Two Sigma Investments LP Buys Shares of 254,331 Applied Digital Co. (NASDAQ:APLD)

Two Sigma Investments LP bought a new stake in shares of Applied Digital Co. (NASDAQ:APLD) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 254,331 shares of the company’s stock, valued at approximately $1,943,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Tidal Investments LLC increased its holdings in shares of Applied Digital by 14,635.7% in the fourth quarter. Tidal Investments LLC now owns 1,697,850 shares of the company’s stock valued at $12,972,000 after purchasing an additional 1,686,328 shares during the last quarter. Think Investments LP increased its holdings in shares of Applied Digital by 27.3% in the fourth quarter. Think Investments LP now owns 2,060,136 shares of the company’s stock valued at $15,739,000 after purchasing an additional 441,291 shares during the last quarter. TENOR CAPITAL MANAGEMENT Co. L.P. acquired a new stake in shares of Applied Digital in the fourth quarter valued at approximately $1,528,000. Sculptor Capital LP acquired a new stake in shares of Applied Digital in the fourth quarter valued at approximately $1,528,000. Finally, Shellback Capital LP acquired a new stake in shares of Applied Digital in the fourth quarter valued at approximately $6,230,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on APLD shares. Citizens Jmp raised Applied Digital to a “strong-buy” rating and set a $12.00 price target for the company in a report on Thursday, May 22nd. JMP Securities assumed coverage on Applied Digital in a report on Thursday, May 22nd. They issued a “market outperform” rating and a $12.00 price target for the company. Needham & Company LLC reissued a “buy” rating and set a $10.00 target price on shares of Applied Digital in a research note on Wednesday, April 23rd. Northland Securities raised 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 cut their target price on Applied Digital from $14.00 to $7.00 and set an “overweight” rating for the company in a research note on Tuesday, April 15th. Ten equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Applied Digital currently has an average rating of “Buy” and a consensus price target of $10.91.

Insider Activity at Applied Digital

In related news, Director Rachel H. Lee sold 24,212 shares of Applied Digital stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total value of $169,484.00. Following the completion of the transaction, the director now directly owns 83,613 shares in the company, valued at approximately $585,291. This trade represents a 22.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 11.81% of the stock is currently owned by company insiders.

Applied Digital Trading Down 4.0%

APLD opened at $6.76 on Monday. Applied Digital Co. has a 52 week low of $3.01 and a 52 week high of $12.48. The business has a fifty day simple moving average of $5.54 and a 200-day simple moving average of $7.40. The firm has a market cap of $1.52 billion, a P/E ratio of -3.91 and a beta of 5.98. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD) last released its quarterly 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). Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The firm had revenue of $52.92 million for the quarter, compared to analysts’ expectations of $62.91 million. During the same quarter in the prior year, the business earned ($0.24) earnings per share. On average, equities analysts expect that Applied Digital Co. will post -0.96 earnings per share for the current 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.