New York State Common Retirement Fund Buys 17,500 Shares of Applied Digital Co. (NASDAQ:APLD)

New York State Common Retirement Fund boosted its stake in Applied Digital Co. (NASDAQ:APLD) by 75.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,819 shares of the company’s stock after acquiring an additional 17,500 shares during the quarter. New York State Common Retirement Fund’s holdings in Applied Digital were worth $312,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in APLD. Van ECK Associates Corp raised its stake in shares of Applied Digital by 113.8% in the 4th quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock valued at $33,649,000 after purchasing an additional 2,344,572 shares during the period. Geode Capital Management LLC grew its holdings in shares of Applied Digital by 48.7% during the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock worth $25,258,000 after buying an additional 1,002,862 shares in the last quarter. Barclays PLC raised its position in Applied Digital by 736.8% in the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after buying an additional 428,428 shares during the last quarter. State Street Corp lifted its stake in Applied Digital by 14.0% in the 3rd quarter. State Street Corp now owns 2,337,267 shares of the company’s stock valued at $19,282,000 after acquiring an additional 286,852 shares in the last quarter. Finally, Exchange Traded Concepts LLC lifted its stake in Applied Digital by 37.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company’s stock valued at $7,656,000 after acquiring an additional 273,666 shares in the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on APLD. Compass Point assumed coverage on shares of Applied Digital in a report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price objective on the stock. Cantor Fitzgerald lowered 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 note on Wednesday, January 15th. Northland Securities boosted their price target 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. HC Wainwright raised their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research report on Monday, February 24th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $12.11.

Applied Digital Stock Up 0.6 %

Shares of APLD stock opened at $6.92 on Wednesday. Applied Digital Co. has a 52-week low of $2.36 and a 52-week high of $12.48. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of -4.00 and a beta of 4.77. The firm’s 50-day moving average is $8.35 and its 200-day moving average is $7.71. 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 (NASDAQ:APLD) last posted its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $63.87 million during the quarter, compared to analysts’ expectations of $62.41 million. During the same quarter last year, the company posted ($0.05) EPS. Applied Digital’s quarterly revenue was up 51.3% compared to the same quarter last year. Sell-side analysts predict that Applied Digital Co. will post -0.96 EPS for the current year.

Insider Buying and Selling

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the business’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 completion of 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 position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 11.81% of the stock is currently owned by insiders.

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.