Nuveen LLC Acquires New Shares in Applied Digital Corporation $APLD

Key Points

• Nuveen LLC invested approximately $2.48 million in Applied Digital Corporation by purchasing 441,385 shares, representing around 0.20% ownership of the company.
• A number of institutional investors, including Vanguard Group and Northern Trust Corp, have increased their stakes in Applied Digital, indicating strong confidence in the company's future performance.
• Applied Digital recently reported a quarterly revenue of $38.01 million, up 41.3% year-over-year, although it did not meet analysts’ estimates, with a reported EPS of ($0.12).

Nuveen LLC bought a new stake in Applied Digital Corporation (NASDAQ:APLD - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 441,385 shares of the company's stock, valued at approximately $2,481,000. Nuveen LLC owned about 0.20% of Applied Digital as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in the stock. Tidal Investments LLC boosted its stake in Applied Digital by 14,635.7% in the 4th quarter. Tidal Investments LLC now owns 1,697,850 shares of the company's stock worth $12,972,000 after buying an additional 1,686,328 shares during the last quarter. Driehaus Capital Management LLC acquired a new stake in Applied Digital in the 4th quarter worth about $11,029,000. Alyeska Investment Group L.P. acquired a new stake in Applied Digital in the 4th quarter worth about $10,696,000. D. E. Shaw & Co. Inc. acquired a new stake in Applied Digital in the 4th quarter worth about $7,996,000. Finally, BNP Paribas Financial Markets acquired a new stake in Applied Digital in the 4th quarter worth about $7,354,000. Institutional investors and hedge funds own 65.67% of the company's stock.

Analyst Ratings Changes

APLD has been the topic of a number of research reports. Citizens Jmp upgraded Applied Digital to a "strong-buy" rating and set a $12.00 price objective on the stock in a report on Thursday, May 22nd. Roth Capital restated a "buy" rating on shares of Applied Digital in a report on Monday, June 2nd. HC Wainwright raised their price objective on Applied Digital from $15.00 to $20.00 and gave the stock a "buy" rating in a report on Monday, August 25th. Craig Hallum raised their price objective on Applied Digital from $12.00 to $23.00 and gave the stock a "buy" rating in a report on Monday, August 18th. Finally, B. Riley raised their price objective on Applied Digital from $8.00 to $15.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. One analyst has rated the stock with a Strong Buy rating and twelve have assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $15.64.

Applied Digital Stock Down 4.5%

Shares of NASDAQ:APLD traded down $0.72 during mid-day trading on Tuesday, hitting $15.26. 19,161,523 shares of the company traded hands, compared to its average volume of 27,399,572. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.77 and a current ratio of 0.77. Applied Digital Corporation has a 52-week low of $3.01 and a 52-week high of $17.60. The firm's 50 day simple moving average is $12.59 and its 200 day simple moving average is $9.11. The firm has a market cap of $3.99 billion, a P/E ratio of -14.00 and a beta of 6.64.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting 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 company 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 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 analysts anticipate that Applied Digital Corporation will post -0.96 EPS for the current year.

Insider Transactions at Applied Digital

In other news, Director Richard N. Nottenburg sold 11,250 shares of Applied Digital stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $14.22, for a total value of $159,975.00. Following the completion of the transaction, the director owned 317,987 shares in the company, valued at approximately $4,521,775.14. This trade represents a 3.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.81% of the stock is owned by corporate insiders.

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.