California State Teachers Retirement System Raises Holdings in Applied Digital Co. (NASDAQ:APLD)

California State Teachers Retirement System grew its holdings in Applied Digital Co. (NASDAQ:APLD - Free Report) by 65.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 162,561 shares of the company's stock after purchasing an additional 64,425 shares during the quarter. California State Teachers Retirement System owned about 0.07% of Applied Digital worth $1,242,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the business. Polar Asset Management Partners Inc. acquired a new stake in Applied Digital in the fourth quarter worth $510,000. Mackenzie Financial Corp acquired a new stake in shares of Applied Digital in the 4th quarter valued at about $92,000. GTS Securities LLC acquired a new stake in shares of Applied Digital in the 4th quarter valued at about $196,000. Two Seas Capital LP bought a new stake in Applied Digital in the 4th quarter valued at about $5,062,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Applied Digital by 271.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 343,260 shares of the company's stock worth $2,623,000 after buying an additional 250,944 shares during the period. 65.67% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Rachel H. Lee sold 24,212 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total transaction of $169,484.00. Following the completion of the transaction, the director now directly owns 83,613 shares of the company's stock, valued at $585,291. This represents a 22.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 11.81% of the company's stock.

Applied Digital Stock Down 4.1%

NASDAQ:APLD traded down $0.54 on Tuesday, hitting $12.48. The stock had a trading volume of 61,651,572 shares, compared to its average volume of 39,030,809. Applied Digital Co. has a 1 year low of $3.01 and a 1 year high of $15.42. The firm's fifty day simple moving average is $6.28 and its two-hundred day simple moving average is $7.55. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The stock has a market cap of $2.81 billion, a P/E ratio of -7.21 and a beta of 6.08.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings results on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing analysts' consensus estimates 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 period in the previous year, the business posted ($0.24) earnings per share. Analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on APLD. Citigroup reissued an "outperform" rating on shares of Applied Digital in a research note on Tuesday, June 3rd. Craig Hallum increased their target price on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. B. Riley boosted their price target on shares of Applied Digital from $8.00 to $15.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Needham & Company LLC reaffirmed a "buy" rating and issued a $10.00 price objective on shares of Applied Digital in a research note on Monday, June 2nd. Finally, Cantor Fitzgerald reduced their price objective on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a report on Tuesday, April 15th. One equities research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Applied Digital has a consensus rating of "Buy" and an average target price of $12.73.

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.