California State Teachers Retirement System increased its stake in shares of Applied Digital Co. (NASDAQ:APLD - Free Report) by 65.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Wilmington Savings Fund Society FSB grew its stake in shares of Applied Digital by 100.0% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock valued at $31,000 after purchasing an additional 2,000 shares during the last quarter. US Bancorp DE bought a new stake in shares of Applied Digital during the fourth quarter valued at approximately $37,000. Jones Financial Companies Lllp bought a new stake in shares of Applied Digital during the fourth quarter valued at approximately $39,000. Spire Wealth Management bought a new stake in shares of Applied Digital during the fourth quarter valued at approximately $43,000. Finally, Amalgamated Bank grew its stake in shares of Applied Digital by 113.3% during the fourth quarter. Amalgamated Bank now owns 6,538 shares of the company's stock valued at $50,000 after purchasing an additional 3,473 shares during the last quarter. 65.67% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other news, Director Rachel H. Lee sold 24,212 shares of the firm's stock in a transaction dated Wednesday, May 21st. The stock was 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 directly owns 83,613 shares in the company, valued at $585,291. This trade represents a 22.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 11.81% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities analysts have issued reports on APLD shares. Roth Capital reaffirmed a "buy" rating on shares of Applied Digital in a research note on Monday, June 2nd. 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. Cantor Fitzgerald reduced their price objective on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 15th. Craig Hallum lifted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Finally, Citigroup reissued an "outperform" rating on shares of Applied Digital in a research report on Tuesday, June 3rd. One investment analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Applied Digital has a consensus rating of "Buy" and a consensus target price of $12.73.
Read Our Latest Analysis on Applied Digital
Applied Digital Trading Down 10.6%
Applied Digital stock traded down $1.33 during trading hours on Friday, reaching $11.18. 62,025,357 shares of the company's stock were exchanged, compared to its average volume of 39,617,129. 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's 50 day simple moving average is $6.71 and its 200 day simple moving average is $7.63. Applied Digital Co. has a twelve month low of $3.01 and a twelve month high of $15.42. The firm has a market capitalization of $2.52 billion, a PE ratio of -6.46 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) earnings per share for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.05). Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business had revenue of $52.92 million for the quarter, compared to analyst estimates of $62.91 million. During the same quarter in the previous year, the business posted ($0.24) earnings per share. Research analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current year.
About Applied Digital
(
Free Report)
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.
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