Intech Investment Management LLC Acquires 42,616 Shares of Applied Digital Co. (NASDAQ:APLD)

Intech Investment Management LLC lifted its position in Applied Digital Co. (NASDAQ:APLD - Free Report) by 304.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 56,612 shares of the company's stock after buying an additional 42,616 shares during the period. Intech Investment Management LLC's holdings in Applied Digital were worth $433,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Van ECK Associates Corp increased its stake in Applied Digital by 113.8% during the 4th quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company's stock worth $33,649,000 after purchasing an additional 2,344,572 shares in the last quarter. Geode Capital Management LLC lifted its stake in Applied Digital by 48.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company's stock valued at $25,258,000 after purchasing an additional 1,002,862 shares during the last quarter. State Street Corp grew its holdings in Applied Digital by 14.0% during the third quarter. State Street Corp now owns 2,337,267 shares of the company's stock worth $19,282,000 after purchasing an additional 286,852 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Applied Digital by 100.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,798,431 shares of the company's stock worth $13,740,000 after purchasing an additional 899,138 shares during the period. Finally, Exchange Traded Concepts LLC raised its position in shares of 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 during the period. Institutional investors and hedge funds own 65.67% of the company's stock.

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Insider Activity

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the 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 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 11.81% of the stock is currently owned by company insiders.

Applied Digital Trading Down 6.2 %

Shares of Applied Digital stock traded down $0.38 during midday trading on Friday, reaching $5.72. The company had a trading volume of 25,467,590 shares, compared to its average volume of 26,553,465. The firm has a market cap of $1.28 billion, a PE ratio of -3.31 and a beta of 4.69. The stock has a fifty day moving average price of $7.82 and a 200 day moving average price of $7.99. 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 Co. has a fifty-two week low of $2.36 and a fifty-two week high of $12.48.

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, equities analysts anticipate that Applied Digital Co. will post -0.96 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on APLD shares. HC Wainwright lifted their price target on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a report on Wednesday, January 15th. Compass Point initiated 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 reiterated a "buy" rating and issued a $11.00 price target on shares of Applied Digital in a research note on Monday, February 24th. Cantor Fitzgerald dropped their price target on Applied Digital from $15.00 to $14.00 and set an "overweight" rating for the company in a research note on Wednesday, January 15th. Finally, Northland Securities boosted their price objective 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 research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Digital presently has an average rating of "Buy" and an average price target of $12.11.

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.