Smith Moore & CO. Acquires 4,500 Shares of Applied Digital Co. (NASDAQ:APLD)

Smith Moore & CO. grew its stake in shares of Applied Digital Co. (NASDAQ:APLD) by 13.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,000 shares of the company’s stock after buying an additional 4,500 shares during the period. Smith Moore & CO.’s holdings in Applied Digital were worth $283,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Applied Digital by 39.1% during the fourth quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock valued at $97,487,000 after acquiring an additional 3,587,619 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Applied Digital by 54.4% during the fourth quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company’s stock valued at $36,117,000 after purchasing an additional 1,665,335 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Applied Digital by 113.8% in the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock worth $33,649,000 after purchasing an additional 2,344,572 shares during the last quarter. Pertento Partners LLP lifted its position in shares of Applied Digital by 49.0% in the fourth quarter. Pertento Partners LLP now owns 2,528,717 shares of the company’s stock worth $19,319,000 after buying an additional 831,705 shares in the last quarter. Finally, State Street Corp boosted its stake in Applied Digital by 14.0% during the third quarter. State Street Corp now owns 2,337,267 shares of the company’s stock valued at $19,282,000 after buying an additional 286,852 shares during the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Price Performance

Applied Digital stock opened at $4.92 on Friday. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of -2.84 and a beta of 5.18. The firm has a 50-day moving average of $7.40 and a two-hundred day moving average of $7.99. Applied Digital Co. has a 1 year low of $2.36 and a 1 year high of $12.48.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The company had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. During the same period last year, the business posted ($0.05) EPS. Applied Digital’s quarterly revenue was up 51.3% on a year-over-year basis. On average, research analysts forecast that Applied Digital Co. will post -0.96 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Richard N. Nottenburg sold 20,000 shares of the company’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the completion of the sale, the director now directly owns 342,923 shares in the company, valued at $3,034,868.55. This represents a 5.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 11.81% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Cantor Fitzgerald cut their target price on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Compass Point assumed coverage on Applied Digital in a research report on Tuesday, January 28th. They set a “buy” rating and a $10.00 target price on the stock. Northland Securities raised their price target on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 4th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research report on Monday, February 24th. Finally, HC Wainwright increased their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital presently has a consensus rating of “Buy” and an average price target of $12.11.

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.