Nuveen Asset Management LLC Purchases 209,258 Shares of Applied Digital Co. (NASDAQ:APLD)

Nuveen Asset Management LLC raised its stake in shares of Applied Digital Co. (NASDAQ:APLD - Free Report) by 39.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 744,073 shares of the company's stock after buying an additional 209,258 shares during the quarter. Nuveen Asset Management LLC owned about 0.33% of Applied Digital worth $5,685,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in APLD. Vontobel Holding Ltd. grew its holdings in shares of Applied Digital by 9.8% in the fourth quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company's stock valued at $128,000 after purchasing an additional 1,500 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Applied Digital by 16.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company's stock valued at $90,000 after purchasing an additional 1,692 shares in the last quarter. Wilmington Savings Fund Society FSB grew its holdings in shares of Applied Digital by 100.0% in 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 in the last quarter. Amalgamated Bank grew its holdings in shares of Applied Digital by 113.3% in 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 in the last quarter. Finally, HighTower Advisors LLC grew its holdings in shares of Applied Digital by 34.7% in the fourth quarter. HighTower Advisors LLC now owns 16,162 shares of the company's stock valued at $123,000 after purchasing an additional 4,162 shares in the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

APLD has been the subject of a number of recent research reports. Citizens Jmp raised shares of Applied Digital to a "strong-buy" rating and set a $12.00 target price for the company in a report on Thursday, May 22nd. Needham & Company LLC reissued a "buy" rating and issued a $10.00 target price on shares of Applied Digital in a report on Monday. Cantor Fitzgerald cut their target price on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a report on Tuesday, April 15th. Northland Securities raised their target price on shares of Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a report on Tuesday, February 4th. Finally, JMP Securities raised their target price on shares of Applied Digital from $12.00 to $18.00 and gave the company a "market outperform" rating in a report on Tuesday. Ten research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $11.91.

Insider Activity

In other news, Director Rachel H. Lee sold 24,212 shares of the business's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total transaction of $169,484.00. Following the completion of the sale, the director now directly owns 83,613 shares of the company's stock, valued at approximately $585,291. The trade was a 22.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 11.81% of the company's stock.

Applied Digital Trading Up 1.1%

APLD traded up $0.11 during trading on Tuesday, reaching $10.25. The company had a trading volume of 150,246,092 shares, compared to its average volume of 33,631,281. The stock has a market cap of $2.30 billion, a P/E ratio of -5.92 and a beta of 6.09. The business has a 50 day simple moving average of $5.70 and a 200-day simple moving average of $7.44. Applied Digital Co. has a 52 week low of $3.01 and a 52 week high of $12.48. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.

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 (EPS) 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 company had revenue of $52.92 million during the quarter, compared to the consensus estimate of $62.91 million. During the same quarter in the prior year, the business earned ($0.24) earnings per share. On average, equities analysts anticipate that Applied Digital Co. 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.