Wolverine Asset Management LLC Acquires Shares of 400,000 Applied Digital Co. (NASDAQ:APLD)

Wolverine Asset Management LLC acquired a new stake in shares of Applied Digital Co. (NASDAQ:APLD - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 400,000 shares of the company's stock, valued at approximately $3,056,000. Wolverine Asset Management LLC owned approximately 0.18% of Applied Digital at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Private Advisor Group LLC lifted its stake in Applied Digital by 50.0% during the fourth quarter. Private Advisor Group LLC now owns 58,055 shares of the company's stock valued at $444,000 after buying an additional 19,355 shares in the last quarter. New York State Common Retirement Fund lifted its stake in Applied Digital by 75.0% during the fourth quarter. New York State Common Retirement Fund now owns 40,819 shares of the company's stock valued at $312,000 after buying an additional 17,500 shares in the last quarter. Atria Wealth Solutions Inc. purchased a new stake in Applied Digital during the fourth quarter valued at about $149,000. Principal Financial Group Inc. lifted its stake in Applied Digital by 44.2% during the fourth quarter. Principal Financial Group Inc. now owns 14,542 shares of the company's stock valued at $111,000 after buying an additional 4,459 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in Applied Digital by 68.7% during the fourth quarter. Rhumbline Advisers now owns 258,892 shares of the company's stock valued at $1,978,000 after buying an additional 105,428 shares in the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 50,000 shares of the stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $460,000.00. Following the transaction, the director now owns 334,317 shares in the company, valued at $3,075,716.40. This trade represents a 13.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Wes Cummins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the transaction, the chief executive officer now owns 3,875,955 shares in the company, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 270,000 shares of company stock worth $2,477,000 over the last 90 days. Insiders own 11.81% of the company's stock.

Applied Digital Trading Up 4.6 %

NASDAQ:APLD opened at $10.65 on Friday. The stock's 50 day moving average price is $8.45 and its 200 day moving average price is $7.43. Applied Digital Co. has a 52 week low of $2.36 and a 52 week high of $12.48. The company has a market capitalization of $2.37 billion, a P/E ratio of -6.16 and a beta of 4.77. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77.

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

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on APLD. Cantor Fitzgerald dropped their target price on Applied Digital from $15.00 to $14.00 and set an "overweight" rating on the stock in a report on Wednesday, January 15th. Compass Point began coverage on Applied Digital in a report on Tuesday, January 28th. They issued a "buy" rating and a $10.00 target price on the stock. HC Wainwright upped their target price on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a report on Wednesday, January 15th. Northland Securities upped their target price on Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a report on Tuesday, February 4th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $11.00 target price on shares of Applied Digital in a report on Wednesday, January 15th. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $12.11.

Applied Digital 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.