333,300 Shares in Applied Digital Co. (NASDAQ:APLD) Acquired by Highbridge Capital Management LLC

Highbridge Capital Management LLC acquired a new stake in Applied Digital Co. (NASDAQ:APLD) during the fourth quarter, Holdings Channel.com reports. The fund acquired 333,300 shares of the company’s stock, valued at approximately $2,546,000.

Several other institutional investors have also added to or reduced their stakes in the company. DnB Asset Management AS bought a new position in shares of Applied Digital in the 4th quarter valued at $158,000. Pictet Asset Management Holding SA boosted its stake in Applied Digital by 72.0% in the fourth quarter. Pictet Asset Management Holding SA now owns 22,822 shares of the company’s stock valued at $174,000 after buying an additional 9,555 shares in the last quarter. Blair William & Co. IL grew its position in Applied Digital by 444.8% in the fourth quarter. Blair William & Co. IL now owns 82,260 shares of the company’s stock valued at $628,000 after acquiring an additional 67,160 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Applied Digital by 294.6% during the fourth quarter. JPMorgan Chase & Co. now owns 222,383 shares of the company’s stock worth $1,699,000 after acquiring an additional 166,028 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Applied Digital by 236.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 69,891 shares of the company’s stock worth $534,000 after acquiring an additional 49,111 shares during the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Applied Digital Trading Down 6.6 %

NASDAQ APLD opened at $6.10 on Friday. Applied Digital Co. has a 12 month low of $2.36 and a 12 month high of $12.48. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $1.36 billion, a PE ratio of -3.53 and a beta of 4.69. The business’s 50-day moving average price is $7.82 and its two-hundred day moving average price is $7.99.

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

Insider Transactions at Applied Digital

In other news, Director Richard N. Nottenburg sold 20,000 shares of the business’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the transaction, the director now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 11.81% of the stock is currently owned by corporate insiders.

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.