469,500 Shares in Applied Digital Corporation (NASDAQ:APLD) Purchased by Acuitas Investments LLC

Acuitas Investments 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 469,500 shares of the company's stock, valued at approximately $2,639,000. Applied Digital comprises 2.2% of Acuitas Investments LLC's investment portfolio, making the stock its 20th largest holding. Acuitas Investments LLC owned about 0.21% of Applied Digital as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Wealth Enhancement Advisory Services LLC boosted its position in shares of Applied Digital by 29.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,778 shares of the company's stock worth $77,000 after buying an additional 3,127 shares during the period. Amalgamated Bank boosted its position in Applied Digital by 113.3% during the 4th quarter. Amalgamated Bank now owns 6,538 shares of the company's stock worth $50,000 after acquiring an additional 3,473 shares during the period. SeaCrest Wealth Management LLC grew its stake in Applied Digital by 5.4% during the 1st quarter. SeaCrest Wealth Management LLC now owns 80,847 shares of the company's stock valued at $454,000 after acquiring an additional 4,107 shares in the last quarter. HighTower Advisors LLC grew its stake in Applied Digital by 34.7% during the 4th quarter. HighTower Advisors LLC now owns 16,162 shares of the company's stock valued at $123,000 after acquiring an additional 4,162 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Applied Digital by 44.2% in the 4th quarter. Principal Financial Group Inc. now owns 14,542 shares of the company's stock valued at $111,000 after purchasing an additional 4,459 shares during the period. Institutional investors and hedge funds own 65.67% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on the stock. Roth Capital restated a "buy" rating on shares of Applied Digital in a report on Monday, June 2nd. Citizens Jmp raised shares of Applied Digital to a "strong-buy" rating and set a $12.00 target price for the company in a research note on Thursday, May 22nd. B. Riley upped their price target on shares of Applied Digital from $8.00 to $15.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. 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 report on Tuesday, April 15th. Finally, Citigroup restated an "outperform" rating on shares of Applied Digital in a research note on Tuesday, June 3rd. One analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $12.73.

Insider Activity at Applied Digital

In other news, Director Rachel H. Lee sold 24,212 shares of the business's 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 completion of the sale, the director directly owned 83,613 shares in the company, valued at approximately $585,291. The trade was a 22.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 11.81% of the stock is currently owned by corporate insiders.

Applied Digital Stock Down 1.0%

Shares of NASDAQ:APLD traded down $0.11 on Thursday, reaching $10.45. The company had a trading volume of 17,007,667 shares, compared to its average volume of 39,240,551. The stock has a market capitalization of $2.35 billion, a P/E ratio of -7.63 and a beta of 6.04. The stock has a 50-day moving average price of $8.35 and a 200 day moving average price of $7.72. Applied Digital Corporation has a twelve month low of $3.01 and a twelve month high of $15.42. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.56.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its earnings results on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.05). Applied Digital had a negative return on equity of 77.49% and a negative net margin of 109.99%. The company had revenue of $52.92 million during the quarter, compared to analyst estimates of $62.91 million. During the same quarter last year, the firm posted ($0.24) earnings per share. On average, equities analysts expect that Applied Digital Corporation will post -0.96 EPS for the current year.

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.