AlphaQuest LLC Makes New $476,000 Investment in Applied Digital Co. (NASDAQ:APLD)

AlphaQuest LLC acquired a new stake in Applied Digital Co. (NASDAQ:APLD - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 62,365 shares of the company's stock, valued at approximately $476,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Van ECK Associates Corp grew its position in shares of Applied Digital by 113.8% in the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company's stock valued at $33,649,000 after purchasing an additional 2,344,572 shares during the period. Geode Capital Management LLC grew its position in shares of Applied Digital by 48.7% in the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company's stock valued at $25,258,000 after purchasing an additional 1,002,862 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Applied Digital by 100.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,798,431 shares of the company's stock valued at $13,740,000 after purchasing an additional 899,138 shares during the period. Barclays PLC grew its position in shares of Applied Digital by 736.8% in the third quarter. Barclays PLC now owns 486,577 shares of the company's stock valued at $4,014,000 after purchasing an additional 428,428 shares during the period. Finally, Wolverine Asset Management LLC acquired a new stake in shares of Applied Digital in the fourth quarter valued at about $3,056,000. Hedge funds and other institutional investors own 65.67% of the company's stock.

Applied Digital Stock Performance

Shares of APLD stock traded up $0.72 during mid-day trading on Friday, hitting $7.00. The stock had a trading volume of 18,870,895 shares, compared to its average volume of 27,493,709. Applied Digital Co. has a fifty-two week low of $2.36 and a fifty-two week high of $12.48. The firm has a market cap of $1.56 billion, a PE ratio of -4.05 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 company's 50-day simple moving average is $8.11 and its 200-day simple moving average is $7.82.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.14) by $0.08. The business had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The business's revenue was up 51.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.05) EPS. Sell-side analysts anticipate that Applied Digital Co. will post -0.96 earnings per share for the current year.

Insider Activity

In other news, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction dated Friday, January 17th. The shares were 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 $3,034,868.55. This trade represents a 5.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 11.81% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on APLD shares. Cantor Fitzgerald lowered their price target on shares of Applied Digital from $15.00 to $14.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 15th. Needham & Company LLC restated a "buy" rating and set a $11.00 price target on shares of Applied Digital in a research report on Monday, February 24th. HC Wainwright boosted their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a report on Wednesday, January 15th. Northland Securities boosted their target price on shares of Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a report on Tuesday, February 4th. Finally, Compass Point initiated coverage on shares of Applied Digital in a report on Tuesday, January 28th. They issued a "buy" rating and a $10.00 target price on the stock. Nine analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $12.11.

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.