Van ECK Associates Corp Grows Stake in Applied Digital Co. (NASDAQ:APLD)

Van ECK Associates Corp increased its holdings in Applied Digital Co. (NASDAQ:APLD) by 92.1% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,426,281 shares of the company’s stock after buying an additional 1,163,247 shares during the period. Van ECK Associates Corp owned 1.98% of Applied Digital worth $10,384,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in APLD. Arizona State Retirement System raised its holdings in shares of Applied Digital by 17.1% in the 4th quarter. Arizona State Retirement System now owns 20,801 shares of the company’s stock valued at $140,000 after acquiring an additional 3,038 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in Applied Digital by 380.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,017 shares of the company’s stock valued at $54,000 after purchasing an additional 6,347 shares during the last quarter. Swiss National Bank grew its stake in Applied Digital by 6.9% in the 4th quarter. Swiss National Bank now owns 146,600 shares of the company’s stock worth $988,000 after buying an additional 9,500 shares in the last quarter. Woodmont Investment Counsel LLC raised its position in shares of Applied Digital by 4.2% during the 1st quarter. Woodmont Investment Counsel LLC now owns 250,319 shares of the company’s stock valued at $1,071,000 after buying an additional 10,149 shares in the last quarter. Finally, Capstone Investment Advisors LLC bought a new stake in shares of Applied Digital during the 4th quarter worth $78,000. Institutional investors own 65.67% of the company’s stock.

Applied Digital Trading Up 0.4 %

APLD stock traded up $0.03 during trading on Friday, hitting $6.80. 2,382,477 shares of the company traded hands, compared to its average volume of 4,165,223. The company has a 50-day moving average of $4.49 and a 200-day moving average of $4.73. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.30 and a current ratio of 0.30. Applied Digital Co. has a 1 year low of $2.36 and a 1 year high of $11.07. The firm has a market capitalization of $933.03 million, a PE ratio of -8.63 and a beta of 4.56.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Thursday, April 11th. The company reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.40). Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. The company had revenue of $43.35 million for the quarter, compared to analysts’ expectations of $50.36 million. Analysts predict that Applied Digital Co. will post -1.03 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on APLD. B. Riley increased their target price on Applied Digital from $6.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Lake Street Capital reduced their price objective on Applied Digital from $19.00 to $7.00 and set a “buy” rating on the stock in a research report on Friday, April 12th. Roth Mkm boosted their target price on Applied Digital from $8.00 to $11.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research report on Friday, June 14th. Finally, HC Wainwright restated a “buy” rating and issued a $5.00 price objective on shares of Applied Digital in a report on Wednesday, June 12th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $8.40.

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.