Corebridge Financial Inc. Buys 32,452 Shares of Applied Digital Co. (NASDAQ:APLD)

Corebridge Financial Inc. grew its position in shares of Applied Digital Co. (NASDAQ:APLD) by 51.6% in the 4th quarter, Holdings Channel reports. The firm owned 95,325 shares of the company’s stock after acquiring an additional 32,452 shares during the quarter. Corebridge Financial Inc.’s holdings in Applied Digital were worth $728,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wilmington Savings Fund Society FSB increased its position in shares of Applied Digital by 100.0% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after buying an additional 2,000 shares during the period. R Squared Ltd bought a new stake in Applied Digital during the fourth quarter valued at $36,000. US Bancorp DE acquired a new stake in Applied Digital during the 4th quarter worth about $37,000. Jones Financial Companies Lllp bought a new position in shares of Applied Digital in the 4th quarter worth about $39,000. Finally, Spire Wealth Management acquired a new position in shares of Applied Digital in the 4th quarter valued at about $43,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Trading Down 13.1 %

APLD opened at $4.92 on Monday. The firm has a market capitalization of $1.10 billion, a PE ratio of -2.84 and a beta of 5.18. 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 Co. has a fifty-two week low of $2.36 and a fifty-two week high of $12.48. The company’s 50-day moving average is $7.40 and its 200 day moving average is $8.00.

Applied Digital (NASDAQ:APLD) last posted its 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. The company had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The company’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.05) earnings per share. As a group, research analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on APLD shares. HC Wainwright raised their target price on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note 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 for the company in a research note on Wednesday, January 15th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research report on Monday, February 24th. Compass Point initiated coverage on shares of Applied Digital in a report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price target for the company. Finally, Northland Securities upped their price objective 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. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $12.11.

Insider Buying and Selling at Applied Digital

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

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.