Van ECK Associates Corp Grows Stake in Applied Digital Co. (NASDAQ:APLD)

Van ECK Associates Corp boosted its holdings in Applied Digital Co. (NASDAQ:APLD - Free Report) by 113.8% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 4,404,313 shares of the company's stock after buying an additional 2,344,572 shares during the period. Van ECK Associates Corp owned 1.98% of Applied Digital worth $33,649,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of APLD. Charles Schwab Investment Management Inc. grew its position in shares of Applied Digital by 36.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company's stock valued at $7,419,000 after purchasing an additional 240,554 shares in the last quarter. Quadrature Capital Ltd purchased a new position in shares of Applied Digital during the third quarter valued at about $545,000. Exchange Traded Concepts LLC grew its position in shares of 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 purchasing an additional 273,666 shares in the last quarter. Barclays PLC grew its position in shares of 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 in the last quarter. Finally, SG Americas Securities LLC grew its position in shares of Applied Digital by 414.5% during the fourth quarter. SG Americas Securities LLC now owns 265,792 shares of the company's stock valued at $2,031,000 after purchasing an additional 214,133 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company's stock.

Applied Digital Trading Up 5.9 %

Shares of Applied Digital stock traded up $0.54 on Tuesday, hitting $9.65. 18,015,952 shares of the company traded hands, compared to its average volume of 23,912,037. The stock's 50 day moving average price is $8.39 and its 200-day moving average price is $7.35. 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 Co. has a 52 week low of $2.36 and a 52 week high of $11.25. The company has a market cap of $2.15 billion, a PE ratio of -5.58 and a beta of 4.77.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.08. The firm had revenue of $63.87 million during the quarter, compared to the consensus estimate 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 was up 51.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. Equities research analysts predict that Applied Digital Co. will post -0.96 EPS for the current year.

Insider Activity at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 50,000 shares of Applied Digital stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $460,000.00. Following the transaction, the director now directly owns 334,317 shares of the company's stock, valued at approximately $3,075,716.40. The trade was a 13.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the transaction, the chief executive officer now directly owns 3,875,955 shares in the company, valued at $35,658,786. This represents a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 270,000 shares of company stock valued at $2,477,000 over the last ninety days. 11.81% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Compass Point assumed coverage on shares of Applied Digital in a report on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price target for the company. HC Wainwright raised their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Wednesday, January 15th. Cantor Fitzgerald decreased their price objective on shares of Applied Digital from $15.00 to $14.00 and set an "overweight" rating for the company in a research note on Wednesday, January 15th. Northland Securities raised their price objective on shares of Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 4th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Wednesday, January 15th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital has a consensus rating of "Buy" and a consensus target price of $12.11.

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.