Polar Asset Management Partners Inc. Invests $510,000 in Applied Digital Co. (NASDAQ:APLD)

Polar Asset Management Partners Inc. purchased a new stake in Applied Digital Co. (NASDAQ:APLD) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 66,700 shares of the company’s stock, valued at approximately $510,000.

A number of other hedge funds have also recently bought and sold shares of APLD. Wilmington Savings Fund Society FSB raised its position in shares of Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after purchasing an additional 2,000 shares in the last quarter. R Squared Ltd bought a new position in Applied Digital during the 4th quarter valued at $36,000. US Bancorp DE bought a new position in shares of Applied Digital during the fourth quarter worth about $37,000. Jones Financial Companies Lllp acquired a new position in Applied Digital in the fourth quarter worth about $39,000. Finally, Spire Wealth Management bought a new stake in Applied Digital in the fourth quarter valued at about $43,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Trading Up 3.1%

Shares of NASDAQ:APLD opened at $7.59 on Wednesday. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The company’s 50-day moving average price is $5.57 and its 200 day moving average price is $7.40. The company has a market cap of $1.71 billion, a PE ratio of -4.39 and a beta of 5.98. Applied Digital Co. has a fifty-two week low of $3.01 and a fifty-two week high of $12.48.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $62.91 million. During the same period last year, the firm posted ($0.24) EPS. Sell-side analysts anticipate that Applied Digital Co. will post -0.96 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have commented on APLD. HC Wainwright reduced their target price on Applied Digital from $12.00 to $7.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Needham & Company LLC restated a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research note on Wednesday, April 23rd. Northland Securities boosted their target price on shares of Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday, February 4th. Compass Point assumed 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. Finally, JMP Securities initiated coverage on shares of Applied Digital in a report on Thursday, May 22nd. They issued a “market outperform” rating and a $12.00 price target for the company. Ten investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Applied Digital presently has a consensus rating of “Buy” and a consensus price target of $10.91.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the business’s stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total transaction of $169,484.00. Following the sale, the director now directly owns 83,613 shares in the company, valued at approximately $585,291. The trade was a 22.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 11.81% of the stock is owned by company 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.