AlphaQuest LLC Acquires Shares of 62,365 Applied Digital Co. (NASDAQ:APLD)

AlphaQuest LLC bought a new position in Applied Digital Co. (NASDAQ:APLD) in the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 62,365 shares of the company’s stock, valued at approximately $476,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wilmington Savings Fund Society FSB increased its stake in shares of Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after acquiring an additional 2,000 shares during the last quarter. R Squared Ltd acquired a new stake in shares of Applied Digital in the 4th quarter worth $36,000. US Bancorp DE acquired a new stake in shares of Applied Digital in the 4th quarter worth $37,000. Jones Financial Companies Lllp acquired a new stake in shares of Applied Digital in the 4th quarter worth $39,000. Finally, Spire Wealth Management acquired a new stake in shares of Applied Digital in the 4th quarter worth $43,000. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Stock Performance

NASDAQ APLD opened at $6.62 on Thursday. The company has a market cap of $1.48 billion, a P/E ratio of -3.83 and a beta of 4.69. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The stock has a 50-day moving average of $8.18 and a two-hundred day moving average of $7.80. Applied Digital Co. has a 1-year low of $2.36 and a 1-year high of $12.48.

Applied Digital (NASDAQ:APLD) last released its 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 company had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. Applied Digital’s revenue was up 51.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.05) EPS. As a group, analysts anticipate that Applied Digital Co. will post -0.96 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on APLD. Cantor Fitzgerald cut their target price on 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 Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 4th. HC Wainwright raised their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Compass Point began coverage on Applied Digital in a research report on Tuesday, January 28th. They set a “buy” rating and a $10.00 price objective for the company. Finally, Needham & Company LLC reissued a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research report on Monday, February 24th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $12.11.

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the completion of the transaction, the director now owns 342,923 shares in the company, valued at approximately $3,034,868.55. This trade represents a 5.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 11.81% of the stock is currently owned by corporate insiders.

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.