Bank of New York Mellon Corp Has $3.67 Million Holdings in Applied Digital Co. (NASDAQ:APLD)

Bank of New York Mellon Corp grew its stake in shares of Applied Digital Co. (NASDAQ:APLD - Free Report) by 50.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 480,526 shares of the company's stock after buying an additional 161,250 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.22% of Applied Digital worth $3,671,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wilmington Savings Fund Society FSB grew its stake in shares of Applied Digital by 100.0% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock worth $31,000 after buying an additional 2,000 shares during the last quarter. R Squared Ltd bought a new stake in shares of Applied Digital during the fourth quarter worth $36,000. Spire Wealth Management bought a new stake in shares of Applied Digital during the fourth quarter worth $43,000. KBC Group NV bought a new stake in shares of Applied Digital during the fourth quarter worth $55,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Applied Digital during the third quarter worth $59,000. Institutional investors own 65.67% of the company's stock.

Insider Activity

In other news, Director Richard N. Nottenburg sold 20,000 shares of the company's stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $177,000.00. Following the transaction, the director now owns 342,923 shares in the company, valued at approximately $3,034,868.55. This represents a 5.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 11.81% of the company's stock.

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Wall Street Analysts Forecast Growth

APLD has been the topic of several analyst reports. 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 price objective on the stock. Northland Securities boosted their price objective on shares of Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 4th. Needham & Company LLC reissued a "buy" rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Monday, February 24th. HC Wainwright boosted their price objective 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. Finally, Cantor Fitzgerald reduced their price objective on shares of Applied Digital from $15.00 to $14.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 15th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $12.11.

Applied Digital Trading Down 3.0 %

APLD stock traded down $0.22 during midday trading on Friday, hitting $7.07. The stock had a trading volume of 18,762,248 shares, compared to its average volume of 26,592,695. The firm has a market cap of $1.58 billion, a P/E ratio of -4.09 and a beta of 4.69. 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 Co. has a 1-year low of $2.36 and a 1-year high of $12.48. The business has a fifty day moving average price of $7.93 and a two-hundred day moving average price of $7.91.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its 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. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The business had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. During the same quarter in the previous year, the business earned ($0.05) earnings per share. Applied Digital's revenue for the quarter was up 51.3% on a year-over-year basis. On average, sell-side analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current fiscal 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.