Applied Digital Co. (NASDAQ:APLD) Shares Purchased by Wells Fargo & Company MN

Wells Fargo & Company MN lifted its holdings in Applied Digital Co. (NASDAQ:APLD - Free Report) by 96.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 119,963 shares of the company's stock after acquiring an additional 58,943 shares during the quarter. Wells Fargo & Company MN owned 0.05% of Applied Digital worth $917,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Applied Digital by 39.1% in the fourth quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock valued at $97,487,000 after purchasing an additional 3,587,619 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Applied Digital by 54.4% in the fourth quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company's stock worth $36,117,000 after buying an additional 1,665,335 shares during the last quarter. Van ECK Associates Corp grew its holdings in Applied Digital by 113.8% during the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company's stock worth $33,649,000 after acquiring an additional 2,344,572 shares during the period. Pertento Partners LLP grew its holdings in Applied Digital by 49.0% during the fourth quarter. Pertento Partners LLP now owns 2,528,717 shares of the company's stock worth $19,319,000 after acquiring an additional 831,705 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Applied Digital by 100.0% during 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 acquiring an additional 899,138 shares in the last quarter. Institutional investors and hedge funds own 65.67% of the company's stock.

Applied Digital Price Performance

APLD stock traded up $0.09 during midday trading on Friday, reaching $5.30. The stock had a trading volume of 33,070,147 shares, compared to its average volume of 29,125,670. Applied Digital Co. has a 52-week low of $2.98 and a 52-week high of $12.48. The company has a market cap of $1.19 billion, a price-to-earnings ratio of -3.06 and a beta of 5.98. The company's fifty day simple moving average is $5.87 and its 200 day simple moving average is $7.57. 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 quarterly earnings results on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.05). Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business had revenue of $52.92 million for the quarter, compared to analyst estimates of $62.91 million. During the same quarter in the previous year, the firm posted ($0.24) earnings per share. As a group, sell-side analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. HC Wainwright dropped their price objective 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. 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 price objective for the company. Cantor Fitzgerald dropped their target price on Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 15th. Needham & Company LLC reiterated a "buy" rating and set a $10.00 price target on shares of Applied Digital in a research report on Wednesday, April 23rd. Finally, Northland Securities boosted their price objective on Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a research report on Tuesday, February 4th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $10.67.

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.