Main Management ETF Advisors LLC Reduces Stock Position in Applied Digital Co. (NASDAQ:APLD)

Main Management ETF Advisors LLC trimmed its holdings in Applied Digital Co. (NASDAQ:APLD) by 8.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 175,152 shares of the company’s stock after selling 15,744 shares during the period. Main Management ETF Advisors LLC owned about 0.08% of Applied Digital worth $1,338,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wilmington Savings Fund Society FSB raised its holdings in Applied Digital by 100.0% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after acquiring an additional 2,000 shares in the last quarter. R Squared Ltd bought a new stake in shares of Applied Digital in the 4th quarter worth about $36,000. US Bancorp DE bought a new stake in shares of Applied Digital in the 4th quarter worth about $37,000. Jones Financial Companies Lllp acquired a new stake in shares of Applied Digital in the 4th quarter valued at about $39,000. Finally, Spire Wealth Management bought a new position in shares of Applied Digital during the fourth quarter worth about $43,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

APLD has been the subject of several research analyst reports. 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 report on Tuesday, April 15th. Needham & Company LLC reissued a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research report on Wednesday, April 23rd. Northland Securities raised their price objective on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 4th. Compass Point initiated coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They set a “buy” rating and a $10.00 target price for the company. Finally, Cantor Fitzgerald reduced their price target on shares of Applied Digital from $14.00 to $7.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 15th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $10.67.

Applied Digital Stock Up 5.6%

Applied Digital stock opened at $5.61 on Wednesday. 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 Co. has a one year low of $3.01 and a one year high of $12.48. The company has a 50-day simple moving average of $5.57 and a 200-day simple moving average of $7.43. The firm has a market capitalization of $1.26 billion, a P/E ratio of -3.24 and a beta of 5.98.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.05). The firm had revenue of $52.92 million during the quarter, compared to the consensus estimate 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 last year, the company posted ($0.24) EPS. As a group, equities analysts expect that Applied Digital Co. will post -0.96 earnings per share for the current year.

Applied Digital 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.