MetLife Investment Management LLC Grows Stock Position in Applied Digital Co. (NASDAQ:APLD)

MetLife Investment Management LLC grew its position in shares of Applied Digital Co. (NASDAQ:APLD) by 70.0% during the fourth quarter, HoldingsChannel reports. The firm owned 116,104 shares of the company’s stock after buying an additional 47,798 shares during the period. MetLife Investment Management LLC’s holdings in Applied Digital were worth $887,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on APLD shares. HC Wainwright lowered their price objective 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. Northland Securities lifted 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. Cantor Fitzgerald reduced their price objective on shares of Applied Digital from $14.00 to $7.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 15th. Compass Point started coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 target price for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research report on Wednesday, April 23rd. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital currently has a consensus rating of “Buy” and a consensus price target of $10.67.

Applied Digital Price Performance

APLD opened at $5.30 on Friday. 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 $5.87 and its 200 day moving average price is $7.58. Applied Digital Co. has a fifty-two week low of $2.98 and a fifty-two week high of $12.48. The firm has a market cap of $1.19 billion, a price-to-earnings ratio of -3.06 and a beta of 5.18.

Applied Digital (NASDAQ:APLD) last announced 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). The company had revenue of $52.92 million for the quarter, compared to analyst estimates 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 quarter in the previous year, the company posted ($0.24) earnings per share. As a group, sell-side analysts expect that Applied Digital Co. will post -0.96 earnings per share 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.