Northern Trust Corp Purchases 807,681 Shares of Applied Digital Co. (NASDAQ:APLD)

Northern Trust Corp raised its stake in shares of Applied Digital Co. (NASDAQ:APLD - Free Report) by 81.9% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,793,700 shares of the company's stock after acquiring an additional 807,681 shares during the period. Northern Trust Corp owned approximately 0.80% of Applied Digital worth $13,704,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wilmington Savings Fund Society FSB lifted 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 purchasing an additional 2,000 shares during the period. R Squared Ltd bought a new position in shares of Applied Digital in the 4th quarter worth approximately $36,000. US Bancorp DE bought a new position in shares of Applied Digital in the 4th quarter worth approximately $37,000. Jones Financial Companies Lllp bought a new position in shares of Applied Digital in the 4th quarter worth approximately $39,000. Finally, Spire Wealth Management bought a new position in shares of Applied Digital in the 4th quarter worth approximately $43,000. Institutional investors own 65.67% of the company's stock.

Wall Street Analyst Weigh In

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

Applied Digital Price Performance

APLD traded up $1.24 during trading on Friday, hitting $6.83. 74,559,101 shares of the company traded hands, compared to its average volume of 29,986,076. The company has a market cap of $1.53 billion, a PE ratio of -3.95 and a beta of 5.98. The stock's 50-day simple moving average is $5.54 and its two-hundred day simple moving average is $7.39. Applied Digital Co. has a 1 year low of $3.01 and a 1 year 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 posted its earnings results on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.05). The company had revenue of $52.92 million for the quarter, compared to analysts' expectations of $62.91 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. During the same period in the previous year, the business posted ($0.24) earnings per share. As a group, sell-side analysts anticipate that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Applied Digital 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.