Clear Creek Financial Management LLC Takes Position in Applied Digital Corporation (NASDAQ:APLD)

Clear Creek Financial Management LLC bought a new stake in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 50,206 shares of the company's stock, valued at approximately $282,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Hood River Capital Management LLC lifted its stake in Applied Digital by 10.7% during the fourth quarter. Hood River Capital Management LLC now owns 15,147,422 shares of the company's stock valued at $115,726,000 after buying an additional 1,464,854 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Applied Digital by 39.1% in the fourth 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. Geode Capital Management LLC raised its holdings in shares of Applied Digital by 54.4% during the fourth quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company's stock valued at $36,117,000 after acquiring an additional 1,665,335 shares during the period. Pertento Partners LLP lifted its position in shares of Applied Digital by 49.0% in the 4th quarter. Pertento Partners LLP now owns 2,528,717 shares of the company's stock valued at $19,319,000 after acquiring an additional 831,705 shares in the last quarter. Finally, Think Investments LP lifted its position in shares of Applied Digital by 27.3% in the 4th quarter. Think Investments LP now owns 2,060,136 shares of the company's stock valued at $15,739,000 after acquiring an additional 441,291 shares in the last quarter. Institutional investors and hedge funds own 65.67% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on APLD shares. B. Riley lifted their price objective on shares of Applied Digital from $8.00 to $15.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Citizens Jmp upgraded Applied Digital to a "strong-buy" rating and set a $12.00 price target on the stock in a report on Thursday, May 22nd. JMP Securities upped their price target on Applied Digital from $12.00 to $18.00 and gave the company a "market outperform" rating in a research report on Tuesday, June 3rd. Citigroup reiterated an "outperform" rating on shares of Applied Digital in a report on Tuesday, June 3rd. Finally, HC Wainwright increased their price objective on Applied Digital from $7.00 to $12.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. One analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $12.73.

Applied Digital Stock Performance

Shares of NASDAQ APLD traded down $0.11 during trading hours on Friday, hitting $10.45. 17,883,734 shares of the stock were exchanged, compared to its average volume of 58,577,256. Applied Digital Corporation has a one year low of $3.01 and a one year high of $15.42. The company's 50 day moving average is $8.47 and its 200 day moving average is $7.72. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a market capitalization of $2.35 billion, a P/E ratio of -7.63 and a beta of 6.04.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $52.92 million for the quarter, compared to the consensus estimate of $62.91 million. Applied Digital had a negative net margin of 109.99% and a negative return on equity of 77.49%. During the same quarter last year, the company earned ($0.24) earnings per share. On average, research analysts expect that Applied Digital Corporation will post -0.96 EPS for the current year.

Insiders Place Their Bets

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total value of $169,484.00. Following the sale, the director owned 83,613 shares of the company's stock, valued at $585,291. This trade represents a 22.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 11.81% of the stock is currently owned by insiders.

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.