Commonwealth Equity Services LLC Raises Holdings in Applied Digital Co. (NASDAQ:APLD)

Commonwealth Equity Services LLC boosted its position in shares of Applied Digital Co. (NASDAQ:APLD) by 55.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 106,270 shares of the company’s stock after acquiring an additional 37,742 shares during the period. Commonwealth Equity Services LLC’s holdings in Applied Digital were worth $812,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. Swiss National Bank lifted its stake in Applied Digital by 29.1% during the fourth quarter. Swiss National Bank now owns 338,800 shares of the company’s stock worth $2,588,000 after purchasing an additional 76,300 shares during the last quarter. HighTower Advisors LLC lifted its position in shares of Applied Digital by 34.7% during the 4th quarter. HighTower Advisors LLC now owns 16,162 shares of the company’s stock worth $123,000 after buying an additional 4,162 shares during the last quarter. AlphaQuest LLC acquired a new position in shares of Applied Digital in the 4th quarter valued at $476,000. Arizona State Retirement System grew its holdings in shares of Applied Digital by 66.8% during the fourth quarter. Arizona State Retirement System now owns 49,953 shares of the company’s stock worth $382,000 after purchasing an additional 20,002 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Applied Digital by 100.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,798,431 shares of the company’s stock worth $13,740,000 after purchasing an additional 899,138 shares in the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on APLD. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research report on Monday, February 24th. Northland Securities increased 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. HC Wainwright boosted their price target on Applied Digital from $10.00 to $12.00 and gave the company 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 for the company. Finally, Cantor Fitzgerald decreased their price target on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Digital currently has a consensus rating of “Buy” and an average price target of $12.11.

Applied Digital Stock Performance

APLD opened at $6.24 on Thursday. The business has a fifty day simple moving average of $7.56 and a 200-day simple moving average of $8.00. The firm has a market cap of $1.39 billion, a PE ratio of -3.61 and a beta of 4.69. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. 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 issued its earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate 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 business 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. Applied Digital’s revenue was up 51.3% compared to the same quarter last year. As a group, equities analysts predict that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Insider Activity

In other news, Director Richard N. Nottenburg sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the sale, the director now directly owns 342,923 shares in the company, 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 SEC, which is accessible through this link. Insiders own 11.81% of the company’s stock.

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.