Wellington Management Group LLP Buys 3,040 Shares of Applied Digital Co. (NASDAQ:APLD)

Wellington Management Group LLP grew its stake in shares of Applied Digital Co. (NASDAQ:APLD) by 8.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 37,411 shares of the company’s stock after acquiring an additional 3,040 shares during the period. Wellington Management Group LLP’s holdings in Applied Digital were worth $309,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Hood River Capital Management LLC grew its holdings in Applied Digital by 8.7% during the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after purchasing an additional 771,699 shares during the period. Van ECK Associates Corp lifted its position in shares of Applied Digital by 18.3% during the 2nd quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock valued at $17,077,000 after buying an additional 443,699 shares during the last quarter. State Street Corp grew its stake in shares of Applied Digital by 14.0% during the 3rd quarter. State Street Corp now owns 2,337,267 shares of the company’s stock worth $19,282,000 after acquiring an additional 286,852 shares during the period. Royce & Associates LP increased its holdings in Applied Digital by 1.4% in the 3rd quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock worth $9,340,000 after acquiring an additional 15,763 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Applied Digital by 36.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after acquiring an additional 240,554 shares during the period. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on APLD shares. Lake Street Capital lifted their target price on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Cantor Fitzgerald started coverage on shares of Applied Digital in a research note on Friday. They issued an “overweight” rating and a $15.00 price objective for the company. HC Wainwright raised their price target on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Craig Hallum lifted their price target on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Needham & Company LLC reissued a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a report on Friday, November 1st. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $11.14.

Insider Activity at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $8.01, for a total transaction of $80,100.00. Following the transaction, the director now directly owns 208,506 shares of the company’s stock, valued at approximately $1,670,133.06. This trade represents a 4.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Richard N. Nottenburg sold 80,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $7.37, for a total value of $589,600.00. Following the completion of the sale, the director now owns 433,686 shares of the company’s stock, valued at $3,196,265.82. The trade was a 15.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 359,369 shares of company stock valued at $3,115,161 over the last three months. 11.81% of the stock is owned by corporate insiders.

Applied Digital Trading Down 0.5 %

Applied Digital stock opened at $8.01 on Friday. The stock has a market cap of $1.69 billion, a P/E ratio of -6.85 and a beta of 4.67. Applied Digital Co. has a fifty-two week low of $2.36 and a fifty-two week high of $11.25. The firm’s fifty day moving average price is $8.47 and its 200-day moving average price is $6.52. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The firm had revenue of $60.70 million for the quarter, compared to analysts’ expectations of $54.85 million. During the same quarter last year, the firm posted ($0.10) EPS. The company’s revenue was up 67.2% compared to the same quarter last year. Equities research analysts forecast that Applied Digital Co. will post -0.4 earnings per share for the current fiscal 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.