Vanguard Group Inc. Increases Stake in Applied Digital Co. (NASDAQ:APLD)

Vanguard Group Inc. raised its stake in shares of Applied Digital Co. (NASDAQ:APLD - Free Report) by 40.6% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 3,335,542 shares of the company's stock after purchasing an additional 963,390 shares during the period. Vanguard Group Inc. owned approximately 3.14% of Applied Digital worth $20,814,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Deutsche Bank AG boosted its stake in Applied Digital by 15.6% during the 3rd quarter. Deutsche Bank AG now owns 31,451 shares of the company's stock valued at $196,000 after purchasing an additional 4,233 shares during the last quarter. GSA Capital Partners LLP bought a new position in shares of Applied Digital during the 3rd quarter worth approximately $115,000. Royal Bank of Canada lifted its position in shares of Applied Digital by 713.2% during the 3rd quarter. Royal Bank of Canada now owns 45,312 shares of the company's stock worth $283,000 after buying an additional 39,740 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Applied Digital by 767.1% during the 3rd quarter. Legal & General Group Plc now owns 70,596 shares of the company's stock worth $441,000 after buying an additional 62,454 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Applied Digital by 123.4% during the 3rd quarter. AQR Capital Management LLC now owns 30,233 shares of the company's stock worth $189,000 after buying an additional 16,702 shares in the last quarter. Institutional investors and hedge funds own 65.67% of the company's stock.

Analysts Set New Price Targets

APLD has been the topic of several recent analyst reports. B. Riley dropped their target price on shares of Applied Digital from $10.00 to $8.00 and set a "buy" rating on the stock in a research report on Friday, April 5th. Lake Street Capital lowered their price target on shares of Applied Digital from $19.00 to $7.00 and set a "buy" rating on the stock in a report on Friday. Needham & Company LLC lowered their price target on shares of Applied Digital from $13.00 to $11.00 and set a "buy" rating on the stock in a report on Friday. Finally, Roth Mkm lowered their price target on shares of Applied Digital from $13.00 to $8.00 and set a "buy" rating on the stock in a report on Friday. Five research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital presently has an average rating of "Buy" and a consensus target price of $9.20.

Applied Digital Stock Performance

Shares of NASDAQ:APLD traded down $0.36 during trading on Friday, hitting $2.71. 11,133,328 shares of the company were exchanged, compared to its average volume of 3,497,284. Applied Digital Co. has a 52-week low of $2.65 and a 52-week high of $11.62. The stock has a 50 day moving average of $4.20 and a 200 day moving average of $5.12. The company has a current ratio of 0.18, a quick ratio of 0.18 and a debt-to-equity ratio of 0.45.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings results on Tuesday, January 16th. The company reported ($0.10) earnings per share for the quarter. The firm had revenue of $42.20 million during the quarter, compared to the consensus estimate of $54.78 million. Applied Digital had a negative return on equity of 75.57% and a negative net margin of 61.84%. On average, equities research analysts anticipate that Applied Digital Co. will post -0.48 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

In other news, Director Virginia Moore sold 30,000 shares of the company's stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $4.74, for a total value of $142,200.00. Following the transaction, the director now owns 148,630 shares of the company's stock, valued at $704,506.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 23.70% 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.