Exchange Traded Concepts LLC Acquires 39,945 Shares of Applied Digital Corporation (NASDAQ:APLD)

Exchange Traded Concepts LLC lifted its stake in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) by 4.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,042,035 shares of the company's stock after purchasing an additional 39,945 shares during the quarter. Exchange Traded Concepts LLC owned 0.47% of Applied Digital worth $5,856,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. US Bancorp DE purchased a new position in Applied Digital in the fourth quarter worth $37,000. Jones Financial Companies Lllp bought a new position in shares of Applied Digital during the 4th quarter valued at about $39,000. Amalgamated Bank raised its holdings in shares of Applied Digital by 113.3% during the 4th quarter. Amalgamated Bank now owns 6,538 shares of the company's stock valued at $50,000 after buying an additional 3,473 shares in the last quarter. Lbmc Investment Advisors LLC bought a new stake in Applied Digital in the 1st quarter worth approximately $67,000. Finally, NewEdge Advisors LLC boosted its stake in Applied Digital by 143.1% in the fourth quarter. NewEdge Advisors LLC now owns 9,810 shares of the company's stock worth $75,000 after buying an additional 5,775 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors.

Applied Digital Trading Down 3.5%

Shares of Applied Digital stock traded down $0.38 during midday trading on Thursday, reaching $10.61. 28,833,459 shares of the company's stock traded hands, compared to its average volume of 81,584,544. The stock has a 50 day moving average of $7.17 and a 200-day moving average of $7.66. Applied Digital Corporation has a 12 month low of $3.01 and a 12 month high of $15.42. The company has a market cap of $2.39 billion, a PE ratio of -7.74 and a beta of 6.08. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.70 and a current ratio of 0.70.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its earnings results on Monday, April 14th. The company reported ($0.16) EPS 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 analysts' expectations of $62.91 million. During the same period in the prior year, the business posted ($0.24) earnings per share. As a group, equities analysts expect that Applied Digital Corporation will post -0.96 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently commented on APLD shares. HC Wainwright increased their target price on shares of Applied Digital from $7.00 to $12.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. JMP Securities raised their price objective on Applied Digital from $12.00 to $18.00 and gave the company a "market outperform" rating in a research note on Tuesday, June 3rd. Citigroup reissued an "outperform" rating on shares of Applied Digital in a research note on Tuesday, June 3rd. Roth Capital restated a "buy" rating on shares of Applied Digital in a research report on Monday, June 2nd. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $10.00 price objective on shares of Applied Digital in a research report on Monday, June 2nd. One investment analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Applied Digital presently has a consensus rating of "Buy" and an average target price of $12.73.

Insiders Place Their Bets

In related news, Director Rachel H. Lee sold 24,212 shares of Applied Digital stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total transaction of $169,484.00. Following the sale, the director now directly owns 83,613 shares in the company, valued at $585,291. The trade was a 22.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 11.81% of the stock is currently owned by company insiders.

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.