MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Reduces Stock Position in Applied Digital Co. (NASDAQ:APLD)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. decreased its stake in shares of Applied Digital Co. (NASDAQ:APLD) by 29.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,683,873 shares of the company’s stock after selling 690,291 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Applied Digital were worth $12,865,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB raised its holdings in shares of Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after acquiring an additional 2,000 shares during the period. R Squared Ltd acquired a new stake in Applied Digital during the fourth quarter worth about $36,000. US Bancorp DE purchased a new position in Applied Digital during the fourth quarter worth about $37,000. Jones Financial Companies Lllp acquired a new position in Applied Digital in the 4th quarter valued at about $39,000. Finally, Spire Wealth Management purchased a new stake in shares of Applied Digital in the 4th quarter valued at approximately $43,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on APLD shares. Northland Securities lifted their price target on shares of Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research report on Tuesday, February 4th. Cantor Fitzgerald reduced their target price on Applied Digital from $14.00 to $7.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 15th. HC Wainwright lowered their price target on Applied Digital from $12.00 to $7.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Needham & Company LLC restated a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a report on Wednesday, April 23rd. Finally, Compass Point initiated coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They set a “buy” rating and a $10.00 target price for the company. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Digital currently has a consensus rating of “Buy” and an average target price of $10.67.

Applied Digital Stock Performance

NASDAQ APLD opened at $5.59 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 company has a market cap of $1.26 billion, a P/E ratio of -3.23 and a beta of 5.98. The stock has a 50-day moving average of $5.54 and a two-hundred day moving average of $7.40. Applied Digital Co. has a 1-year low of $3.01 and a 1-year high of $12.48.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.05). Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The business had revenue of $52.92 million during the quarter, compared to analysts’ expectations of $62.91 million. During the same period in the previous year, the business posted ($0.24) EPS. As a group, analysts anticipate that Applied Digital Co. will post -0.96 EPS for the current year.

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.