Mitsubishi UFJ Asset Management Co. Ltd. Purchases 49,111 Shares of Applied Digital Co. (NASDAQ:APLD)

Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Applied Digital Co. (NASDAQ:APLD - Free Report) by 236.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 69,891 shares of the company's stock after buying an additional 49,111 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.'s holdings in Applied Digital were worth $534,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Applied Digital by 39.1% in the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock valued at $97,487,000 after acquiring an additional 3,587,619 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Applied Digital by 113.8% in the 4th quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company's stock valued at $33,649,000 after buying an additional 2,344,572 shares during the period. American Century Companies Inc. bought a new stake in Applied Digital in the 4th quarter valued at about $12,843,000. Geode Capital Management LLC raised its stake in Applied Digital by 48.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company's stock worth $25,258,000 after buying an additional 1,002,862 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Applied Digital by 100.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,798,431 shares of the company's stock worth $13,740,000 after acquiring an additional 899,138 shares in the last quarter. Institutional investors own 65.67% of the company's stock.

Insider Transactions at Applied Digital

In other news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the completion of the sale, the director now owns 342,923 shares in the company, valued at approximately $3,034,868.55. This trade represents a 5.51 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 11.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on APLD. Compass Point initiated coverage on Applied Digital in a report on Tuesday, January 28th. They set a "buy" rating and a $10.00 price objective for the company. Needham & Company LLC restated a "buy" rating and set a $11.00 price target on shares of Applied Digital in a research note on Monday, February 24th. Northland Securities raised their target price on Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a report on Tuesday, February 4th. HC Wainwright raised their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Wednesday, January 15th. Finally, Cantor Fitzgerald reduced their price objective 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. Nine research 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 $12.11.

Applied Digital Stock Performance

Shares of NASDAQ APLD traded down $0.74 during mid-day trading on Friday, hitting $4.92. The company had a trading volume of 33,257,816 shares, compared to its average volume of 26,372,408. The stock's 50-day moving average price is $7.40 and its 200-day moving average price is $8.00. Applied Digital Co. has a 1 year low of $2.36 and a 1 year high of $12.48. The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of -2.84 and a beta of 5.18. 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 (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) 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 company had revenue of $63.87 million during the quarter, compared to analysts' expectations of $62.41 million. During the same quarter in the previous year, the company 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 forecast that Applied Digital Co. will post -0.96 earnings per share for the current year.

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.