Voloridge Investment Management LLC Has $765,000 Stock Position in Applied Digital Co. (NASDAQ:APLD)

Voloridge Investment Management LLC cut its stake in Applied Digital Co. (NASDAQ:APLD - Free Report) by 81.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 100,195 shares of the company's stock after selling 436,173 shares during the quarter. Voloridge Investment Management LLC's holdings in Applied Digital were worth $765,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of APLD. Vennlight Capital Management LP bought a new stake in Applied Digital in the fourth quarter worth $2,786,000. Vident Advisory LLC grew its position in shares of Applied Digital by 34.4% in the fourth quarter. Vident Advisory LLC now owns 942,646 shares of the company's stock valued at $7,202,000 after purchasing an additional 241,123 shares during the last quarter. Two Sigma Investments LP acquired a new stake in shares of Applied Digital in the fourth quarter valued at about $1,943,000. Tidal Investments LLC grew its position in shares of Applied Digital by 14,635.7% in the fourth quarter. Tidal Investments LLC now owns 1,697,850 shares of the company's stock valued at $12,972,000 after purchasing an additional 1,686,328 shares during the last quarter. Finally, Think Investments LP grew its position in shares of Applied Digital by 27.3% in the fourth quarter. Think Investments LP now owns 2,060,136 shares of the company's stock valued at $15,739,000 after purchasing an additional 441,291 shares during the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Price Performance

APLD traded down $0.28 during midday trading on Friday, reaching $6.76. 23,368,146 shares of the company's stock were exchanged, compared to its average volume of 30,402,053. Applied Digital Co. has a one year low of $3.01 and a one year high of $12.48. The business has a 50-day simple moving average of $5.56 and a two-hundred day simple moving average of $7.40. 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 firm has a market capitalization 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 posted its 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). Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The firm had revenue of $52.92 million during the quarter, compared to the consensus estimate of $62.91 million. During the same quarter last year, the firm posted ($0.24) EPS. As a group, research analysts predict that Applied Digital Co. will post -0.96 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on APLD. Citizens Jmp raised Applied Digital to a "strong-buy" rating and set a $12.00 price target on the stock in a research report on Thursday, May 22nd. Cantor Fitzgerald decreased their target price on Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 15th. Northland Securities lifted their target price on Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a research report on Tuesday, February 4th. HC Wainwright decreased their target price on Applied Digital from $12.00 to $7.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Finally, JMP Securities began coverage on Applied Digital in a research report on Thursday, May 22nd. They set a "market outperform" rating and a $12.00 target price on the stock. Ten investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Applied Digital currently has a consensus rating of "Buy" and an average target price of $10.91.

Insider Activity

In related news, Director Rachel H. Lee sold 24,212 shares of the firm's stock in a transaction that occurred 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 now owns 83,613 shares of the company's stock, valued at $585,291. This trade represents a 22.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 11.81% of the stock is currently owned by corporate insiders.

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.