JPMorgan Chase & Co. Purchases 166,028 Shares of Applied Digital Co. (NASDAQ:APLD)

JPMorgan Chase & Co. raised its stake in Applied Digital Co. (NASDAQ:APLD - Free Report) by 294.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 222,383 shares of the company's stock after purchasing an additional 166,028 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.10% of Applied Digital worth $1,699,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in APLD. Vontobel Holding Ltd. raised its stake in Applied Digital by 9.8% in the 4th quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company's stock valued at $128,000 after acquiring an additional 1,500 shares during the period. Nisa Investment Advisors LLC increased its holdings in shares of Applied Digital by 16.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company's stock valued at $90,000 after purchasing an additional 1,692 shares during the last quarter. Wilmington Savings Fund Society FSB lifted its stake in shares of Applied Digital by 100.0% during the 4th 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. Amalgamated Bank lifted its position in Applied Digital by 113.3% during the fourth quarter. Amalgamated Bank now owns 6,538 shares of the company's stock worth $50,000 after acquiring an additional 3,473 shares during the last quarter. Finally, HighTower Advisors LLC increased its stake in shares of Applied Digital by 34.7% during the fourth quarter. HighTower Advisors LLC now owns 16,162 shares of the company's stock worth $123,000 after purchasing an additional 4,162 shares during the period. Institutional investors and hedge funds own 65.67% of the company's stock.

Applied Digital Price Performance

Shares of APLD traded up $0.16 during mid-day trading on Friday, reaching $4.70. The company had a trading volume of 39,493,972 shares, compared to its average volume of 28,794,992. The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of -2.72 and a beta of 5.18. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The company's 50 day simple moving average is $6.34 and its 200 day simple moving average is $7.66. Applied Digital Co. has a 1-year low of $2.63 and a 1-year high of $12.48.

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

Analyst Upgrades and Downgrades

APLD has been the subject of a number of research reports. Northland Securities lifted their target price on Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a report on Tuesday, February 4th. Compass Point started 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 for the company. Needham & Company LLC reaffirmed a "buy" rating and set a $10.00 target price on shares of Applied Digital in a report on Wednesday. Cantor Fitzgerald dropped their price target on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a research report on Tuesday, April 15th. Finally, HC Wainwright reduced their price target on Applied Digital from $12.00 to $7.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Nine analysts have rated the stock with a buy rating, According to MarketBeat, the company 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.