Applied Digital Co. (NASDAQ:APLD) Shares Bought by Balyasny Asset Management L.P.

Balyasny Asset Management L.P. grew its stake in shares of Applied Digital Co. (NASDAQ:APLD - Free Report) by 766.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 848,321 shares of the company's stock after purchasing an additional 750,432 shares during the quarter. Balyasny Asset Management L.P. owned approximately 0.38% of Applied Digital worth $6,481,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Wilmington Savings Fund Society FSB increased its holdings 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 valued at $31,000 after acquiring an additional 2,000 shares during the period. R Squared Ltd purchased a new stake in shares of Applied Digital in the fourth quarter valued at about $36,000. US Bancorp DE acquired a new stake in shares of Applied Digital during the fourth quarter worth about $37,000. Jones Financial Companies Lllp purchased a new position in shares of Applied Digital during the fourth quarter worth about $39,000. Finally, Spire Wealth Management acquired a new position in Applied Digital in the 4th quarter valued at about $43,000. Hedge funds and other institutional investors own 65.67% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on APLD shares. Cantor Fitzgerald lowered their target price on Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 15th. 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. Northland Securities raised their target price on shares of Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 4th. Needham & Company LLC reissued a "buy" rating and set a $10.00 target price on shares of Applied Digital in a research note on Wednesday, April 23rd. Finally, Compass Point assumed coverage on Applied Digital in a research note on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price target on the stock. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Digital has an average rating of "Buy" and an average target price of $10.67.

Applied Digital Price Performance

NASDAQ APLD traded down $0.11 during trading hours on Friday, reaching $5.39. The company's stock had a trading volume of 24,876,634 shares, compared to its average volume of 29,018,885. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The stock has a market cap of $1.21 billion, a PE ratio of -3.12 and a beta of 5.98. The company's 50-day moving average is $5.65 and its two-hundred day moving average is $7.47. Applied Digital Co. has a fifty-two week low of $3.01 and a fifty-two week high of $12.48.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings data on Monday, April 14th. The company reported ($0.16) earnings per share (EPS) 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 analyst estimates 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 quarter in the prior year, the firm earned ($0.24) earnings per share. Analysts forecast that Applied Digital Co. will post -0.96 EPS 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.