Harvest Investment Services LLC Boosts Stock Position in Applied Digital Co. (NASDAQ:APLD)

Harvest Investment Services LLC lifted its stake in shares of Applied Digital Co. (NASDAQ:APLD - Free Report) by 284.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 96,055 shares of the company's stock after acquiring an additional 71,055 shares during the quarter. Harvest Investment Services LLC's holdings in Applied Digital were worth $734,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in Applied Digital by 39.1% in the fourth quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock worth $97,487,000 after purchasing an additional 3,587,619 shares in the last quarter. Geode Capital Management LLC increased its holdings 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 worth $36,117,000 after purchasing an additional 1,665,335 shares in the last quarter. Van ECK Associates Corp increased its holdings 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 worth $33,649,000 after purchasing an additional 2,344,572 shares in the last quarter. Pertento Partners LLP increased its holdings in 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 purchasing an additional 831,705 shares in the last quarter. Finally, State Street Corp increased its holdings in Applied Digital by 14.0% in the third quarter. State Street Corp now owns 2,337,267 shares of the company's stock worth $19,282,000 after purchasing an additional 286,852 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors.

Applied Digital Stock Up 3.5 %

Shares of NASDAQ:APLD traded up $0.16 during mid-day trading on Friday, hitting $4.70. 39,493,972 shares of the company traded hands, compared to its average volume of 28,794,992. The stock has a market cap of $1.06 billion, a P/E ratio of -2.72 and a beta of 5.18. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. Applied Digital Co. has a 12-month low of $2.63 and a 12-month high of $12.48. The stock has a 50-day moving average price of $6.34 and a two-hundred day moving average price of $7.67.

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

Analysts Set New Price Targets

Several research firms have recently commented on APLD. Compass Point began coverage on Applied Digital in a report on Tuesday, January 28th. They set a "buy" rating and a $10.00 price objective for the company. Needham & Company LLC restated a "buy" rating and set a $10.00 price objective on shares of Applied Digital in a report on Wednesday. Northland Securities boosted their price objective on Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a report on Tuesday, February 4th. Cantor Fitzgerald decreased their price objective on Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a report on Tuesday, April 15th. Finally, HC Wainwright decreased their price objective on Applied Digital from $12.00 to $7.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $10.67.

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.