Vident Advisory LLC Has $7.20 Million Position in Applied Digital Co. (NASDAQ:APLD)

Vident Advisory LLC raised its position in Applied Digital Co. (NASDAQ:APLD - Free Report) by 34.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 942,646 shares of the company's stock after acquiring an additional 241,123 shares during the quarter. Vident Advisory LLC owned approximately 0.42% of Applied Digital worth $7,202,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Hood River Capital Management LLC lifted its stake in Applied Digital by 10.7% in the fourth quarter. Hood River Capital Management LLC now owns 15,147,422 shares of the company's stock valued at $115,726,000 after acquiring an additional 1,464,854 shares during the last quarter. Vanguard Group Inc. lifted its stake in Applied Digital by 39.1% in the fourth quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock valued at $97,487,000 after acquiring an additional 3,587,619 shares during the last quarter. Geode Capital Management LLC lifted its stake in Applied Digital by 54.4% in the fourth quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company's stock valued at $36,117,000 after acquiring an additional 1,665,335 shares during the last quarter. Van ECK Associates Corp lifted its stake in Applied Digital by 113.8% in the fourth 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 lifted its stake in Applied Digital by 49.0% in the fourth quarter. Pertento Partners LLP now owns 2,528,717 shares of the company's stock valued at $19,319,000 after acquiring an additional 831,705 shares during the last quarter. Institutional investors and hedge funds own 65.67% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on APLD. 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 research note on Tuesday, April 15th. Northland Securities raised their target price on shares of Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 4th. Compass Point began coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They set a "buy" rating and a $10.00 target price for the company. HC Wainwright cut their target price on shares of Applied Digital from $12.00 to $7.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Finally, Needham & Company LLC restated a "buy" rating and set a $10.00 target price on shares of Applied Digital in a research note on Wednesday, April 23rd. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $10.67.

Applied Digital Price Performance

NASDAQ:APLD opened at $6.82 on Tuesday. Applied Digital Co. has a 52 week low of $3.01 and a 52 week high of $12.48. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of -3.94 and a beta of 5.98. The firm's 50-day simple moving average is $5.55 and its 200 day simple moving average is $7.40. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings results on Monday, April 14th. The company reported ($0.16) 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 business had revenue of $52.92 million for the quarter, compared to the consensus estimate of $62.91 million. During the same period in the prior year, the business posted ($0.24) earnings per share. As a group, sell-side analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current 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.

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