Envestnet Asset Management Inc. Makes New Investment in Applied Digital Co. (NASDAQ:APLD)

Envestnet Asset Management Inc. purchased a new stake in shares of Applied Digital Co. (NASDAQ:APLD) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 10,875 shares of the company’s stock, valued at approximately $83,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wilmington Savings Fund Society FSB grew its holdings in shares of Applied Digital by 100.0% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after buying an additional 2,000 shares during the last quarter. R Squared Ltd acquired a new stake in shares of Applied Digital during the fourth quarter worth about $36,000. US Bancorp DE purchased a new stake in Applied Digital in the fourth quarter valued at approximately $37,000. Jones Financial Companies Lllp acquired a new position in Applied Digital in the 4th quarter worth approximately $39,000. Finally, Spire Wealth Management purchased a new position in Applied Digital during the 4th quarter worth approximately $43,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Analyst Upgrades and Downgrades

APLD has been the topic of a number of research reports. HC Wainwright cut their price objective on shares of Applied Digital from $12.00 to $7.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. Cantor Fitzgerald reduced their price target on Applied Digital from $14.00 to $7.00 and set an “overweight” rating for the company in a research report on Tuesday, April 15th. Needham & Company LLC restated a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research report on Wednesday, April 23rd. Compass Point assumed coverage on shares of Applied Digital in a report on Tuesday, January 28th. They set a “buy” rating and a $10.00 target price for the company. Finally, Northland Securities increased their price target on shares of Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a report on Tuesday, February 4th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Digital currently has an average rating of “Buy” and a consensus target price of $10.67.

Applied Digital Stock Up 4.8 %

Shares of NASDAQ APLD opened at $5.50 on Friday. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of -3.18 and a beta of 5.98. Applied Digital Co. has a 52-week low of $3.01 and a 52-week high of $12.48. The company’s 50-day simple moving average is $5.68 and its 200-day simple moving average is $7.50. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD) last released its earnings results on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $62.91 million. During the same quarter last year, the business earned ($0.24) EPS. Equities analysts predict that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

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.