Vanguard Group Inc. Acquires 730,978 Shares of Applied Digital Corporation $APLD

Key Points

• Vanguard Group Inc. has increased its stake in Applied Digital Corporation by 5.7%, acquiring an additional 730,978 shares during the first quarter, now owning approximately 6.00% of the company valued at $75.8 million.
• Applied Digital Corporation's stock has seen a significant price target increase from multiple analysts, with Craig Hallum raising it from $12.00 to $23.00, indicating strong market confidence in the company's future.
• The company recently reported a revenue of $38.01 million for the last quarter, marking a year-over-year increase of 41.3%, despite acknowledging a negative net margin of -107.22%.

Vanguard Group Inc. increased its holdings in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) by 5.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,491,013 shares of the company's stock after buying an additional 730,978 shares during the quarter. Vanguard Group Inc. owned 6.00% of Applied Digital worth $75,819,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. PNC Financial Services Group Inc. acquired a new stake in Applied Digital during the 1st quarter worth $28,000. CWM LLC raised its stake in Applied Digital by 116.5% during the 1st quarter. CWM LLC now owns 9,506 shares of the company's stock worth $53,000 after buying an additional 5,116 shares during the period. GAMMA Investing LLC raised its stake in Applied Digital by 1,237.4% during the 1st quarter. GAMMA Investing LLC now owns 9,576 shares of the company's stock worth $540,000 after buying an additional 8,860 shares during the period. NewEdge Advisors LLC raised its stake in Applied Digital by 143.1% during the 4th quarter. NewEdge Advisors LLC now owns 9,810 shares of the company's stock worth $75,000 after buying an additional 5,775 shares during the period. Finally, Semus Wealth Partners LLC acquired a new stake in Applied Digital during the 1st quarter worth $56,000. Institutional investors and hedge funds own 65.67% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. B. Riley raised their price objective on Applied Digital from $8.00 to $15.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. HC Wainwright increased their target price on Applied Digital from $15.00 to $20.00 and gave the stock a "buy" rating in a report on Monday. Roth Capital reiterated a "buy" rating on shares of Applied Digital in a report on Monday, June 2nd. Lake Street Capital increased their target price on Applied Digital from $14.00 to $18.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Finally, Citigroup reiterated an "outperform" rating on shares of Applied Digital in a report on Tuesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating and twelve have assigned a Buy rating to the stock. According to data from MarketBeat.com, Applied Digital has an average rating of "Buy" and an average price target of $15.64.

Applied Digital Stock Up 1.4%

Shares of NASDAQ APLD traded up $0.23 during mid-day trading on Wednesday, hitting $16.70. The company had a trading volume of 24,990,981 shares, compared to its average volume of 36,126,380. The company has a market capitalization of $4.37 billion, a PE ratio of -15.32 and a beta of 6.17. The firm has a 50-day simple moving average of $12.13 and a two-hundred day simple moving average of $8.89. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.36. Applied Digital Corporation has a one year low of $3.01 and a one year high of $16.92.

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

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. Nottenburg sold 11,250 shares of the firm's stock in a transaction dated 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 $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 is available at the SEC website. 11.81% of the stock is owned by insiders.

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.