Invesco Ltd. Purchases 83,333 Shares of Applied Digital Corporation $APLD

Invesco Ltd. lifted its holdings in shares of Applied Digital Corporation (NASDAQ:APLD) by 76.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 192,789 shares of the company’s stock after purchasing an additional 83,333 shares during the quarter. Invesco Ltd. owned 0.09% of Applied Digital worth $1,083,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of APLD. Envestnet Asset Management Inc. bought a new position in shares of Applied Digital in the fourth quarter valued at $83,000. Price T Rowe Associates Inc. MD raised its position in shares of Applied Digital by 98.2% in the fourth 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. The Manufacturers Life Insurance Company grew its holdings in shares of Applied Digital by 54.1% during the 4th quarter. The Manufacturers Life Insurance Company now owns 66,349 shares of the company’s stock worth $507,000 after purchasing an additional 23,285 shares in the last quarter. Northern Trust Corp increased its holdings in Applied Digital by 81.9% in the 4th quarter. Northern Trust Corp now owns 1,793,700 shares of the company’s stock valued at $13,704,000 after buying an additional 807,681 shares during the period. Finally, Alyeska Investment Group L.P. bought a new stake in Applied Digital during the fourth quarter worth $10,696,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Trading Down 4.5%

Shares of Applied Digital stock opened at $15.26 on Wednesday. The firm has a market cap of $3.99 billion, a PE ratio of -14.00 and a beta of 6.64. 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 Corporation has a 1 year low of $3.01 and a 1 year high of $17.60. The company has a 50 day simple moving average of $12.59 and a two-hundred day simple moving average of $9.11.

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

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 11,250 shares of the company’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $14.22, for a total value of $159,975.00. Following the completion of the transaction, the director directly owned 317,987 shares in the company, valued at approximately $4,521,775.14. This represents a 3.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 11.81% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on APLD. Craig Hallum upped their price objective on shares of Applied Digital from $12.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, August 18th. Compass Point raised shares of Applied Digital from a “neutral” rating to a “buy” rating and set a $13.00 price target on the stock in a research report on Friday, July 25th. Roth Capital reissued a “buy” rating on shares of Applied Digital in a research note on Monday, June 2nd. Lake Street Capital increased their target price on Applied Digital from $14.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, July 31st. Finally, B. Riley increased their price objective on Applied Digital from $8.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, June 4th. One investment analyst has rated the stock with a Strong Buy rating and twelve have assigned a Buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $15.64.

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.