Bank of New York Mellon Corp Buys 161,250 Shares of Applied Digital Co. (NASDAQ:APLD)

Bank of New York Mellon Corp lifted its stake in shares of Applied Digital Co. (NASDAQ:APLD) by 50.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 480,526 shares of the company’s stock after acquiring an additional 161,250 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.22% of Applied Digital worth $3,671,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Wealthgarden F.S. LLC bought a new position in shares of Applied Digital during the fourth quarter worth about $115,000. Wolverine Asset Management LLC bought a new position in shares of Applied Digital during the fourth quarter worth about $3,056,000. Private Advisor Group LLC raised its position in shares of Applied Digital by 50.0% during the fourth quarter. Private Advisor Group LLC now owns 58,055 shares of the company’s stock worth $444,000 after acquiring an additional 19,355 shares during the last quarter. New York State Common Retirement Fund raised its position in shares of Applied Digital by 75.0% during the fourth quarter. New York State Common Retirement Fund now owns 40,819 shares of the company’s stock worth $312,000 after acquiring an additional 17,500 shares during the last quarter. Finally, Atria Wealth Solutions Inc. bought a new position in shares of Applied Digital during the fourth quarter worth about $149,000. 65.67% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Cantor Fitzgerald decreased their target price on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. HC Wainwright raised their target price on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. Compass Point initiated coverage on Applied Digital in a research note on Tuesday, January 28th. They set a “buy” rating and a $10.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research note on Monday, February 24th. Finally, Northland Securities raised their target price on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 4th. Nine analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $12.11.

Insider Buying and Selling at Applied Digital

In related news, Director Richard N. Nottenburg sold 20,000 shares of the company’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the completion of the sale, the director now owns 342,923 shares in the company, valued at approximately $3,034,868.55. This represents a 5.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 11.81% of the company’s stock.

Applied Digital Trading Down 4.5 %

Shares of Applied Digital stock opened at $7.01 on Wednesday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. Applied Digital Co. has a 52 week low of $2.36 and a 52 week high of $12.48. The stock has a 50 day moving average price of $8.01 and a two-hundred day moving average price of $7.90. The stock has a market capitalization of $1.56 billion, a PE ratio of -4.05 and a beta of 4.69.

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

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.