Shellback Capital LP Purchases New Position in Applied Digital Co. (NASDAQ:APLD)

Shellback Capital LP acquired a new stake in Applied Digital Co. (NASDAQ:APLD) in the fourth quarter, according to its most recent filing with the SEC. The fund acquired 815,388 shares of the company’s stock, valued at approximately $6,230,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of APLD. Wilmington Savings Fund Society FSB boosted its holdings in shares of Applied Digital by 100.0% in the fourth 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 purchased a new stake in shares of Applied Digital in the 4th quarter valued at about $36,000. US Bancorp DE bought a new stake in Applied Digital during the fourth quarter valued at approximately $37,000. Jones Financial Companies Lllp bought a new stake in shares of Applied Digital during the 4th quarter worth $39,000. Finally, Spire Wealth Management bought a new position in shares of Applied Digital during the 4th quarter valued at about $43,000. Institutional investors own 65.67% of the company’s stock.

Wall Street Analyst Weigh In

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

Applied Digital Stock Performance

Shares of NASDAQ:APLD opened at $5.59 on Friday. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The company has a market cap of $1.26 billion, a price-to-earnings ratio of -3.23 and a beta of 5.98. Applied Digital Co. has a 12 month low of $3.01 and a 12 month high of $12.48. The company has a 50-day moving average price of $5.54 and a 200-day moving average price of $7.40.

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

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.