Russell Investments Group Ltd. Raises Stock Position in Applied Digital Corporation $APLD

Russell Investments Group Ltd. raised its stake in shares of Applied Digital Corporation (NASDAQ:APLD) by 29.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 122,570 shares of the company’s stock after purchasing an additional 27,782 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.05% of Applied Digital worth $689,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in APLD. Envestnet Asset Management Inc. purchased a new position in Applied Digital during the 4th quarter valued at $83,000. Invesco Ltd. increased its position in Applied Digital by 16.5% during the 4th quarter. Invesco Ltd. now owns 109,456 shares of the company’s stock valued at $836,000 after purchasing an additional 15,531 shares during the period. NewEdge Advisors LLC increased its position in Applied Digital by 143.1% during the 4th 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 period. MetLife Investment Management LLC boosted its holdings in shares of Applied Digital by 70.0% during the 4th quarter. MetLife Investment Management LLC now owns 116,104 shares of the company’s stock valued at $887,000 after buying an additional 47,798 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Applied Digital by 98.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 76,250 shares of the company’s stock valued at $583,000 after buying an additional 37,783 shares in the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Applied Digital

In other news, Director Richard N. Nottenburg sold 11,250 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $14.22, for a total transaction of $159,975.00. Following the completion of the sale, the director owned 317,987 shares of the company’s stock, valued at $4,521,775.14. This represents a 3.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 11.81% of the stock is owned by insiders.

Analysts Set New Price Targets

APLD has been the topic of a number of research reports. Needham & Company LLC boosted their target price on shares of Applied Digital from $12.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, July 31st. JMP Securities boosted their target price on shares of Applied Digital from $12.00 to $18.00 and gave the company a “market outperform” rating in a report on Tuesday, June 3rd. Lake Street Capital boosted their target price on shares of Applied Digital from $14.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, July 31st. Craig Hallum boosted their target price on shares of Applied Digital from $12.00 to $23.00 and gave the company a “buy” rating in a report on Monday, August 18th. Finally, B. Riley boosted their target price on shares of Applied Digital from $8.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, June 4th. One investment analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $15.64.

Applied Digital Stock Performance

Shares of Applied Digital stock opened at $15.98 on Friday. The stock has a market cap of $4.18 billion, a price-to-earnings ratio of -14.66 and a beta of 6.17. The firm’s 50-day moving average is $12.37 and its 200 day moving average is $9.01. Applied Digital Corporation has a 1 year low of $3.01 and a 1 year high of $17.60. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.77 and a quick ratio of 0.77.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, July 30th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.12). Applied Digital had a negative net margin of 107.22% and a negative return on equity of 50.03%. The company had revenue of $38.01 million for the quarter, compared to analysts’ expectations of $42.86 million. During the same quarter in the previous year, the business posted ($0.14) EPS. Applied Digital’s revenue was up 41.3% compared to the same quarter last year. Sell-side analysts anticipate that Applied Digital Corporation will post -0.96 EPS for the current fiscal year.

About Applied Digital

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.