The Manufacturers Life Insurance Company Buys 5,423 Shares of Applied Digital Co. (NASDAQ:APLD)

The Manufacturers Life Insurance Company raised its stake in Applied Digital Co. (NASDAQ:APLD) by 14.4% in the third quarter, Holdings Channel reports. The fund owned 43,064 shares of the company’s stock after purchasing an additional 5,423 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Applied Digital were worth $355,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Hood River Capital Management LLC lifted its holdings in shares of Applied Digital by 8.7% in the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock worth $57,098,000 after acquiring an additional 771,699 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of Applied Digital by 18.3% in the second quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock worth $17,077,000 after acquiring an additional 443,699 shares during the last quarter. Royce & Associates LP lifted its holdings in shares of Applied Digital by 1.4% in the third quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock worth $9,340,000 after acquiring an additional 15,763 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Applied Digital by 36.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after buying an additional 240,554 shares during the period. Finally, B. Riley Wealth Advisors Inc. increased its stake in shares of Applied Digital by 66.1% in the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock valued at $4,609,000 after buying an additional 308,223 shares during the period. Institutional investors own 65.67% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on APLD shares. Lake Street Capital upped their price objective on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Friday, November 1st. HC Wainwright upped their price objective on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. B. Riley upped their price objective on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Finally, Craig Hallum upped their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $10.50.

Applied Digital Trading Down 1.4 %

NASDAQ APLD opened at $8.90 on Monday. The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of -7.61 and a beta of 4.67. Applied Digital Co. has a one year low of $2.36 and a one year high of $11.25. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. The business’s fifty day moving average is $8.31 and its 200-day moving average is $6.37.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The company had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. During the same quarter last year, the firm posted ($0.10) EPS. The firm’s revenue for the quarter was up 67.2% on a year-over-year basis. Equities research analysts predict that Applied Digital Co. will post -0.4 EPS for the current year.

Insider Buying and Selling at Applied Digital

In other news, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction dated 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 sale, 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total value of $80,100.00. Following the completion of the sale, the director now owns 208,506 shares of the company’s stock, valued at $1,670,133.06. The trade was a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 359,369 shares of company stock valued at $3,115,161 in the last quarter. 11.81% of the stock is currently owned by corporate insiders.

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.