Applied Digital Co. (NASDAQ:APLD) Position Raised by Principal Financial Group Inc.

Principal Financial Group Inc. increased its position in shares of Applied Digital Co. (NASDAQ:APLD) by 44.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,542 shares of the company’s stock after purchasing an additional 4,459 shares during the period. Principal Financial Group Inc.’s holdings in Applied Digital were worth $111,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in APLD. Vontobel Holding Ltd. grew its position in Applied Digital by 9.8% in the fourth quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company’s stock worth $128,000 after buying an additional 1,500 shares during the last quarter. Nisa Investment Advisors LLC grew its position in Applied Digital by 16.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company’s stock worth $90,000 after buying an additional 1,692 shares during the last quarter. Wilmington Savings Fund Society FSB grew its position in Applied Digital by 100.0% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after buying an additional 2,000 shares during the last quarter. Wellington Management Group LLP grew its position in Applied Digital by 8.8% in the third quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock worth $309,000 after buying an additional 3,040 shares during the last quarter. Finally, R Squared Ltd acquired a new position in Applied Digital in the fourth quarter worth approximately $36,000. Institutional investors own 65.67% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on APLD shares. Cantor Fitzgerald decreased their price target on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. HC Wainwright lifted 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 Wednesday, January 15th. Compass Point began coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They set a “buy” rating and a $10.00 price objective on the stock. Needham & Company LLC reiterated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research report on Monday, February 24th. Finally, Northland Securities lifted their price objective on shares of Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 4th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $12.11.

Insider Activity at Applied Digital

In related news, Director Richard N. Nottenburg sold 20,000 shares of the company’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $8.85, for a total value of $177,000.00. Following the sale, the director now 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 11.81% of the stock is currently owned by insiders.

Applied Digital Stock Up 3.7 %

Applied Digital stock opened at $7.26 on Friday. The firm has a fifty day moving average price of $8.26 and a two-hundred day moving average price of $7.75. The firm has a market cap of $1.62 billion, a price-to-earnings ratio of -4.20 and a beta of 4.69. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. Applied Digital Co. has a fifty-two week low of $2.36 and a fifty-two week high of $12.48.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. The business had revenue of $63.87 million for the quarter, compared to analysts’ expectations of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The firm’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. As a group, analysts forecast that Applied Digital Co. will post -0.96 earnings per share for the current 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.