Quantbot Technologies LP Purchases 262,473 Shares of Applied Digital Co. (NASDAQ:APLD)

Quantbot Technologies LP boosted its position in shares of Applied Digital Co. (NASDAQ:APLD) by 766.1% in the 4th quarter, HoldingsChannel.com reports. The firm owned 296,734 shares of the company’s stock after buying an additional 262,473 shares during the quarter. Quantbot Technologies LP’s holdings in Applied Digital were worth $2,267,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in APLD. Victory Capital Management Inc. raised its holdings in Applied Digital by 72.5% during the 3rd quarter. Victory Capital Management Inc. now owns 19,535 shares of the company’s stock worth $161,000 after purchasing an additional 8,212 shares during the last quarter. Intech Investment Management LLC bought a new stake in Applied Digital during the 3rd quarter worth about $115,000. Charles Schwab Investment Management Inc. increased its stake in shares of Applied Digital by 36.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after acquiring an additional 240,554 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake 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 valued at $355,000 after acquiring an additional 5,423 shares during the last quarter. Finally, FMR LLC increased its stake in shares of Applied Digital by 99.1% in the 3rd quarter. FMR LLC now owns 13,071 shares of the company’s stock valued at $108,000 after acquiring an additional 6,507 shares during the last quarter. 65.67% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the director now owns 342,923 shares of the company’s stock, valued at $3,034,868.55. This represents a 5.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 11.81% of the company’s stock.

Applied Digital Price Performance

Shares of APLD opened at $7.07 on Monday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The stock has a 50 day simple moving average of $7.93 and a 200 day simple moving average of $7.98. Applied Digital Co. has a 52-week low of $2.36 and a 52-week high of $12.48. The firm has a market capitalization of $1.58 billion, a PE ratio of -4.09 and a beta of 4.69.

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

Wall Street Analysts Forecast Growth

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

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.