EPS for the current year.

Insider Buying and Selling

In related news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction dated Friday, January 17th. The shares were 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 $3,034,868.55. This trade represents a 5.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 11.81% of the company’s stock.

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.