Tidal Investments LLC Acquires New Shares in Applied Digital Co. (NASDAQ:APLD)

Tidal Investments LLC acquired a new position in Applied Digital Co. (NASDAQ:APLD) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 11,522 shares of the company’s stock, valued at approximately $95,000.

A number of other hedge funds have also bought and sold shares of APLD. Headlands Technologies LLC grew its stake in shares of Applied Digital by 381.8% in the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after acquiring an additional 6,933 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Applied Digital in the third quarter worth approximately $59,000. Beacon Harbor Wealth Advisors Inc. bought a new stake in Applied Digital in the 3rd quarter worth approximately $83,000. Wealth Enhancement Advisory Services LLC purchased a new stake in Applied Digital during the 3rd quarter valued at $88,000. Finally, Chesapeake Capital Corp IL bought a new position in shares of Applied Digital during the 3rd quarter valued at $94,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Price Performance

NASDAQ APLD opened at $8.77 on Thursday. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62. Applied Digital Co. has a 12 month low of $2.36 and a 12 month high of $11.25. The stock has a market cap of $1.85 billion, a price-to-earnings ratio of -7.50 and a beta of 4.67. The company’s 50 day moving average is $8.50 and its two-hundred day moving average is $6.60.

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

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. HC Wainwright lifted their price objective on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Needham & Company LLC restated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research note on Friday, November 1st. Roth Mkm reiterated a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research note on Thursday, October 10th. Cantor Fitzgerald began coverage on shares of Applied Digital in a research report on Friday, December 20th. They set an “overweight” rating and a $15.00 target price for the company. Finally, B. Riley increased their price target on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital currently has a consensus rating of “Buy” and an average price target of $11.14.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 50,000 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $460,000.00. Following the completion of the sale, the director now directly owns 334,317 shares of the company’s stock, valued at $3,075,716.40. This trade represents a 13.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the sale, the chief executive officer now owns 3,875,955 shares in the company, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 359,369 shares of company stock valued at $3,115,161 over the last ninety days. 11.81% of the stock is currently owned by company insiders.

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.