Tidal Investments LLC Has $12.97 Million Position in Applied Digital Co. (NASDAQ:APLD)

Tidal Investments LLC increased its stake in Applied Digital Co. (NASDAQ:APLD - Free Report) by 14,635.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,697,850 shares of the company's stock after purchasing an additional 1,686,328 shares during the quarter. Tidal Investments LLC owned 0.76% of Applied Digital worth $12,972,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Hood River Capital Management LLC increased its position in 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 worth $115,726,000 after buying an additional 1,464,854 shares in the last quarter. Vanguard Group Inc. grew its holdings in Applied Digital by 39.1% in the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock valued at $97,487,000 after buying an additional 3,587,619 shares during the period. Geode Capital Management LLC grew its holdings in Applied Digital by 54.4% in 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 during the period. Van ECK Associates Corp increased its stake in shares of Applied Digital by 113.8% during the 4th quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company's stock valued at $33,649,000 after acquiring an additional 2,344,572 shares during the last quarter. Finally, Pertento Partners LLP boosted its position in shares of Applied Digital by 49.0% in the fourth quarter. Pertento Partners LLP now owns 2,528,717 shares of the company's stock worth $19,319,000 after acquiring an additional 831,705 shares during the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

APLD has been the topic of a number of recent analyst reports. Compass Point assumed coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They set a "buy" rating and a $10.00 price target on the stock. HC Wainwright reduced their target price on Applied Digital from $12.00 to $7.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Northland Securities boosted their price target on Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a research report on Tuesday, February 4th. Needham & Company LLC restated a "buy" rating and issued a $10.00 price objective on shares of Applied Digital in a report on Wednesday, April 23rd. Finally, Cantor Fitzgerald decreased their target price on Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a report on Tuesday, April 15th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $10.67.

Applied Digital Trading Up 0.7%

Shares of NASDAQ:APLD traded up $0.05 during mid-day trading on Wednesday, hitting $6.78. The stock had a trading volume of 45,329,215 shares, compared to its average volume of 30,442,951. The company's 50 day moving average is $5.56 and its 200-day moving average is $7.39. Applied Digital Co. has a 12-month low of $3.01 and a 12-month high of $12.48. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The company has a market cap of $1.52 billion, a PE ratio of -3.92 and a beta of 5.98.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its earnings results on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.05). Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The company had revenue of $52.92 million for the quarter, compared to the consensus estimate of $62.91 million. During the same quarter last year, the business earned ($0.24) earnings per share. On average, sell-side analysts predict that Applied Digital Co. will post -0.96 EPS for the current 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.