Shellback Capital LP Takes Position in Applied Digital Co. (NASDAQ:APLD)

Shellback Capital LP acquired a new stake in Applied Digital Co. (NASDAQ:APLD - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 815,388 shares of the company's stock, valued at approximately $6,230,000. Shellback Capital LP owned about 0.37% of Applied Digital as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Vontobel Holding Ltd. raised its holdings in Applied Digital by 9.8% in the 4th quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company's stock valued at $128,000 after buying an additional 1,500 shares during the period. Nisa Investment Advisors LLC increased its position in shares of Applied Digital by 16.8% during the fourth quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company's stock valued at $90,000 after acquiring an additional 1,692 shares during the last quarter. Wilmington Savings Fund Society FSB increased its position in shares of Applied Digital by 100.0% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock valued at $31,000 after acquiring an additional 2,000 shares during the last quarter. Amalgamated Bank raised its stake in shares of Applied Digital by 113.3% in the 4th quarter. Amalgamated Bank now owns 6,538 shares of the company's stock valued at $50,000 after acquiring an additional 3,473 shares during the period. Finally, HighTower Advisors LLC lifted its holdings in shares of Applied Digital by 34.7% in the 4th quarter. HighTower Advisors LLC now owns 16,162 shares of the company's stock worth $123,000 after acquiring an additional 4,162 shares during the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $10.00 target price on shares of Applied Digital in a report on Wednesday, April 23rd. Northland Securities lifted their price objective on Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a research note on Tuesday, February 4th. Compass Point assumed coverage on Applied Digital in a research note on Tuesday, January 28th. They set a "buy" rating and a $10.00 target price on the stock. Cantor Fitzgerald dropped their target price on Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a research report on Tuesday, April 15th. Finally, HC Wainwright cut their price target on shares of Applied Digital from $12.00 to $7.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Digital currently has a consensus rating of "Buy" and an average target price of $10.67.

Applied Digital Stock Down 1.5%

APLD traded down $0.10 on Tuesday, hitting $6.72. 25,693,537 shares of the company were exchanged, compared to its average volume of 30,158,369. The firm has a 50-day moving average price of $5.55 and a two-hundred day moving average price of $7.40. The company has a market cap of $1.51 billion, a price-to-earnings ratio of -3.88 and a beta of 5.98. Applied Digital Co. has a twelve month low of $3.01 and a twelve month high of $12.48. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings results on Monday, April 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.05). The business had revenue of $52.92 million for the quarter, compared to analysts' expectations of $62.91 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. During the same period last year, the firm earned ($0.24) earnings per share. On average, equities analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current year.

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.