Cibc World Markets Corp Buys Shares of 17,943 Applied Digital Co. (NASDAQ:APLD)

Cibc World Markets Corp purchased a new stake in shares of Applied Digital Co. (NASDAQ:APLD) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 17,943 shares of the company’s stock, valued at approximately $137,000.

A number of other institutional investors have also made changes to their positions in APLD. Commonwealth Equity Services LLC grew its stake in shares of Applied Digital by 55.1% in the fourth quarter. Commonwealth Equity Services LLC now owns 106,270 shares of the company’s stock valued at $812,000 after buying an additional 37,742 shares in the last quarter. Swiss National Bank boosted its holdings in Applied Digital by 29.1% during the 4th quarter. Swiss National Bank now owns 338,800 shares of the company’s stock valued at $2,588,000 after acquiring an additional 76,300 shares during the period. HighTower Advisors LLC grew its position in Applied Digital by 34.7% in the 4th quarter. HighTower Advisors LLC now owns 16,162 shares of the company’s stock valued at $123,000 after acquiring an additional 4,162 shares in the last quarter. AlphaQuest LLC purchased a new stake in Applied Digital during the fourth quarter worth about $476,000. Finally, Arizona State Retirement System lifted its position in shares of Applied Digital by 66.8% during the fourth quarter. Arizona State Retirement System now owns 49,953 shares of the company’s stock worth $382,000 after purchasing an additional 20,002 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on APLD. HC Wainwright lifted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Compass Point assumed coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Monday, February 24th. Northland Securities boosted their target price on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 4th. Finally, Cantor Fitzgerald reduced their price target on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital currently has an average rating of “Buy” and a consensus target price of $12.11.

Insider Activity

In other news, Director Richard N. Nottenburg sold 20,000 shares of the business’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the completion of the sale, the director now directly owns 342,923 shares of the company’s stock, valued at approximately $3,034,868.55. The trade was a 5.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 11.81% of the company’s stock.

Applied Digital Stock Down 6.6 %

Shares of NASDAQ APLD opened at $6.10 on Friday. The business has a 50-day moving average of $7.82 and a two-hundred day moving average of $7.99. The company has a market capitalization of $1.36 billion, a price-to-earnings ratio of -3.53 and a beta of 4.69. Applied Digital Co. has a 1 year low of $2.36 and a 1 year high of $12.48. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The firm had revenue of $63.87 million during the quarter, compared to analysts’ expectations of $62.41 million. During the same quarter in the previous year, the business earned ($0.05) earnings per share. The firm’s revenue was up 51.3% compared to the same quarter last year. On average, analysts forecast that Applied Digital Co. will post -0.96 earnings per share for the current fiscal 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.