Partners Capital Investment Group LLP Takes $8.67 Million Position in Applied Digital Corporation $APLD

Key Points

• Partners Capital Investment Group LLP acquired a new stake in Applied Digital Corporation by purchasing 1,543,210 shares, valued at approximately $8.67 million, representing 0.69% ownership of the company.
• Several hedge funds have increased their holdings in Applied Digital, with Hood River Capital Management raising its position by 10.7%, bringing its total to 15.15 million shares, valued at about $115.72 million.
• Wall Street analysts have a consensus rating of Buy on Applied Digital, with a price target ranging up to $23.00, indicating optimism about the company's growth potential.

Partners Capital Investment Group LLP purchased a new position in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,543,210 shares of the company's stock, valued at approximately $8,673,000. Partners Capital Investment Group LLP owned 0.69% of Applied Digital at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of APLD. JPMorgan Chase & Co. increased its stake in Applied Digital by 294.6% during the fourth quarter. JPMorgan Chase & Co. now owns 222,383 shares of the company's stock worth $1,699,000 after purchasing an additional 166,028 shares during the period. Wells Fargo & Company MN increased its stake in Applied Digital by 96.6% during the fourth 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 during the period. Envestnet Asset Management Inc. acquired a new position in shares of Applied Digital during the fourth quarter worth about $83,000. Russell Investments Group Ltd. grew its position in shares of Applied Digital by 19.3% during the fourth quarter. Russell Investments Group Ltd. now owns 94,788 shares of the company's stock worth $724,000 after buying an additional 15,304 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of Applied Digital by 16.5% during the fourth quarter. Invesco Ltd. now owns 109,456 shares of the company's stock worth $836,000 after buying an additional 15,531 shares in the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on APLD shares. Lake Street Capital boosted their price objective on Applied Digital from $14.00 to $18.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Needham & Company LLC boosted their price objective on Applied Digital from $12.00 to $16.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Compass Point raised Applied Digital from a "neutral" rating to a "buy" rating and set a $13.00 price objective for the company in a research report on Friday, July 25th. B. Riley boosted their price objective 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 objective for the company in a research report on Thursday, May 22nd. One analyst has rated the stock with a Strong Buy rating and twelve have assigned a Buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $15.18.

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. Nottenburg sold 11,250 shares of the 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 sale, the director directly owned 317,987 shares of the company's stock, valued at approximately $4,521,775.14. This represents a 3.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 11.81% of the company's stock.

Applied Digital Stock Up 1.8%

APLD traded up $0.28 on Friday, reaching $16.05. The company's stock had a trading volume of 26,890,703 shares, compared to its average volume of 35,228,844. The stock has a 50 day moving average of $11.81 and a two-hundred day moving average of $8.72. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.36. The company has a market capitalization of $4.20 billion, a price-to-earnings ratio of -14.72 and a beta of 6.17. Applied Digital Corporation has a fifty-two week low of $3.01 and a fifty-two week high of $16.92.

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

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.