333,300 Shares in Applied Digital Co. (NASDAQ:APLD) Purchased by Highbridge Capital Management LLC

Highbridge Capital Management LLC acquired a new position in shares of Applied Digital Co. (NASDAQ:APLD - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 333,300 shares of the company's stock, valued at approximately $2,546,000. Highbridge Capital Management LLC owned approximately 0.15% of Applied Digital as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of APLD. Charles Schwab Investment Management Inc. lifted its position in Applied Digital by 36.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company's stock worth $7,419,000 after buying an additional 240,554 shares in the last quarter. Quadrature Capital Ltd bought a new stake in Applied Digital during the third quarter worth about $545,000. Rhumbline Advisers boosted its position in Applied Digital by 68.7% during the fourth quarter. Rhumbline Advisers now owns 258,892 shares of the company's stock valued at $1,978,000 after purchasing an additional 105,428 shares during the last quarter. Exchange Traded Concepts LLC grew its stake in Applied Digital by 37.6% in the fourth quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company's stock valued at $7,656,000 after purchasing an additional 273,666 shares in the last quarter. Finally, Barclays PLC grew its stake in Applied Digital by 736.8% in the third quarter. Barclays PLC now owns 486,577 shares of the company's stock valued at $4,014,000 after purchasing an additional 428,428 shares in the last quarter. Institutional investors and hedge funds own 65.67% of the company's stock.

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Wall Street Analysts Forecast Growth

Several research firms have recently commented on APLD. HC Wainwright increased their price objective on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a report on Wednesday, January 15th. Cantor Fitzgerald cut their price target on shares of Applied Digital from $15.00 to $14.00 and set an "overweight" rating for the company in a research note on Wednesday, January 15th. Needham & Company LLC restated a "buy" rating and set a $11.00 price objective on shares of Applied Digital in a research note on Monday, February 24th. Compass Point initiated coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They issued a "buy" rating and a $10.00 target price for the company. Finally, Northland Securities boosted their price target on Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a research report on Tuesday, February 4th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $12.11.

Applied Digital Stock Performance

APLD stock traded down $0.13 during mid-day trading on Monday, hitting $5.59. 7,632,567 shares of the company were exchanged, compared to its average volume of 26,231,426. Applied Digital Co. has a 1-year low of $2.36 and a 1-year high of $12.48. The business has a 50 day simple moving average of $7.76 and a 200-day simple moving average of $8.01. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The stock has a market capitalization of $1.25 billion, a PE ratio of -3.23 and a beta of 4.69.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.08. The business had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The firm's quarterly revenue was up 51.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.05) EPS. On average, equities analysts forecast that Applied Digital Co. will post -0.96 earnings per share for the current year.

Insider Activity

In related news, Director Richard N. Nottenburg sold 20,000 shares of the business's stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the completion of 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 sale was disclosed in a filing with the SEC, which is accessible through this link. 11.81% of the stock is currently owned by company insiders.

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.