Hunter Associates Investment Management LLC Grows Stock Position in Applied Digital Corporation (NASDAQ:APLD)

Hunter Associates Investment Management LLC lifted its holdings in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) by 15.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 535,921 shares of the company's stock after acquiring an additional 73,718 shares during the period. Hunter Associates Investment Management LLC owned 0.24% of Applied Digital worth $3,019,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of APLD. Exchange Traded Concepts LLC boosted its position in shares of Applied Digital by 4.0% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,042,035 shares of the company's stock worth $5,856,000 after purchasing an additional 39,945 shares in the last quarter. Register Financial Advisors LLC boosted its position in shares of Applied Digital by 26.2% during the 1st quarter. Register Financial Advisors LLC now owns 254,200 shares of the company's stock worth $1,429,000 after purchasing an additional 52,700 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of Applied Digital by 96.6% during the 4th quarter. Wells Fargo & Company MN now owns 119,963 shares of the company's stock worth $917,000 after purchasing an additional 58,943 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Applied Digital by 39.1% during the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock worth $97,487,000 after purchasing an additional 3,587,619 shares in the last quarter. Finally, Acuitas Investments LLC purchased a new stake in shares of Applied Digital during the 1st quarter worth $2,639,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on APLD. B. Riley boosted their target price on shares of Applied Digital from $8.00 to $15.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. HC Wainwright lifted their price target on Applied Digital from $7.00 to $12.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. JMP Securities lifted their price target on Applied Digital from $12.00 to $18.00 and gave the stock a "market outperform" rating in a research note on Tuesday, June 3rd. Citigroup reaffirmed an "outperform" rating on shares of Applied Digital in a research note on Tuesday, June 3rd. Finally, Craig Hallum lifted their price target on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. One 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $12.73.

Insider Activity

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the company's stock in a transaction that occurred on 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 transaction, the director owned 83,613 shares in the company, 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 through the SEC website. Insiders own 11.81% of the company's stock.

Applied Digital Trading Down 1.6%

APLD traded down $0.15 during midday trading on Friday, hitting $9.18. The company's stock had a trading volume of 17,553,270 shares, compared to its average volume of 31,651,996. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.56. The firm has a market cap of $2.07 billion, a P/E ratio of -6.70 and a beta of 6.04. The firm has a 50-day moving average price of $9.04 and a two-hundred day moving average price of $7.76. Applied Digital Corporation has a 52-week low of $3.01 and a 52-week high of $15.42.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued 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 return on equity of 77.49% and a negative net margin of 109.99%. The firm had revenue of $52.92 million for the quarter, compared to analysts' expectations of $62.91 million. During the same quarter in the previous year, the firm posted ($0.24) EPS. On average, research analysts anticipate that Applied Digital Corporation will post -0.96 earnings per share for the current year.

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.