Royce & Associates LP Cuts Stock Holdings in Applied Digital Co. (NASDAQ:APLD)

Royce & Associates LP decreased its position in shares of Applied Digital Co. (NASDAQ:APLD - Free Report) by 48.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 585,230 shares of the company's stock after selling 546,910 shares during the quarter. Royce & Associates LP owned 0.26% of Applied Digital worth $4,471,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in APLD. Van ECK Associates Corp grew its holdings in shares of Applied Digital by 113.8% during the fourth 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 last quarter. Geode Capital Management LLC lifted its position in Applied Digital by 48.7% during the third 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 period. Charles Schwab Investment Management Inc. lifted 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 valued at $13,740,000 after purchasing an additional 899,138 shares during the period. Barclays PLC lifted its position in Applied Digital by 736.8% during the third quarter. Barclays PLC now owns 486,577 shares of the company's stock valued at $4,014,000 after purchasing an additional 428,428 shares during the period. Finally, Wolverine Asset Management LLC bought a new position in Applied Digital during the fourth quarter valued at approximately $3,056,000. Hedge funds and other institutional investors own 65.67% of the company's stock.

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Wall Street Analyst Weigh In

A number of brokerages recently weighed in on APLD. Needham & Company LLC restated a "buy" rating and set a $11.00 price objective on shares of Applied Digital in a research report on Monday, February 24th. HC Wainwright increased their price objective 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. Cantor Fitzgerald lowered their price objective on shares of Applied Digital from $15.00 to $14.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 15th. Compass Point began 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 on the stock. Finally, Northland Securities increased their price objective 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. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $12.11.

Insider Transactions at Applied Digital

In related news, Director Richard N. Nottenburg sold 20,000 shares of the firm's stock in a transaction on Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $177,000.00. Following the completion of the transaction, the director now directly owns 342,923 shares of the company's stock, valued at approximately $3,034,868.55. This trade represents a 5.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 11.81% of the company's stock.

Applied Digital Price Performance

Shares of NASDAQ APLD traded down $0.22 during midday trading on Friday, reaching $7.07. The stock had a trading volume of 18,762,248 shares, compared to its average volume of 26,592,695. The stock has a 50-day moving average of $7.93 and a 200-day moving average of $7.94. 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 $1.58 billion, a price-to-earnings ratio of -4.09 and a beta of 4.69. Applied Digital Co. has a 12-month low of $2.36 and a 12-month high of $12.48.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.14) by $0.08. The firm had revenue of $63.87 million during the quarter, compared to analysts' expectations of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The company's revenue for the quarter was up 51.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.05) earnings per share. As a group, research analysts anticipate that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

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.