Rhumbline Advisers Has $1.57 Million Stake in Applied Digital Corporation (NASDAQ:APLD)

Rhumbline Advisers boosted its holdings in shares of Applied Digital Corporation (NASDAQ:APLD) by 7.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 279,191 shares of the company’s stock after buying an additional 20,299 shares during the quarter. Rhumbline Advisers owned about 0.13% of Applied Digital worth $1,569,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of APLD. 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. Amalgamated Bank grew its position in shares of Applied Digital by 113.3% in the fourth quarter. Amalgamated Bank now owns 6,538 shares of the company’s stock valued at $50,000 after purchasing an additional 3,473 shares during the last quarter. NewEdge Advisors LLC grew its position in shares of Applied Digital by 143.1% in the fourth quarter. NewEdge Advisors LLC now owns 9,810 shares of the company’s stock valued at $75,000 after purchasing an additional 5,775 shares during the last quarter. Finally, Compass Ion Advisors LLC acquired a new stake in shares of Applied Digital in the fourth quarter valued at about $79,000. 65.67% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

APLD has been the topic of several research analyst reports. HC Wainwright raised their price target on Applied Digital from $7.00 to $12.00 and gave the company a “buy” rating in a research report on Tuesday, June 3rd. Compass Point reaffirmed a “neutral” rating and issued a $13.00 price target (up from $10.00) on shares of Applied Digital in a research report on Monday, June 9th. B. Riley raised their price target on Applied Digital from $8.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, June 4th. Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a research report on Tuesday, June 3rd. Finally, Citizens Jmp raised Applied Digital to a “strong-buy” rating and set a $12.00 price target on the stock in a research report on Thursday, May 22nd. One analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Applied Digital has a consensus rating of “Buy” and a consensus price target of $12.73.

Applied Digital Stock Down 3.5%

APLD stock opened at $10.61 on Thursday. The company has a market cap of $2.39 billion, a PE ratio of -7.74 and a beta of 6.08. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.56. Applied Digital Corporation has a twelve month low of $3.01 and a twelve month high of $15.42. The business’s 50-day simple moving average is $7.17 and its 200 day simple moving average is $7.66.

Applied Digital (NASDAQ:APLD) last announced 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). The business had revenue of $52.92 million for the quarter, compared to the consensus estimate of $62.91 million. Applied Digital had a negative return on equity of 77.49% and a negative net margin of 109.99%. During the same quarter in the prior year, the business earned ($0.24) EPS. On average, research analysts anticipate that Applied Digital Corporation will post -0.96 earnings per share for the current year.

Insiders Place Their Bets

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the firm’s stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total transaction of $169,484.00. Following the completion of the transaction, the director now owns 83,613 shares in the company, valued at $585,291. This trade represents a 22.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 11.81% of the company’s stock.

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.