Wellington Management Group LLP Trims Stake in Applied Digital Co. (NASDAQ:APLD)

Wellington Management Group LLP cut its stake in shares of Applied Digital Co. (NASDAQ:APLD - Free Report) by 54.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,055 shares of the company's stock after selling 20,356 shares during the period. Wellington Management Group LLP's holdings in Applied Digital were worth $130,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of APLD. California State Teachers Retirement System increased its holdings in shares of Applied Digital by 65.6% during the fourth quarter. California State Teachers Retirement System now owns 162,561 shares of the company's stock worth $1,242,000 after purchasing an additional 64,425 shares during the period. Polar Asset Management Partners Inc. bought a new position in Applied Digital during the 4th quarter worth $510,000. Mackenzie Financial Corp acquired a new position in Applied Digital in the 4th quarter valued at $92,000. GTS Securities LLC acquired a new stake in shares of Applied Digital during the 4th quarter worth $196,000. Finally, Two Seas Capital LP acquired a new stake in shares of Applied Digital in the 4th quarter valued at $5,062,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Applied Digital Stock Up 3.8%

Shares of APLD stock traded up $0.46 during trading hours on Thursday, reaching $12.51. The company had a trading volume of 74,475,990 shares, compared to its average volume of 39,406,410. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The company has a market cap of $2.82 billion, a price-to-earnings ratio of -7.23 and a beta of 6.08. The business has a fifty day simple moving average of $6.56 and a 200-day simple moving average of $7.61. Applied Digital Co. has a 12 month low of $3.01 and a 12 month high of $15.42.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings data on Monday, April 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $52.92 million during the quarter, compared to the consensus estimate of $62.91 million. During the same quarter last year, the company earned ($0.24) EPS. On average, research analysts expect that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on APLD. Roth Capital reissued a "buy" rating on shares of Applied Digital in a research note on Monday, June 2nd. Compass Point reiterated a "neutral" rating and set a $13.00 price objective (up from $10.00) on shares of Applied Digital in a research report on Monday. 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 research note on Tuesday, April 15th. HC Wainwright lifted their target price on Applied Digital from $7.00 to $12.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Finally, Citizens Jmp upgraded Applied Digital to a "strong-buy" rating and set a $12.00 price target on the stock in a report on Thursday, May 22nd. One research analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Applied Digital currently has a consensus rating of "Buy" and a consensus target price of $12.73.

Insider Buying and Selling at Applied Digital

In other news, Director Rachel H. Lee sold 24,212 shares of the company's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total value of $169,484.00. Following the transaction, the director now owns 83,613 shares of the company's stock, valued at approximately $585,291. This represents a 22.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 11.81% of the company's stock.

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.