Alliancebernstein L.P. Raises Holdings in Applied Digital Co. (NASDAQ:APLD)

Alliancebernstein L.P. raised its position in Applied Digital Co. (NASDAQ:APLD - Free Report) by 102.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 190,348 shares of the company's stock after purchasing an additional 96,238 shares during the quarter. Alliancebernstein L.P. owned 0.09% of Applied Digital worth $1,454,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the business. FMR LLC raised its position in Applied Digital by 99.1% during the 3rd quarter. FMR LLC now owns 13,071 shares of the company's stock worth $108,000 after purchasing an additional 6,507 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of Applied Digital in the third quarter worth approximately $762,000. HighTower Advisors LLC bought a new stake in Applied Digital in the third quarter valued at approximately $99,000. State Street Corp increased its position in Applied Digital by 14.0% during the 3rd quarter. State Street Corp now owns 2,337,267 shares of the company's stock valued at $19,282,000 after purchasing an additional 286,852 shares during the period. Finally, Wellington Management Group LLP raised its holdings in Applied Digital by 8.8% during the 3rd quarter. Wellington Management Group LLP now owns 37,411 shares of the company's stock worth $309,000 after purchasing an additional 3,040 shares during the last quarter. 65.67% of the stock is owned by institutional investors.

Applied Digital Stock Down 3.4 %

Shares of NASDAQ:APLD traded down $0.14 during trading on Friday, hitting $3.94. The stock had a trading volume of 36,300,379 shares, compared to its average volume of 28,302,324. The firm's fifty day moving average is $6.78 and its 200 day moving average is $7.78. Applied Digital Co. has a 12 month low of $2.36 and a 12 month high of $12.48. The company has a market capitalization of $885.39 million, a PE ratio of -2.28 and a beta of 5.18. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its earnings results on Monday, April 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.05). The firm had revenue of $52.92 million during the quarter, compared to the consensus estimate of $62.91 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. During the same quarter in the prior year, the company posted ($0.24) EPS. Analysts anticipate that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on APLD shares. Compass Point started coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They set a "buy" rating and a $10.00 price objective for the company. Needham & Company LLC dropped their target price on shares of Applied Digital from $11.00 to $10.00 and set a "buy" rating on the stock in a research report on Tuesday. HC Wainwright reduced their price objective on Applied Digital from $12.00 to $7.00 and set a "buy" rating for the company in a research note on Tuesday. Northland Securities lifted their price target on Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a research note on Tuesday, February 4th. Finally, Cantor Fitzgerald reduced their target price on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a research note on Tuesday. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital currently has a consensus rating of "Buy" and an average price target of $10.67.

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.