Applied Digital Co. (NASDAQ:APLD) Stake Raised by Bank of New York Mellon Corp

Bank of New York Mellon Corp grew its holdings in shares of Applied Digital Co. (NASDAQ:APLD) by 36.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 304,869 shares of the company’s stock after buying an additional 80,958 shares during the period. Bank of New York Mellon Corp owned 0.22% of Applied Digital worth $1,814,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Oasis Management Co Ltd. grew its position in Applied Digital by 23.6% in the fourth quarter. Oasis Management Co Ltd. now owns 4,928,129 shares of the company’s stock worth $33,216,000 after buying an additional 940,075 shares during the last quarter. Woodmont Investment Counsel LLC grew its holdings in shares of Applied Digital by 4.2% during the 1st quarter. Woodmont Investment Counsel LLC now owns 250,319 shares of the company’s stock valued at $1,071,000 after acquiring an additional 10,149 shares in the last quarter. Jump Financial LLC purchased a new position in shares of Applied Digital during the 4th quarter valued at $107,000. Vanguard Group Inc. grew its holdings in shares of Applied Digital by 70.2% during the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after acquiring an additional 2,547,485 shares in the last quarter. Finally, Register Financial Advisors LLC grew its holdings in shares of Applied Digital by 74.0% during the 1st quarter. Register Financial Advisors LLC now owns 323,400 shares of the company’s stock valued at $1,384,000 after acquiring an additional 137,500 shares in the last quarter. Institutional investors own 65.67% of the company’s stock.

Insider Activity at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $5.50, for a total value of $55,000.00. Following the completion of the sale, the director now owns 218,506 shares in the company, valued at $1,201,783. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 20.50% of the stock is owned by corporate insiders.

Applied Digital Stock Up 4.5 %

APLD stock opened at $6.07 on Thursday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.08 and a quick ratio of 0.08. Applied Digital Co. has a 52-week low of $2.36 and a 52-week high of $8.65. The company has a 50-day moving average of $4.80 and a two-hundred day moving average of $4.42. The stock has a market capitalization of $832.86 million, a price-to-earnings ratio of -7.68 and a beta of 4.51.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Wednesday, August 28th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.29). Applied Digital had a negative net margin of 88.95% and a negative return on equity of 111.80%. The firm had revenue of $43.70 million for the quarter, compared to the consensus estimate of $42.70 million. During the same quarter last year, the company earned ($0.07) earnings per share. As a group, equities research analysts anticipate that Applied Digital Co. will post -1.02 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have commented on APLD shares. B. Riley increased their target price on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Needham & Company LLC reissued a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research report on Monday, September 9th. HC Wainwright reissued a “buy” rating and set a $5.00 target price on shares of Applied Digital in a research report on Thursday, August 29th. Finally, Roth Mkm reissued a “buy” rating and set a $10.00 target price on shares of Applied Digital in a research report on Thursday, September 5th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital presently has a consensus rating of “Buy” and an average target price of $8.40.

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.