Tidal Investments LLC Takes Position in Applied Digital Co. (NASDAQ:APLD)

Tidal Investments LLC bought a new stake in Applied Digital Co. (NASDAQ:APLD) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 11,522 shares of the company’s stock, valued at approximately $95,000.

Several other institutional investors also recently bought and sold shares of the stock. Wellington Management Group LLP lifted its position in Applied Digital by 8.8% in the third quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock valued at $309,000 after purchasing an additional 3,040 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Applied Digital by 14.4% during the 3rd 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 boosted its position in Applied Digital by 99.1% during the 3rd quarter. FMR LLC now owns 13,071 shares of the company’s stock valued at $108,000 after buying an additional 6,507 shares during the period. ICA Group Wealth Management LLC grew its holdings in Applied Digital by 56.8% in the 2nd quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock worth $112,000 after acquiring an additional 6,795 shares during the last quarter. Finally, Headlands Technologies LLC increased its position 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 acquiring an additional 6,933 shares during the period. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Lake Street Capital increased their target price on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a report on Friday, November 1st. Craig Hallum boosted their target price on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. HC Wainwright raised their price target on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Finally, Cantor Fitzgerald assumed coverage on shares of Applied Digital in a research report on Friday, December 20th. They set an “overweight” rating and a $15.00 price objective on the stock. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $11.14.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 50,000 shares of Applied Digital stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $460,000.00. Following the completion of 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Douglas S. Miller sold 10,000 shares of the company’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 transaction of $80,100.00. Following the completion of the transaction, the director now owns 208,506 shares in the company, valued at approximately $1,670,133.06. This represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 359,369 shares of company stock valued at $3,115,161 in the last ninety days. 11.81% of the stock is currently owned by corporate insiders.

Applied Digital Price Performance

APLD opened at $8.77 on Thursday. Applied Digital Co. has a 12-month low of $2.36 and a 12-month high of $11.25. The company has a market cap of $1.85 billion, a price-to-earnings ratio of -7.50 and a beta of 4.67. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62. The stock has a fifty day simple moving average of $8.50 and a two-hundred day simple moving average of $6.60.

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

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.