HighTower Advisors LLC Acquires New Position in Applied Digital Co. (NASDAQ:APLD)

HighTower Advisors LLC purchased a new stake in shares of Applied Digital Co. (NASDAQ:APLD) in the third quarter, according to its most recent filing with the SEC. The firm purchased 12,000 shares of the company’s stock, valued at approximately $99,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. The Manufacturers Life Insurance Company boosted its position in shares of Applied Digital by 14.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company’s stock worth $355,000 after buying an additional 5,423 shares in the last quarter. FMR LLC lifted its holdings in shares of Applied Digital by 99.1% in the third quarter. FMR LLC now owns 13,071 shares of the company’s stock valued at $108,000 after purchasing an additional 6,507 shares in the last quarter. ICA Group Wealth Management LLC lifted its holdings in shares of Applied Digital by 56.8% in the second quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock valued at $112,000 after purchasing an additional 6,795 shares in the last quarter. Headlands Technologies LLC increased its stake in shares of Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after purchasing an additional 6,933 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Applied Digital during the 3rd quarter worth approximately $59,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

APLD has been the topic of a number of recent research reports. B. Riley upped their target price on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research report on Friday, November 1st. Lake Street Capital upped their target price on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Cantor Fitzgerald began coverage on shares of Applied Digital in a report on Friday, December 20th. They set an “overweight” rating and a $15.00 price target for the company. Finally, Roth Mkm reissued a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research note on Thursday, October 10th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $11.14.

Insider Activity at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total value of $80,100.00. Following the completion of the transaction, the director now owns 208,506 shares in the company, valued at $1,670,133.06. This represents a 4.58 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard N. Nottenburg sold 80,000 shares of Applied Digital stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the sale, the director now owns 433,686 shares in the company, valued at $3,196,265.82. This represents a 15.57 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 359,369 shares of company stock worth $3,115,161. 11.81% of the stock is owned by insiders.

Applied Digital Trading Up 4.9 %

Shares of APLD stock opened at $9.20 on Friday. The firm’s 50-day simple moving average is $8.52 and its 200-day simple moving average is $6.62. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. Applied Digital Co. has a 1-year low of $2.36 and a 1-year high of $11.25. The firm has a market cap of $1.94 billion, a P/E ratio of -7.86 and a beta of 4.67.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $54.85 million. During the same quarter last year, the firm posted ($0.10) earnings per share. Applied Digital’s revenue was up 67.2% on a year-over-year basis. As a group, equities analysts forecast 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.