815,388 Shares in Applied Digital Co. (NASDAQ:APLD) Acquired by Shellback Capital LP

Shellback Capital LP bought a new position in Applied Digital Co. (NASDAQ:APLD) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 815,388 shares of the company’s stock, valued at approximately $6,230,000. Shellback Capital LP owned approximately 0.37% of Applied Digital as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Hood River Capital Management LLC increased its stake in shares of Applied Digital by 10.7% in the 4th quarter. Hood River Capital Management LLC now owns 15,147,422 shares of the company’s stock valued at $115,726,000 after acquiring an additional 1,464,854 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Applied Digital by 39.1% during the fourth quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock valued at $97,487,000 after purchasing an additional 3,587,619 shares during the period. Geode Capital Management LLC raised its holdings in shares of Applied Digital by 54.4% during the fourth quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company’s stock valued at $36,117,000 after purchasing an additional 1,665,335 shares during the period. Van ECK Associates Corp boosted its position in shares of Applied Digital by 113.8% during the 4th quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock worth $33,649,000 after purchasing an additional 2,344,572 shares in the last quarter. Finally, Pertento Partners LLP grew its stake in shares of Applied Digital by 49.0% in the 4th quarter. Pertento Partners LLP now owns 2,528,717 shares of the company’s stock valued at $19,319,000 after buying an additional 831,705 shares during the period. 65.67% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on APLD. 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. Needham & Company LLC reiterated a “buy” rating and set a $10.00 price target on shares of Applied Digital in a report on Wednesday, April 23rd. 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 research report on Tuesday, April 15th. Compass Point started coverage on Applied Digital in a research note on Tuesday, January 28th. They set a “buy” rating and a $10.00 price objective on the stock. Finally, Cantor Fitzgerald reduced their target price on shares of Applied Digital from $14.00 to $7.00 and set an “overweight” rating for the company in a research note on Tuesday, April 15th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $10.67.

Applied Digital Stock Performance

Shares of APLD stock opened at $5.59 on Friday. Applied Digital Co. has a 52 week low of $3.01 and a 52 week high of $12.48. The firm’s 50-day simple moving average is $5.54 and its two-hundred day simple moving average is $7.40. The firm has a market cap of $1.26 billion, a price-to-earnings ratio of -3.23 and a beta of 5.98. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77.

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 firm had revenue of $52.92 million during the quarter, compared to analysts’ expectations of $62.91 million. During the same quarter in the previous year, the company posted ($0.24) EPS. As a group, equities analysts forecast 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.