Van ECK Associates Corp Grows Stock Holdings in Applied Digital Co. (NASDAQ:APLD)

Van ECK Associates Corp raised its holdings in shares of Applied Digital Co. (NASDAQ:APLD) by 113.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 4,404,313 shares of the company’s stock after acquiring an additional 2,344,572 shares during the period. Van ECK Associates Corp’s holdings in Applied Digital were worth $33,649,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB increased its holdings in Applied Digital by 100.0% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after buying an additional 2,000 shares during the last quarter. R Squared Ltd purchased a new stake in Applied Digital during the fourth quarter valued at approximately $36,000. Spire Wealth Management purchased a new stake in shares of Applied Digital in the fourth quarter worth $43,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Applied Digital in the third quarter worth $59,000. Finally, KBC Group NV purchased a new stake in shares of Applied Digital in the fourth quarter worth $55,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Applied Digital Price Performance

Shares of NASDAQ:APLD opened at $9.11 on Friday. Applied Digital Co. has a fifty-two week low of $2.36 and a fifty-two week high of $11.25. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The firm has a fifty day moving average price of $8.43 and a 200 day moving average price of $7.25. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of -5.27 and a beta of 4.77.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The business had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. During the same quarter last year, the business earned ($0.05) earnings per share. Applied Digital’s quarterly revenue was up 51.3% compared to the same quarter last year. As a group, sell-side analysts expect that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other news, CEO Wes Cummins sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the sale, the chief executive officer now owns 3,875,955 shares in the company, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard N. Nottenburg sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $460,000.00. Following the completion of the sale, the director now owns 334,317 shares of the company’s stock, valued at $3,075,716.40. This trade represents a 13.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 270,000 shares of company stock worth $2,477,000 over the last 90 days. 11.81% of the stock is owned by insiders.

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.