Cerity Partners LLC Boosts Stock Position in Applied Digital Co. (NASDAQ:APLD)

Cerity Partners LLC grew its holdings in shares of Applied Digital Co. (NASDAQ:APLD) by 199.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 81,833 shares of the company’s stock after purchasing an additional 54,465 shares during the quarter. Cerity Partners LLC’s holdings in Applied Digital were worth $626,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Applied Digital by 39.1% during the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock worth $97,487,000 after purchasing an additional 3,587,619 shares during the last quarter. Rhumbline Advisers lifted its position in shares of Applied Digital by 68.7% during the 4th quarter. Rhumbline Advisers now owns 258,892 shares of the company’s stock valued at $1,978,000 after buying an additional 105,428 shares during the last quarter. Exchange Traded Concepts LLC grew its stake in shares of Applied Digital by 37.6% during the 4th quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company’s stock worth $7,656,000 after acquiring an additional 273,666 shares during the period. Barclays PLC raised its stake in Applied Digital by 736.8% in the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after acquiring an additional 428,428 shares during the period. Finally, Highbridge Capital Management LLC bought a new position in Applied Digital during the fourth quarter worth about $2,546,000. 65.67% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on APLD shares. Needham & Company LLC dropped their price target on shares of Applied Digital from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. Compass Point initiated coverage on Applied Digital in a research report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price target for the company. Northland Securities increased their price objective on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a report on Tuesday, February 4th. Cantor Fitzgerald reduced their target price on Applied Digital from $14.00 to $7.00 and set an “overweight” rating for the company in a report on Tuesday, April 15th. Finally, HC Wainwright cut their price objective on shares of Applied Digital from $12.00 to $7.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Digital currently has a consensus rating of “Buy” and a consensus target price of $10.67.

Applied Digital Stock Performance

Applied Digital stock opened at $3.94 on Monday. Applied Digital Co. has a fifty-two week low of $2.36 and a fifty-two week high of $12.48. 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 market cap of $885.39 million, a P/E ratio of -2.28 and a beta of 5.18. The firm’s fifty day moving average price is $6.78 and its 200-day moving average price is $7.78.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.05). Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The firm had revenue of $52.92 million for the quarter, compared to analysts’ expectations of $62.91 million. During the same quarter in the previous year, the business earned ($0.24) EPS. On average, equities research analysts expect that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

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.