Mitsubishi UFJ Asset Management Co. Ltd. Purchases 49,111 Shares of Applied Digital Co. (NASDAQ:APLD)

Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Applied Digital Co. (NASDAQ:APLD) by 236.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 69,891 shares of the company’s stock after buying an additional 49,111 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Applied Digital were worth $534,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Applied Digital by 39.1% in the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock worth $97,487,000 after acquiring an additional 3,587,619 shares during the last quarter. Van ECK Associates Corp increased its stake in shares of Applied Digital by 113.8% in the fourth 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. American Century Companies Inc. bought a new stake in shares of Applied Digital in the fourth quarter valued at approximately $12,843,000. Geode Capital Management LLC lifted its stake in shares of Applied Digital by 48.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock valued at $25,258,000 after buying an additional 1,002,862 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Applied Digital by 100.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,798,431 shares of the company’s stock valued at $13,740,000 after buying an additional 899,138 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction on Friday, January 17th. The shares were sold at an average price of $8.85, for a total value of $177,000.00. Following the transaction, the director now owns 342,923 shares in the company, valued at $3,034,868.55. This trade represents a 5.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 11.81% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

APLD has been the topic of several recent research reports. Cantor Fitzgerald dropped their target price 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. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 target price on shares of Applied Digital in a report on Monday, February 24th. Compass Point started coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price objective for the company. HC Wainwright upped their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. Finally, Northland Securities increased their target price on shares of Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 4th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $12.11.

Applied Digital Price Performance

Shares of NASDAQ:APLD opened at $6.24 on Thursday. Applied Digital Co. has a one year low of $2.36 and a one 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. The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of -3.61 and a beta of 4.69. The company’s fifty day moving average price is $7.56 and its 200-day moving average price is $8.00.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. During the same quarter last year, the business posted ($0.05) earnings per share. The company’s revenue for the quarter was up 51.3% on a year-over-year basis. On average, equities research analysts anticipate that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

About Applied Digital

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.