Vanguard Group Inc. Purchases 2,547,485 Shares of Applied Digital Co. (NASDAQ:APLD)

Vanguard Group Inc. lifted its stake in shares of Applied Digital Co. (NASDAQ:APLD - Free Report) by 70.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,176,073 shares of the company's stock after buying an additional 2,547,485 shares during the quarter. Vanguard Group Inc. owned about 5.03% of Applied Digital worth $26,434,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Arizona State Retirement System raised its position in shares of Applied Digital by 17.1% during the fourth quarter. Arizona State Retirement System now owns 20,801 shares of the company's stock worth $140,000 after purchasing an additional 3,038 shares during the period. Tower Research Capital LLC TRC lifted its stake in shares of Applied Digital by 380.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,017 shares of the company's stock valued at $54,000 after buying an additional 6,347 shares in the last quarter. Swiss National Bank grew its holdings in shares of Applied Digital by 6.9% during the fourth quarter. Swiss National Bank now owns 146,600 shares of the company's stock valued at $988,000 after buying an additional 9,500 shares during the last quarter. Woodmont Investment Counsel LLC increased its position in shares of Applied Digital by 4.2% during the first quarter. Woodmont Investment Counsel LLC now owns 250,319 shares of the company's stock worth $1,071,000 after acquiring an additional 10,149 shares in the last quarter. Finally, Capstone Investment Advisors LLC acquired a new stake in shares of Applied Digital in the 4th quarter worth about $78,000. Institutional investors own 65.67% of the company's stock.

Applied Digital Stock Performance

Shares of APLD stock traded down $0.24 on Friday, hitting $3.90. 6,672,907 shares of the stock were exchanged, compared to its average volume of 4,405,961. Applied Digital Co. has a one year low of $2.36 and a one year high of $8.65. The firm's 50 day moving average is $5.25 and its two-hundred day moving average is $4.43. The firm has a market capitalization of $535.12 million, a PE ratio of -4.94 and a beta of 4.56. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.90.

Analyst Upgrades and Downgrades

Several analysts have recently commented on APLD shares. Lake Street Capital lowered their price objective on Applied Digital from $19.00 to $7.00 and set a "buy" rating for the company in a research note on Friday, April 12th. Roth Mkm reiterated a "buy" rating and issued a $11.00 target price on shares of Applied Digital in a research note on Wednesday, July 10th. HC Wainwright reissued a "buy" rating and set a $5.00 price target on shares of Applied Digital in a research report on Wednesday, June 12th. B. Riley boosted their price target on shares of Applied Digital from $6.00 to $8.00 and gave the stock a "buy" rating in a report on Friday, June 28th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Wednesday, July 10th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $8.40.

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.