Royce & Associates LP Sells 546,910 Shares of Applied Digital Co. (NASDAQ:APLD)

Royce & Associates LP cut its stake in shares of Applied Digital Co. (NASDAQ:APLD) by 48.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 585,230 shares of the company’s stock after selling 546,910 shares during the period. Royce & Associates LP’s holdings in Applied Digital were worth $4,471,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Wilmington Savings Fund Society FSB lifted its stake in Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after acquiring an additional 2,000 shares in the last quarter. R Squared Ltd purchased a new stake in shares of Applied Digital during the 4th quarter valued at $36,000. US Bancorp DE purchased a new stake in shares of Applied Digital during the 4th quarter valued at $37,000. Jones Financial Companies Lllp purchased a new stake in shares of Applied Digital during the 4th quarter valued at $39,000. Finally, Spire Wealth Management purchased a new stake in shares of Applied Digital during the 4th quarter valued at $43,000. 65.67% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

APLD has been the subject of several research analyst reports. Northland Securities raised their target price on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research report on Tuesday, February 4th. HC Wainwright raised their target price 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 Applied Digital in a research report on Tuesday, January 28th. They set a “buy” rating and a $10.00 target price for the company. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a report on Monday, February 24th. Finally, Cantor Fitzgerald decreased their price objective on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $12.11.

Applied Digital Stock Up 3.6 %

APLD stock opened at $7.26 on Thursday. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $1.62 billion, a PE ratio of -4.20 and a beta of 4.69. Applied Digital Co. has a twelve month low of $2.36 and a twelve month high of $12.48. The stock has a 50-day simple moving average of $7.98 and a two-hundred day simple moving average of $7.89.

Applied Digital (NASDAQ:APLD) last posted 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 analyst estimates of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The company’s quarterly revenue was up 51.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.05) EPS. On average, equities analysts predict that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the completion of the sale, the director now owns 342,923 shares in the company, valued at approximately $3,034,868.55. This trade represents a 5.51 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 11.81% of the company’s stock.

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.