American Century Companies Inc. Makes New Investment in Applied Digital Co. (NASDAQ:APLD)

American Century Companies Inc. acquired a new stake in Applied Digital Co. (NASDAQ:APLD) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 1,681,077 shares of the company’s stock, valued at approximately $12,843,000. American Century Companies Inc. owned 0.75% of Applied Digital at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of APLD. Wilmington Savings Fund Society FSB lifted its holdings in shares of Applied Digital by 100.0% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after acquiring an additional 2,000 shares during the period. R Squared Ltd acquired a new stake in shares of Applied Digital during the 4th quarter worth about $36,000. US Bancorp DE acquired a new position in Applied Digital in the fourth quarter valued at about $37,000. Jones Financial Companies Lllp bought a new stake in Applied Digital during the fourth quarter worth about $39,000. Finally, Spire Wealth Management acquired a new stake in shares of Applied Digital during the fourth quarter worth approximately $43,000. Institutional investors own 65.67% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on APLD. Needham & Company LLC reissued a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a report on Monday, February 24th. HC Wainwright increased their target price on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. Cantor Fitzgerald reduced 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. Compass Point started coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price objective for the company. Finally, Northland Securities boosted their target price 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. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital currently has an average rating of “Buy” and a consensus target price of $12.11.

Insider Activity

In related news, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction that occurred 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 directly owns 342,923 shares of the company’s stock, valued at approximately $3,034,868.55. This represents a 5.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 11.81% of the stock is owned by company insiders.

Applied Digital Trading Up 8.4 %

NASDAQ:APLD opened at $6.09 on Wednesday. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. Applied Digital Co. has a 1-year low of $2.36 and a 1-year high of $12.48. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of -3.52 and a beta of 4.69. The business’s 50-day moving average price is $7.63 and its two-hundred day moving average price is $8.01.

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