Applied Digital Corporation (NASDAQ:APLD) Shares Purchased by Hunter Associates Investment Management LLC

Hunter Associates Investment Management LLC boosted its holdings in Applied Digital Corporation (NASDAQ:APLD - Free Report) by 15.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 535,921 shares of the company's stock after purchasing an additional 73,718 shares during the period. Hunter Associates Investment Management LLC owned approximately 0.24% of Applied Digital worth $3,019,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in APLD. Vanguard Group Inc. raised its stake in shares of Applied Digital by 39.1% during the fourth quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock valued at $97,487,000 after acquiring an additional 3,587,619 shares during the last quarter. Tidal Investments LLC grew its holdings in Applied Digital by 14,635.7% in the fourth quarter. Tidal Investments LLC now owns 1,697,850 shares of the company's stock worth $12,972,000 after purchasing an additional 1,686,328 shares during the period. American Century Companies Inc. purchased a new stake in Applied Digital in the fourth quarter worth about $12,843,000. Geode Capital Management LLC grew its holdings in Applied Digital by 54.4% in the fourth quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company's stock worth $36,117,000 after purchasing an additional 1,665,335 shares during the period. Finally, Hood River Capital Management LLC grew its holdings in shares of Applied Digital by 10.7% during the fourth quarter. Hood River Capital Management LLC now owns 15,147,422 shares of the company's stock valued at $115,726,000 after buying an additional 1,464,854 shares during the last quarter. 65.67% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the 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 completion of the transaction, the director owned 83,613 shares of the company's stock, valued at $585,291. This represents a 22.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 11.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Craig Hallum raised their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Citigroup restated an "outperform" rating on shares of Applied Digital in a research report on Tuesday, June 3rd. HC Wainwright lifted their target price on Applied Digital from $7.00 to $12.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. B. Riley boosted their price target on Applied Digital from $8.00 to $15.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Finally, Citizens Jmp raised Applied Digital to a "strong-buy" rating and set a $12.00 price target for the company in a research report on Thursday, May 22nd. 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 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.

Applied Digital Stock Performance

Shares of APLD traded down $0.16 during mid-day trading on Friday, reaching $9.17. The company had a trading volume of 13,380,776 shares, compared to its average volume of 38,625,289. Applied Digital Corporation has a 52-week low of $3.01 and a 52-week high of $15.42. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.56. The stock has a market capitalization of $2.06 billion, a P/E ratio of -6.69 and a beta of 6.04. The stock has a 50 day moving average of $8.96 and a two-hundred day moving average of $7.76.

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