Hood River Capital Management LLC Has $115.73 Million Position in Applied Digital Co. (NASDAQ:APLD)

Hood River Capital Management LLC boosted its position in Applied Digital Co. (NASDAQ:APLD - Free Report) by 10.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,147,422 shares of the company's stock after purchasing an additional 1,464,854 shares during the quarter. Applied Digital makes up 1.7% of Hood River Capital Management LLC's portfolio, making the stock its 7th biggest position. Hood River Capital Management LLC owned approximately 6.80% of Applied Digital worth $115,726,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of APLD. Vanguard Group Inc. boosted its position in shares of Applied Digital by 39.1% in the 4th 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. Rhumbline Advisers raised its position in shares of Applied Digital by 68.7% in the 4th quarter. Rhumbline Advisers now owns 258,892 shares of the company's stock worth $1,978,000 after purchasing an additional 105,428 shares during the last quarter. Exchange Traded Concepts LLC boosted its stake in Applied Digital by 37.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company's stock worth $7,656,000 after purchasing an additional 273,666 shares in the last quarter. Barclays PLC grew its position in Applied Digital by 736.8% during the 3rd quarter. Barclays PLC now owns 486,577 shares of the company's stock valued at $4,014,000 after purchasing an additional 428,428 shares during the last quarter. Finally, Highbridge Capital Management LLC bought a new stake in Applied Digital during the 4th quarter valued at about $2,546,000. Institutional investors own 65.67% of the company's stock.

Applied Digital Stock Performance

Shares of APLD stock traded up $0.16 during mid-day trading on Friday, reaching $4.70. 39,493,972 shares of the company's stock traded hands, compared to its average volume of 28,794,992. Applied Digital Co. has a 12 month low of $2.63 and a 12 month high of $12.48. The firm has a 50 day moving average price of $6.34 and a two-hundred day moving average price of $7.66. The firm has a market capitalization of $1.06 billion, a PE ratio of -2.72 and a beta of 5.18. 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 posted its quarterly earnings data on Monday, April 14th. The company reported ($0.16) earnings per share 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 company had revenue of $52.92 million for the quarter, compared to analysts' expectations of $62.91 million. During the same period in the previous year, the firm earned ($0.24) earnings per share. On average, research analysts forecast that Applied Digital Co. will post -0.96 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on APLD shares. HC Wainwright reduced their price target on shares of Applied Digital from $12.00 to $7.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Cantor Fitzgerald reduced 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. Compass Point began coverage on Applied Digital in a report on Tuesday, January 28th. They set a "buy" rating and a $10.00 price target on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $10.00 price objective on shares of Applied Digital in a report on Wednesday. Finally, Northland Securities upped their target price on shares of Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a research note on Tuesday, February 4th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Digital presently has an average rating of "Buy" and a consensus price target of $10.67.

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.