Two Seas Capital LP Makes New $5.06 Million Investment in Applied Digital Co. (NASDAQ:APLD)

Two Seas Capital LP acquired a new position in Applied Digital Co. (NASDAQ:APLD - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 662,587 shares of the company's stock, valued at approximately $5,062,000. Applied Digital makes up 0.4% of Two Seas Capital LP's holdings, making the stock its 22nd largest holding. Two Seas Capital LP owned 0.30% of Applied Digital as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. HighTower Advisors LLC purchased a new stake in Applied Digital in the third quarter worth about $99,000. Barclays PLC boosted its position in shares of Applied Digital by 736.8% during the third quarter. Barclays PLC now owns 486,577 shares of the company's stock valued at $4,014,000 after buying an additional 428,428 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Applied Digital by 48.7% in the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company's stock valued at $25,258,000 after acquiring an additional 1,002,862 shares during the period. Virtu Financial LLC bought a new position in Applied Digital in the third quarter valued at about $2,030,000. Finally, Tidal Investments LLC bought a new position in shares of Applied Digital in the third quarter worth about $95,000. Hedge funds and other institutional investors own 65.67% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on APLD shares. Cantor Fitzgerald decreased their target price on Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 15th. Needham & Company LLC reiterated a "buy" rating and issued a $10.00 target price on shares of Applied Digital in a research note on Wednesday, April 23rd. Northland Securities raised their price target 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. HC Wainwright cut their target price 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, Compass Point began coverage on shares of Applied Digital in a report on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price target on the stock. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $10.67.

Applied Digital Stock Down 3.0 %

Shares of APLD traded down $0.14 during mid-day trading on Tuesday, reaching $4.57. 15,679,808 shares of the stock traded hands, compared to its average volume of 28,624,775. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The stock has a fifty day simple moving average of $6.24 and a 200 day simple moving average of $7.65. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of -2.64 and a beta of 5.18. Applied Digital Co. has a 12-month low of $2.63 and a 12-month high of $12.48.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings results 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 analyst estimates of $62.91 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. During the same period last year, the firm posted ($0.24) EPS. Sell-side analysts expect that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

About Applied Digital

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.