UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Purchases Shares of 92,316 Applied Digital Co. (NASDAQ:APLD)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of Applied Digital Co. (NASDAQ:APLD) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 92,316 shares of the company’s stock, valued at approximately $762,000.

A number of other hedge funds have also recently made changes to their positions in APLD. Charles Schwab Investment Management Inc. raised its holdings in shares of Applied Digital by 36.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock worth $7,419,000 after acquiring an additional 240,554 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its stake in shares of Applied Digital by 66.1% in the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock worth $4,609,000 after purchasing an additional 308,223 shares during the last quarter. Alight Capital Management LP bought a new position in shares of Applied Digital in the second quarter valued at approximately $3,570,000. Marshall Wace LLP purchased a new position in shares of Applied Digital during the second quarter valued at approximately $720,000. Finally, Point72 Asset Management L.P. bought a new stake in Applied Digital during the second quarter worth $1,451,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on APLD shares. Lake Street Capital lifted their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. B. Riley boosted their price target on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Craig Hallum upped their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. HC Wainwright lifted their target price on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a report on Thursday, October 10th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $10.50.

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. Nottenburg sold 80,000 shares of Applied Digital stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $7.37, for a total value of $589,600.00. Following the completion of the transaction, the director now owns 433,686 shares in the company, valued at $3,196,265.82. This trade represents a 15.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total transaction of $80,100.00. Following the sale, the director now owns 208,506 shares in the company, valued at $1,670,133.06. The trade was a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 359,369 shares of company stock worth $3,115,161 over the last ninety days. 11.81% of the stock is currently owned by company insiders.

Applied Digital Stock Performance

NASDAQ APLD opened at $8.05 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. The company has a market capitalization of $1.70 billion, a PE ratio of -6.88 and a beta of 4.67. Applied Digital Co. has a 52-week low of $2.36 and a 52-week high of $11.25. The company has a 50-day simple moving average of $8.45 and a 200 day simple moving average of $6.49.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The company had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. During the same quarter last year, the business posted ($0.10) EPS. Applied Digital’s quarterly revenue was up 67.2% compared to the same quarter last year. On average, research analysts predict that Applied Digital Co. will post -0.4 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.