Portolan Capital Management LLC Sells 306,856 Shares of Applied Digital Co. (NASDAQ:APLD)

Portolan Capital Management LLC cut its position in Applied Digital Co. (NASDAQ:APLD - Free Report) by 45.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 365,398 shares of the company's stock after selling 306,856 shares during the period. Portolan Capital Management LLC owned about 0.16% of Applied Digital worth $2,792,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in APLD. Vanguard Group Inc. grew its stake in shares of Applied Digital by 39.1% during the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock worth $97,487,000 after acquiring an additional 3,587,619 shares in the last quarter. Rhumbline Advisers increased its stake in Applied Digital by 68.7% in the 4th quarter. Rhumbline Advisers now owns 258,892 shares of the company's stock valued at $1,978,000 after buying an additional 105,428 shares during the last quarter. Exchange Traded Concepts LLC lifted its position in Applied Digital by 37.6% during the 4th quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company's stock worth $7,656,000 after buying an additional 273,666 shares in the last quarter. Barclays PLC boosted its stake in shares of Applied Digital by 736.8% during the 3rd quarter. Barclays PLC now owns 486,577 shares of the company's stock worth $4,014,000 after buying an additional 428,428 shares during the last quarter. Finally, Highbridge Capital Management LLC bought a new stake in Applied Digital during the fourth quarter worth about $2,546,000. 65.67% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on APLD shares. Compass Point started coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price target for the company. Needham & Company LLC cut their target price on shares of Applied Digital from $11.00 to $10.00 and set a "buy" rating for the company in a research note on Tuesday. HC Wainwright lowered their price target on Applied Digital from $12.00 to $7.00 and set a "buy" rating on the stock in a research report on Tuesday. Cantor Fitzgerald cut their price objective on Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a research report on Tuesday. Finally, Northland Securities boosted their target price on Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a report on Tuesday, February 4th. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital has a consensus rating of "Buy" and a consensus price target of $10.67.

Applied Digital Stock Performance

APLD stock traded down $0.14 during trading hours on Friday, hitting $3.94. 36,300,379 shares of the stock were exchanged, compared to its average volume of 28,302,324. The company has a 50-day simple moving average of $6.86 and a two-hundred day simple moving average of $7.81. The firm has a market capitalization of $878.24 million, a P/E ratio of -2.28 and a beta of 5.18. Applied Digital Co. has a 12 month low of $2.36 and a 12 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 posted its quarterly earnings data 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 during the quarter, compared to the consensus estimate 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 prior year, the firm earned ($0.24) EPS. On average, analysts forecast 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.