Renaissance Technologies LLC Sells 444,529 Shares of Applied Digital Co. (NASDAQ:APLD)

Renaissance Technologies LLC reduced its stake in Applied Digital Co. (NASDAQ:APLD - Free Report) by 52.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 410,371 shares of the company's stock after selling 444,529 shares during the period. Renaissance Technologies LLC owned 0.18% of Applied Digital worth $3,135,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of APLD. Vanguard Group Inc. raised its position 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 worth $97,487,000 after acquiring an additional 3,587,619 shares in the last quarter. Rhumbline Advisers raised its holdings in Applied Digital by 68.7% in the fourth quarter. Rhumbline Advisers now owns 258,892 shares of the company's stock worth $1,978,000 after purchasing an additional 105,428 shares in the last quarter. Exchange Traded Concepts LLC lifted its position in Applied Digital by 37.6% during the fourth quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company's stock valued at $7,656,000 after buying an additional 273,666 shares during the period. Barclays PLC boosted its holdings in shares of Applied Digital by 736.8% during the 3rd quarter. Barclays PLC now owns 486,577 shares of the company's stock valued at $4,014,000 after buying an additional 428,428 shares in the last quarter. Finally, Highbridge Capital Management LLC purchased a new stake in shares of Applied Digital in the 4th quarter worth about $2,546,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on APLD. Northland Securities lifted their price target on shares of Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a research report on Tuesday, February 4th. HC Wainwright dropped 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. Compass Point started coverage on Applied Digital in a research note on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price target on the stock. Needham & Company LLC reiterated a "buy" rating and set a $10.00 price objective on shares of Applied Digital in a research note on Wednesday. Finally, Cantor Fitzgerald cut their target price on Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 15th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $10.67.

Applied Digital Price Performance

NASDAQ APLD opened at $4.08 on Thursday. 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 has a market capitalization of $916.85 million, a price-to-earnings ratio of -2.36 and a beta of 5.18. The stock has a 50-day moving average of $6.53 and a 200 day moving average of $7.70. Applied Digital Co. has a one year low of $2.63 and a one 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). Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The company had revenue of $52.92 million for the quarter, compared to analysts' expectations of $62.91 million. During the same period in the previous year, the firm earned ($0.24) earnings per share. On average, sell-side analysts forecast that Applied Digital Co. will post -0.96 EPS 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.

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