Charles Schwab Investment Management Inc. Boosts Position in Applied Digital Corporation $APLD

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Applied Digital Corporation by 3.9%, owning 1,869,386 shares valued at approximately $10.51 million.
• The company's recent earnings report showed revenues of $38.01 million, falling short of the anticipated $42.86 million, but represented a 41.3% year-over-year increase.
• Brokerages have shown confidence in Applied Digital, with JMP Securities raising their target price from $12.00 to $18.00 and maintaining a "market outperform" rating.

Charles Schwab Investment Management Inc. raised its holdings in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) by 3.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 1,869,386 shares of the company's stock after purchasing an additional 70,955 shares during the period. Charles Schwab Investment Management Inc. owned 0.83% of Applied Digital worth $10,506,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in Applied Digital by 5.7% during the first quarter. Vanguard Group Inc. now owns 13,491,013 shares of the company's stock valued at $75,819,000 after buying an additional 730,978 shares during the period. Think Investments LP increased its holdings in shares of Applied Digital by 27.3% in the 4th quarter. Think Investments LP now owns 2,060,136 shares of the company's stock valued at $15,739,000 after acquiring an additional 441,291 shares during the period. Voya Investment Management LLC raised its position in shares of Applied Digital by 2.7% in the 4th quarter. Voya Investment Management LLC now owns 1,911,526 shares of the company's stock worth $14,604,000 after acquiring an additional 50,228 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Applied Digital by 81.9% during the 4th quarter. Northern Trust Corp now owns 1,793,700 shares of the company's stock worth $13,704,000 after purchasing an additional 807,681 shares during the last quarter. Finally, Tidal Investments LLC boosted its position in Applied Digital by 14,635.7% during 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 in the last quarter. Hedge funds and other institutional investors own 65.67% of the company's stock.

Insider Buying and Selling

In other Applied Digital news, Director Richard N. Nottenburg sold 11,250 shares of Applied Digital stock in a transaction on Friday, August 8th. The shares were sold at an average price of $14.22, for a total transaction of $159,975.00. Following the sale, the director owned 317,987 shares of the company's stock, valued at $4,521,775.14. The trade was a 3.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 11.81% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on APLD shares. Compass Point upgraded shares of Applied Digital from a "neutral" rating to a "buy" rating and set a $13.00 price target on the stock in a report on Friday, July 25th. HC Wainwright upped their price target on Applied Digital from $15.00 to $20.00 and gave the stock a "buy" rating in a research report on Monday. Citigroup reissued an "outperform" rating on shares of Applied Digital in a research report on Tuesday, June 3rd. Roth Capital reaffirmed a "buy" rating on shares of Applied Digital in a research report on Monday, June 2nd. Finally, JMP Securities raised their price target on Applied Digital from $12.00 to $18.00 and gave the stock a "market outperform" rating in a report on Tuesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, Applied Digital has an average rating of "Buy" and an average target price of $15.64.

Applied Digital Stock Performance

NASDAQ APLD traded up $0.05 during mid-day trading on Wednesday, reaching $16.52. 17,136,713 shares of the stock were exchanged, compared to its average volume of 37,588,250. The company has a market capitalization of $4.32 billion, a P/E ratio of -15.16 and a beta of 6.17. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.77 and a current ratio of 0.77. The business's 50 day moving average is $12.01 and its 200-day moving average is $8.83. Applied Digital Corporation has a 1 year low of $3.01 and a 1 year high of $16.92.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported ($0.12) earnings per share for the quarter, meeting the consensus estimate of ($0.12). Applied Digital had a negative return on equity of 50.03% and a negative net margin of 107.22%.The firm had revenue of $38.01 million during the quarter, compared to analyst estimates of $42.86 million. During the same quarter in the previous year, the business earned ($0.14) EPS. Applied Digital's revenue for the quarter was up 41.3% compared to the same quarter last year. On average, equities research analysts forecast that Applied Digital Corporation will post -0.96 EPS for the current fiscal 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.