Applied Digital Co. (NASDAQ:APLD) is 272 Capital LP's 4th Largest Position

272 Capital LP cut its position in Applied Digital Co. (NASDAQ:APLD - Free Report) by 19.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,631,453 shares of the company's stock after selling 404,233 shares during the quarter. Applied Digital accounts for about 4.9% of 272 Capital LP's holdings, making the stock its 4th biggest holding. 272 Capital LP owned about 1.19% of Applied Digital worth $9,707,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in APLD. Price T Rowe Associates Inc. MD raised its position in shares of Applied Digital by 15.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company's stock worth $103,000 after acquiring an additional 3,182 shares during the last quarter. ICA Group Wealth Management LLC boosted its position in Applied Digital by 56.8% during the second quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company's stock valued at $112,000 after acquiring an additional 6,795 shares during the last quarter. Headlands Technologies LLC grew its holdings in Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company's stock worth $52,000 after acquiring an additional 6,933 shares during the period. Swiss National Bank increased its holdings in Applied Digital by 6.9% in the fourth quarter. Swiss National Bank now owns 146,600 shares of the company's stock worth $988,000 after purchasing an additional 9,500 shares in the last quarter. Finally, ARS Investment Partners LLC bought a new position in shares of Applied Digital during the 2nd quarter worth approximately $60,000. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Price Performance

NASDAQ:APLD traded up $0.38 during trading hours on Tuesday, hitting $7.08. The stock had a trading volume of 15,371,187 shares, compared to its average volume of 6,207,375. The firm has a market capitalization of $971.44 million, a price-to-earnings ratio of -8.96 and a beta of 4.51. Applied Digital Co. has a one year low of $2.36 and a one year high of $8.65. The company has a 50 day simple moving average of $4.79 and a two-hundred day simple moving average of $4.48. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.08 and a quick ratio of 0.08.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its earnings results on Wednesday, August 28th. The company reported ($0.52) earnings per share for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.29). Applied Digital had a negative return on equity of 111.80% and a negative net margin of 88.95%. The business had revenue of $43.70 million during the quarter, compared to the consensus estimate of $42.70 million. During the same quarter in the prior year, the company earned ($0.07) earnings per share. Research analysts forecast that Applied Digital Co. will post -1.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total value of $55,000.00. Following the completion of the sale, the director now owns 218,506 shares in the company, valued at approximately $1,201,783. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 20.50% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on APLD. Needham & Company LLC reiterated a "buy" rating and set a $11.00 target price on shares of Applied Digital in a research report on Monday, September 9th. HC Wainwright reiterated a "buy" rating and issued a $5.00 price target on shares of Applied Digital in a report on Thursday, August 29th. B. Riley boosted their price objective on Applied Digital from $8.00 to $9.00 and gave the company a "buy" rating in a report on Friday, September 13th. Finally, Roth Mkm reaffirmed a "buy" rating and issued a $10.00 price objective on shares of Applied Digital in a research note on Thursday, September 5th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Digital presently has an average rating of "Buy" and a consensus price target of $8.40.

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.