Soros Fund Management LLC Makes New Investment in Applied Digital Co. (NASDAQ:APLD)

Soros Fund Management LLC acquired a new stake in Applied Digital Co. (NASDAQ:APLD - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 830,000 shares of the company's stock, valued at approximately $6,341,000. Soros Fund Management LLC owned approximately 0.37% of Applied Digital as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in APLD. Wells Fargo & Company MN lifted its stake in Applied Digital by 96.6% in the 4th quarter. Wells Fargo & Company MN now owns 119,963 shares of the company's stock worth $917,000 after purchasing an additional 58,943 shares in the last quarter. Vanguard Group Inc. increased its position in Applied Digital by 39.1% during the fourth 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 during the last quarter. Rhumbline Advisers increased its position in Applied Digital by 68.7% during the fourth 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 raised its stake in Applied Digital by 37.6% during the fourth 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 during the period. Finally, Barclays PLC boosted its holdings in Applied Digital by 736.8% in 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. Institutional investors and hedge funds own 65.67% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on APLD. Cantor Fitzgerald reduced their price target on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 15th. HC Wainwright lowered their price target on Applied Digital from $12.00 to $7.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Northland Securities boosted their price objective on shares of Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a report on Tuesday, February 4th. Needham & Company LLC reaffirmed a "buy" rating and set a $10.00 target price on shares of Applied Digital in a research note on Wednesday, April 23rd. Finally, Compass Point began coverage on Applied Digital in a research note on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price objective for the company. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $10.67.

Applied Digital Stock Up 1.7 %

Applied Digital stock traded up $0.09 during trading on Friday, reaching $5.30. The stock had a trading volume of 33,070,147 shares, compared to its average volume of 29,125,670. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. Applied Digital Co. has a 52-week low of $2.98 and a 52-week high of $12.48. The stock has a market cap of $1.19 billion, a PE ratio of -3.06 and a beta of 5.98. The business has a 50 day moving average price of $5.87 and a 200 day moving average price of $7.57.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its earnings results on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.05). The firm had revenue of $52.92 million for the quarter, compared to analyst estimates 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 quarter in the previous year, the firm posted ($0.24) EPS. On average, analysts predict that Applied Digital Co. will post -0.96 EPS for the current 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.