Entropy Technologies LP Purchases New Position in Applied Digital Co. (NASDAQ:APLD)

Entropy Technologies LP purchased a new stake in shares of Applied Digital Co. (NASDAQ:APLD) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 52,781 shares of the company’s stock, valued at approximately $403,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of APLD. The Manufacturers Life Insurance Company grew its holdings in Applied Digital by 25.0% in the second quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company’s stock worth $224,000 after purchasing an additional 7,517 shares during the period. SG Americas Securities LLC purchased a new stake in Applied Digital in the third quarter worth about $426,000. Jade Capital Advisors LLC purchased a new stake in Applied Digital in the third quarter worth about $236,000. Private Advisor Group LLC grew its holdings in shares of Applied Digital by 159.7% during the third quarter. Private Advisor Group LLC now owns 38,700 shares of the company’s stock valued at $319,000 after buying an additional 23,800 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Applied Digital during the third quarter valued at approximately $88,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on APLD. HC Wainwright increased their price target 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. Northland Securities increased their price target on shares of Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, February 4th. Needham & Company LLC restated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research report on Wednesday, January 15th. Cantor Fitzgerald lowered their price objective on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Finally, Compass Point began coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price target on the stock. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $12.11.

Insider Transactions at Applied Digital

In other news, Director Richard N. Nottenburg sold 20,000 shares of the business’s stock in a transaction dated Friday, January 17th. The shares were 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 owns 342,923 shares in the company, 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 SEC, which can be accessed through this hyperlink. Also, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. This represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 270,000 shares of company stock worth $2,477,000. 11.81% of the stock is currently owned by insiders.

Applied Digital Stock Performance

Shares of NASDAQ:APLD opened at $7.56 on Thursday. Applied Digital Co. has a 52 week low of $2.36 and a 52 week high of $11.25. The stock has a market capitalization of $1.69 billion, a P/E ratio of -4.37 and a beta of 4.77. The firm has a fifty day simple moving average of $8.51 and a two-hundred day simple moving average of $7.24. 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 issued its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. The business had revenue of $63.87 million during the quarter, compared to analysts’ expectations of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The business’s revenue was up 51.3% on a year-over-year basis. During the same period last year, the company posted ($0.05) EPS. On average, analysts expect that Applied Digital Co. will post -0.96 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.