Renaissance Technologies LLC Sells 444,529 Shares of Applied Digital Co. (NASDAQ:APLD)

Renaissance Technologies LLC decreased its holdings in Applied Digital Co. (NASDAQ:APLD - Free Report) by 52.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 410,371 shares of the company's stock after selling 444,529 shares during the period. Renaissance Technologies LLC owned about 0.18% of Applied Digital worth $3,135,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of APLD. Legal & General Group Plc lifted its stake in shares of Applied Digital by 16.9% in the 4th quarter. Legal & General Group Plc now owns 167,660 shares of the company's stock worth $1,281,000 after purchasing an additional 24,195 shares during the period. Invesco Ltd. boosted its stake in shares of Applied Digital by 16.5% during the 4th quarter. Invesco Ltd. now owns 109,456 shares of the company's stock worth $836,000 after acquiring an additional 15,531 shares during the last quarter. Cerity Partners LLC grew its position in shares of Applied Digital by 199.0% during the 4th quarter. Cerity Partners LLC now owns 81,833 shares of the company's stock valued at $626,000 after acquiring an additional 54,465 shares during the period. Russell Investments Group Ltd. grew its position in shares of Applied Digital by 19.3% during the 4th quarter. Russell Investments Group Ltd. now owns 94,788 shares of the company's stock valued at $724,000 after acquiring an additional 15,304 shares during the period. Finally, Envestnet Asset Management Inc. purchased a new stake in shares of Applied Digital in the 4th quarter worth $83,000. 65.67% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on APLD. Needham & Company LLC reissued a "buy" rating and set a $10.00 price target on shares of Applied Digital in a report on Wednesday. Northland Securities raised their target price on shares of Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 4th. Compass Point initiated coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price target for the company. HC Wainwright decreased their price objective on shares of Applied Digital from $12.00 to $7.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Finally, Cantor Fitzgerald lowered their target price on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 15th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital currently has an average rating of "Buy" and an average price target of $10.67.

Applied Digital Price Performance

APLD traded up $0.16 during 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 company has a market cap of $1.06 billion, a PE ratio of -2.72 and a beta of 5.18. Applied Digital Co. has a 1 year low of $2.63 and a 1 year high of $12.48. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The stock's 50-day simple moving average is $6.34 and its two-hundred day simple moving average is $7.67.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $52.92 million for the quarter, compared to analysts' expectations of $62.91 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. During the same period last year, the company earned ($0.24) earnings per share. As a group, sell-side analysts anticipate that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

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.