Wellington Management Group LLP Has $130,000 Holdings in Applied Digital Co. (NASDAQ:APLD)

Wellington Management Group LLP lowered its stake in Applied Digital Co. (NASDAQ:APLD) by 54.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,055 shares of the company’s stock after selling 20,356 shares during the period. Wellington Management Group LLP’s holdings in Applied Digital were worth $130,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. California State Teachers Retirement System lifted its position in shares of Applied Digital by 65.6% in the fourth quarter. California State Teachers Retirement System now owns 162,561 shares of the company’s stock worth $1,242,000 after buying an additional 64,425 shares during the last quarter. Polar Asset Management Partners Inc. bought a new position in shares of Applied Digital in the fourth quarter worth about $510,000. Mackenzie Financial Corp bought a new position in shares of Applied Digital in the fourth quarter worth about $92,000. GTS Securities LLC bought a new position in shares of Applied Digital in the fourth quarter worth about $196,000. Finally, Two Seas Capital LP bought a new position in shares of Applied Digital in the fourth quarter worth about $5,062,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on APLD shares. Citizens Jmp upgraded Applied Digital to a “strong-buy” rating and set a $12.00 price objective on the stock in a research note on Thursday, May 22nd. Roth Capital reiterated a “buy” rating on shares of Applied Digital in a research note on Monday, June 2nd. JMP Securities lifted their price objective on Applied Digital from $12.00 to $18.00 and gave the stock a “market outperform” rating in a research note on Tuesday, June 3rd. HC Wainwright lifted their price objective on Applied Digital from $7.00 to $12.00 and gave the stock a “buy” rating in a research note on Tuesday, June 3rd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research note on Monday, June 2nd. Twelve equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Applied Digital presently has a consensus rating of “Buy” and a consensus target price of $12.45.

Insider Activity

In related news, Director Rachel H. Lee sold 24,212 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total transaction of $169,484.00. Following the sale, the director now directly owns 83,613 shares in the company, valued at $585,291. This represents a 22.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 11.81% of the company’s stock.

Applied Digital Trading Up 8.5%

APLD stock opened at $13.86 on Monday. Applied Digital Co. has a 1-year low of $3.01 and a 1-year high of $15.42. The firm has a market cap of $3.12 billion, a P/E ratio of -8.01 and a beta of 6.08. The business’s 50 day moving average is $6.15 and its 200-day moving average is $7.53. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data 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 company had revenue of $52.92 million during the quarter, compared to the consensus estimate of $62.91 million. During the same quarter in the prior year, the company posted ($0.24) earnings per share. Equities analysts anticipate 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.