Alliancebernstein L.P. Purchases 96,238 Shares of Applied Digital Co. (NASDAQ:APLD)

Alliancebernstein L.P. increased its holdings in Applied Digital Co. (NASDAQ:APLD) by 102.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 190,348 shares of the company’s stock after acquiring an additional 96,238 shares during the period. Alliancebernstein L.P.’s holdings in Applied Digital were worth $1,454,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of APLD. Vanguard Group Inc. boosted its position in Applied Digital by 39.1% in the fourth quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock worth $97,487,000 after purchasing an additional 3,587,619 shares during the last quarter. Van ECK Associates Corp increased its holdings in Applied Digital by 113.8% during the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock worth $33,649,000 after buying an additional 2,344,572 shares during the last quarter. Geode Capital Management LLC raised its position in Applied Digital by 48.7% in the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock worth $25,258,000 after acquiring an additional 1,002,862 shares during the period. Pertento Partners LLP boosted its stake in Applied Digital by 49.0% in the fourth quarter. Pertento Partners LLP now owns 2,528,717 shares of the company’s stock valued at $19,319,000 after acquiring an additional 831,705 shares during the last quarter. Finally, State Street Corp grew its position in shares of Applied Digital by 14.0% during the 3rd quarter. State Street Corp now owns 2,337,267 shares of the company’s stock valued at $19,282,000 after acquiring an additional 286,852 shares during the period. 65.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

APLD has been the topic of several research analyst reports. Cantor Fitzgerald dropped their price objective on Applied Digital from $14.00 to $7.00 and set an “overweight” rating on the stock in a research note on Tuesday. HC Wainwright dropped their price target on Applied Digital from $12.00 to $7.00 and set a “buy” rating on the stock in a research report on Tuesday. Needham & Company LLC lowered their price objective on Applied Digital from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Tuesday. Compass Point began coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They set a “buy” rating and a $10.00 target price for the company. Finally, Northland Securities upped their price target on shares of Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday, February 4th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $10.67.

Applied Digital Stock Performance

NASDAQ APLD opened at $3.94 on Friday. The company’s 50 day simple moving average is $6.86 and its two-hundred day simple moving average is $7.81. 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 1 year low of $2.36 and a 1 year high of $12.48. The stock has a market capitalization of $878.24 million, a PE ratio of -2.28 and a beta of 5.18.

Applied Digital (NASDAQ:APLD) last posted its 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 business had revenue of $52.92 million for the quarter, compared to analysts’ expectations of $62.91 million. During the same quarter in the previous year, the firm earned ($0.24) earnings per share. Analysts predict 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.