Price T Rowe Associates Inc. MD Boosts Stake in Applied Digital Co. (NASDAQ:APLD)

Price T Rowe Associates Inc. MD raised its position in shares of Applied Digital Co. (NASDAQ:APLD) by 98.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 76,250 shares of the company’s stock after acquiring an additional 37,783 shares during the period. Price T Rowe Associates Inc. MD’s holdings in Applied Digital were worth $583,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB grew its stake in shares of Applied Digital by 100.0% in 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 in the last quarter. R Squared Ltd acquired a new stake in shares of Applied Digital in the fourth quarter valued at about $36,000. US Bancorp DE acquired a new stake in shares of Applied Digital in the fourth quarter valued at about $37,000. Jones Financial Companies Lllp acquired a new stake in shares of Applied Digital in the fourth quarter valued at about $39,000. Finally, Spire Wealth Management acquired a new stake in shares of Applied Digital in the fourth quarter valued at about $43,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Trading Down 1.5%

Shares of APLD opened at $5.31 on Tuesday. The company has a market capitalization of $1.19 billion, a P/E ratio of -3.07 and a beta of 5.98. Applied Digital Co. has a one year low of $3.01 and a one year 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 50-day moving average price of $5.60 and a 200 day moving average price of $7.44.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Monday, April 14th. The company reported ($0.16) EPS 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 business had revenue of $52.92 million during the quarter, compared to analysts’ expectations of $62.91 million. During the same period in the prior year, the company posted ($0.24) EPS. Sell-side analysts forecast 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 research 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 target price for the company. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research note on Wednesday, April 23rd. HC Wainwright lowered their target price on Applied Digital from $12.00 to $7.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. Northland Securities increased their target price on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday, February 4th. Finally, Cantor Fitzgerald lowered their target price on Applied Digital from $14.00 to $7.00 and set an “overweight” rating for the company in a research note on Tuesday, April 15th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital currently has a consensus rating of “Buy” and an average price target of $10.67.

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.