Polar Asset Management Partners Inc. Purchases Shares of 66,700 Applied Digital Co. (NASDAQ:APLD)

Polar Asset Management Partners Inc. acquired a new position in Applied Digital Co. (NASDAQ:APLD) during the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 66,700 shares of the company’s stock, valued at approximately $510,000.

A number of other large investors have also recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB increased its holdings in Applied Digital by 100.0% in 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 in the last quarter. R Squared Ltd purchased a new position in Applied Digital during the fourth quarter valued at approximately $36,000. US Bancorp DE bought a new position in shares of Applied Digital in the fourth quarter worth approximately $37,000. Jones Financial Companies Lllp purchased a new stake in shares of Applied Digital in the fourth quarter worth $39,000. Finally, Spire Wealth Management bought a new stake in shares of Applied Digital during the 4th quarter valued at $43,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

APLD has been the subject of several recent analyst reports. Compass Point assumed coverage on shares of Applied Digital in a report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research note on Wednesday, April 23rd. Cantor Fitzgerald cut their target price on Applied Digital from $14.00 to $7.00 and set an “overweight” rating for the company in a research report on Tuesday, April 15th. Northland Securities boosted their price target on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a report on Tuesday, February 4th. Finally, HC Wainwright dropped their price target on Applied Digital from $12.00 to $7.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. Nine investment 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 a consensus price target of $10.67.

Applied Digital Price Performance

NASDAQ:APLD opened at $6.83 on Friday. The business’s 50-day moving average is $5.54 and its 200 day moving average is $7.39. Applied Digital Co. has a 12 month low of $3.01 and a 12 month high of $12.48. The company has a market capitalization of $1.53 billion, a P/E ratio of -3.95 and a beta of 5.98. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Monday, April 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.05). The firm had revenue of $52.92 million for the quarter, compared to analysts’ expectations of $62.91 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. During the same period last year, the company earned ($0.24) earnings per share. On average, equities research analysts forecast that Applied Digital Co. will post -0.96 earnings per share for the current fiscal 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.