Mitsubishi UFJ Asset Management Co. Ltd. Buys 44,595 Shares of Applied Digital Corporation (NASDAQ:APLD)

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) by 63.8% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 114,486 shares of the company's stock after buying an additional 44,595 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.05% of Applied Digital worth $643,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Hood River Capital Management LLC lifted its stake in shares of Applied Digital by 10.7% during the 4th 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 in the last quarter. Vanguard Group Inc. lifted its stake in shares of Applied Digital by 5.7% during the 1st 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 in the last quarter. Geode Capital Management LLC lifted its stake in shares of Applied Digital by 54.4% during the 4th quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company's stock valued at $36,117,000 after buying an additional 1,665,335 shares in the last quarter. Think Investments LP lifted its stake in shares of Applied Digital by 27.3% during the 4th quarter. Think Investments LP now owns 2,060,136 shares of the company's stock valued at $15,739,000 after buying an additional 441,291 shares in the last quarter. Finally, Voya Investment Management LLC lifted its stake in shares of Applied Digital by 2.7% during the 4th quarter. Voya Investment Management LLC now owns 1,911,526 shares of the company's stock valued at $14,604,000 after buying an additional 50,228 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company's stock.

Applied Digital Price Performance

Shares of Applied Digital stock traded down $0.46 during trading hours on Friday, reaching $14.09. The company's stock had a trading volume of 17,738,658 shares, compared to its average volume of 37,927,930. The firm has a 50 day moving average price of $11.45 and a 200-day moving average price of $8.36. Applied Digital Corporation has a one year low of $3.01 and a one year high of $15.85. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.77 and a quick ratio of 0.77. The stock has a market cap of $3.68 billion, a P/E ratio of -12.93 and a beta of 6.17.

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

Analyst Upgrades and Downgrades

Several brokerages have commented on APLD. 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 research note on Friday, July 25th. Craig Hallum boosted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Roth Capital reiterated a "buy" rating on shares of Applied Digital in a research note on Monday, June 2nd. HC Wainwright boosted their price target on shares of Applied Digital from $12.00 to $15.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Finally, Citizens Jmp upgraded shares of Applied Digital to a "strong-buy" rating and set a $12.00 price target on the stock in a research note on Thursday, May 22nd. Twelve equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Applied Digital presently has a consensus rating of "Buy" and a consensus price target of $14.18.

Insider Activity

In related news, Director Rachel H. Lee sold 24,212 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total transaction of $169,484.00. Following the transaction, the director directly owned 83,613 shares in the company, valued at approximately $585,291. This represents a 22.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Richard N. Nottenburg sold 11,250 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $14.22, for a total transaction of $159,975.00. Following the transaction, the director owned 317,987 shares in the company, valued at $4,521,775.14. The trade was a 3.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 11.81% of the company's stock.

Applied Digital 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.