UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Acquires New Stake in Applied Digital Co. (NASDAQ:APLD)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Applied Digital Co. (NASDAQ:APLD - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 92,316 shares of the company's stock, valued at approximately $762,000.

Several other institutional investors have also added to or reduced their stakes in APLD. The Manufacturers Life Insurance Company grew its holdings in shares of Applied Digital by 14.4% during the third quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company's stock valued at $355,000 after buying an additional 5,423 shares during the last quarter. FMR LLC lifted its position in Applied Digital by 99.1% during the 3rd quarter. FMR LLC now owns 13,071 shares of the company's stock worth $108,000 after acquiring an additional 6,507 shares during the period. ICA Group Wealth Management LLC grew its stake in Applied Digital by 56.8% during the 2nd quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company's stock valued at $112,000 after purchasing an additional 6,795 shares during the last quarter. Headlands Technologies LLC increased its holdings in shares of Applied Digital by 381.8% in the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company's stock valued at $52,000 after purchasing an additional 6,933 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Applied Digital in the third quarter worth about $59,000. Institutional investors and hedge funds own 65.67% of the company's stock.

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. Nottenburg sold 80,000 shares of the business's stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the sale, the director now owns 433,686 shares of the company's stock, valued at $3,196,265.82. The trade was a 15.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Douglas S. Miller sold 10,000 shares of the company's stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $8.01, for a total transaction of $80,100.00. Following the transaction, the director now owns 208,506 shares of the company's stock, valued at approximately $1,670,133.06. This trade represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 359,369 shares of company stock valued at $3,115,161. Company insiders own 11.81% of the company's stock.

Applied Digital Stock Performance

NASDAQ APLD traded down $0.04 during mid-day trading on Friday, reaching $8.01. 33,219,902 shares of the stock were exchanged, compared to its average volume of 8,624,057. The company has a market capitalization of $1.69 billion, a P/E ratio of -6.85 and a beta of 4.67. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. The business's 50 day moving average is $8.45 and its 200-day moving average is $6.49. Applied Digital Co. has a 1 year low of $2.36 and a 1 year high of $11.25.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The business had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. During the same period in the prior year, the company posted ($0.10) EPS. The company's revenue for the quarter was up 67.2% on a year-over-year basis. On average, equities research analysts forecast that Applied Digital Co. will post -0.4 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Cantor Fitzgerald began coverage on Applied Digital in a research report on Friday. They issued an "overweight" rating and a $15.00 target price on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $11.00 price objective on shares of Applied Digital in a report on Friday, November 1st. Craig Hallum raised their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a report on Thursday, October 10th. B. Riley boosted their target price on shares of Applied Digital from $8.00 to $9.00 and gave the company a "buy" rating in a research report on Friday, September 13th. Finally, HC Wainwright increased their price target on Applied Digital from $5.00 to $10.00 and gave the stock a "buy" rating in a research report on Wednesday, October 16th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital has an average rating of "Buy" and a consensus price target of $11.14.

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.