66,700 Shares in Applied Digital Co. (NASDAQ:APLD) Acquired by Polar Asset Management Partners Inc.

Polar Asset Management Partners Inc. bought a new position in Applied Digital Co. (NASDAQ:APLD - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 66,700 shares of the company's stock, valued at approximately $510,000.

Several other institutional investors and hedge funds also recently bought and sold shares of APLD. Mackenzie Financial Corp purchased a new stake in shares of Applied Digital in the fourth quarter worth $92,000. GTS Securities LLC bought a new position in Applied Digital in the 4th quarter worth $196,000. Two Seas Capital LP purchased a new stake in Applied Digital in the 4th quarter worth $5,062,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Applied Digital by 271.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 343,260 shares of the company's stock valued at $2,623,000 after acquiring an additional 250,944 shares during the period. Finally, Vennlight Capital Management LP purchased a new position in shares of Applied Digital in the fourth quarter valued at about $2,786,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

APLD has been the subject of several research analyst reports. Citizens Jmp upgraded Applied Digital to a "strong-buy" rating and set a $12.00 target price for the company in a research report on Thursday, May 22nd. Northland Securities increased their price objective on shares of Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a report on Tuesday, February 4th. JMP Securities initiated coverage on shares of Applied Digital in a research report on Thursday, May 22nd. They set a "market outperform" rating and a $12.00 price objective on the stock. Cantor Fitzgerald dropped their target price on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a research report on Tuesday, April 15th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $10.00 target price on shares of Applied Digital in a research note on Wednesday, April 23rd. Ten investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $10.91.

Insider Buying and Selling at Applied Digital

In other news, Director Rachel H. Lee sold 24,212 shares of the stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total value of $169,484.00. Following the sale, the director now owns 83,613 shares of the company's stock, valued at approximately $585,291. This represents a 22.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 11.81% of the company's stock.

Applied Digital Price Performance

Applied Digital stock traded down $0.28 during mid-day trading on Friday, reaching $6.76. 23,368,146 shares of the company's stock traded hands, compared to its average volume of 30,402,053. Applied Digital Co. has a 12-month low of $3.01 and a 12-month high of $12.48. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The stock has a 50 day moving average of $5.54 and a two-hundred day moving average of $7.40. The company has a market cap of $1.52 billion, a price-to-earnings ratio of -3.91 and a beta of 5.98.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its earnings results 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 business 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 quarter in the prior year, the company posted ($0.24) earnings per share. Equities analysts forecast that Applied Digital Co. will post -0.96 earnings per share for the current 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.