Mirae Asset Global Investments Co. Ltd. Acquires 34,272 Shares of Applied Digital Co. (NASDAQ:APLD)

Mirae Asset Global Investments Co. Ltd. boosted its holdings in Applied Digital Co. (NASDAQ:APLD) by 4.6% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 774,646 shares of the company’s stock after acquiring an additional 34,272 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Applied Digital were worth $5,221,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. International Assets Investment Management LLC bought a new position in shares of Applied Digital during the 3rd quarter valued at about $74,000. Register Financial Advisors LLC grew its position in Applied Digital by 14,390.0% during the 3rd quarter. Register Financial Advisors LLC now owns 144,900 shares of the company’s stock worth $904,000 after acquiring an additional 143,900 shares during the last quarter. Equitec Proprietary Markets LLC grew its position in Applied Digital by 234.3% during the 3rd quarter. Equitec Proprietary Markets LLC now owns 808,812 shares of the company’s stock worth $5,047,000 after acquiring an additional 566,898 shares during the last quarter. Exchange Traded Concepts LLC grew its position in Applied Digital by 73.6% during the 3rd quarter. Exchange Traded Concepts LLC now owns 639,482 shares of the company’s stock worth $3,990,000 after acquiring an additional 271,197 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. bought a new position in Applied Digital during the 3rd quarter worth approximately $68,000. 65.67% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on APLD. B. Riley reduced their price target on Applied Digital from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday, April 5th. Roth Mkm reduced their price target on Applied Digital from $13.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday. Needham & Company LLC reduced their price target on Applied Digital from $13.00 to $11.00 and set a “buy” rating on the stock in a research report on Friday. Finally, Lake Street Capital reduced their target price on Applied Digital from $19.00 to $7.00 and set a “buy” rating on the stock in a research note on Friday. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $9.20.

Insider Activity

In other news, Director Virginia Moore sold 30,000 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $4.74, for a total transaction of $142,200.00. Following the sale, the director now owns 148,630 shares in the company, valued at approximately $704,506.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 23.70% of the company’s stock.

Applied Digital Stock Performance

NASDAQ:APLD opened at $2.52 on Tuesday. The stock has a market cap of $306.94 million, a P/E ratio of -3.18 and a beta of 4.12. The firm’s fifty day simple moving average is $4.17 and its 200 day simple moving average is $5.09. Applied Digital Co. has a twelve month low of $2.49 and a twelve month high of $11.62. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.90.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Tuesday, January 16th. The company reported ($0.10) EPS for the quarter. Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. The business had revenue of $42.20 million for the quarter, compared to the consensus estimate of $54.78 million. As a group, research analysts predict that Applied Digital Co. will post -0.48 EPS for the current year.

About Applied Digital

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.