Applied Digital Co. (NASDAQ:APLD) Shares Bought by Van ECK Associates Corp

Van ECK Associates Corp raised its stake in shares of Applied Digital Co. (NASDAQ:APLD) by 92.1% during the first quarter, HoldingsChannel reports. The firm owned 2,426,281 shares of the company’s stock after purchasing an additional 1,163,247 shares during the quarter. Van ECK Associates Corp’s holdings in Applied Digital were worth $10,384,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Oasis Management Co Ltd. lifted its holdings in shares of Applied Digital by 23.6% during the fourth quarter. Oasis Management Co Ltd. now owns 4,928,129 shares of the company’s stock worth $33,216,000 after purchasing an additional 940,075 shares during the period. Versor Investments LP purchased a new stake in shares of Applied Digital in the 4th quarter valued at $121,000. Russell Investments Group Ltd. increased its stake in shares of Applied Digital by 154.0% in the fourth quarter. Russell Investments Group Ltd. now owns 265,929 shares of the company’s stock worth $1,792,000 after acquiring an additional 161,250 shares during the period. Jump Financial LLC purchased a new position in shares of Applied Digital during the fourth quarter worth $107,000. Finally, Woodmont Investment Counsel LLC raised its holdings in shares of Applied Digital by 4.2% during the first quarter. Woodmont Investment Counsel LLC now owns 250,319 shares of the company’s stock worth $1,071,000 after purchasing an additional 10,149 shares during the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Price Performance

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

Applied Digital (NASDAQ:APLD) last announced its earnings results on Thursday, April 11th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.40). The company had revenue of $43.35 million during the quarter, compared to analyst estimates of $50.36 million. Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. As a group, equities research analysts anticipate that Applied Digital Co. will post -1.03 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on APLD shares. B. Riley increased their price target on Applied Digital from $6.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Lake Street Capital reduced their price target on Applied Digital from $19.00 to $7.00 and set a “buy” rating for the company in a research report on Friday, April 12th. HC Wainwright restated a “buy” rating and set a $5.00 price target on shares of Applied Digital in a research report on Wednesday, June 12th. Roth Mkm upped their price objective on shares of Applied Digital from $8.00 to $11.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Finally, Needham & Company LLC restated a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research report on Friday, June 14th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus 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.