Rhumbline Advisers Grows Stake in Applied Digital Co. (NASDAQ:APLD)

Rhumbline Advisers lifted its stake in Applied Digital Co. (NASDAQ:APLD - Free Report) by 68.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 258,892 shares of the company's stock after purchasing an additional 105,428 shares during the period. Rhumbline Advisers owned approximately 0.12% of Applied Digital worth $1,978,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Van ECK Associates Corp raised its stake in shares of Applied Digital by 113.8% during the 4th quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company's stock worth $33,649,000 after buying an additional 2,344,572 shares during the last quarter. Geode Capital Management LLC raised its position in Applied Digital by 48.7% during the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company's stock worth $25,258,000 after acquiring an additional 1,002,862 shares during the last quarter. State Street Corp lifted its holdings in shares of Applied Digital by 14.0% in the third quarter. State Street Corp now owns 2,337,267 shares of the company's stock valued at $19,282,000 after purchasing an additional 286,852 shares in the last quarter. Royce & Associates LP grew its position in shares of Applied Digital by 1.4% in the third quarter. Royce & Associates LP now owns 1,132,140 shares of the company's stock valued at $9,340,000 after purchasing an additional 15,763 shares during the last quarter. Finally, Exchange Traded Concepts LLC increased its stake in shares of Applied Digital by 37.6% during 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. Hedge funds and other institutional investors own 65.67% of the company's stock.

Insider Buying and Selling

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $177,000.00. Following the transaction, the director now directly owns 342,923 shares of the company's stock, valued at $3,034,868.55. The trade was a 5.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 11.81% of the company's stock.

Applied Digital Trading Up 2.6 %

Shares of APLD traded up $0.18 during mid-day trading on Friday, reaching $7.18. The company had a trading volume of 15,052,473 shares, compared to its average volume of 28,321,865. Applied Digital Co. has a fifty-two week low of $2.36 and a fifty-two week high of $12.48. The firm has a fifty day simple moving average of $8.29 and a 200-day simple moving average of $7.71. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of -4.15 and a beta of 4.69. 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 (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.14) by $0.08. The firm had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The firm's quarterly revenue was up 51.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.05) earnings per share. On average, sell-side analysts anticipate that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

APLD has been the subject of a number of analyst reports. Needham & Company LLC reissued a "buy" rating and issued a $11.00 price target on shares of Applied Digital in a report on Monday, February 24th. Northland Securities boosted 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. Compass Point initiated coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They set a "buy" rating and a $10.00 price target on the stock. HC Wainwright lifted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a report on Wednesday, January 15th. Finally, Cantor Fitzgerald reduced their price objective on shares of Applied Digital from $15.00 to $14.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 15th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Digital has a consensus rating of "Buy" and an average target price of $12.11.

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.