Quadrature Capital Ltd Invests $545,000 in Applied Digital Co. (NASDAQ:APLD)

Quadrature Capital Ltd purchased a new stake in shares of Applied Digital Co. (NASDAQ:APLD) during the 3rd quarter, Holdings Channel reports. The institutional investor purchased 66,250 shares of the company’s stock, valued at approximately $545,000.

Other hedge funds also recently made changes to their positions in the company. Hood River Capital Management LLC lifted its position in Applied Digital by 8.7% during the 2nd quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after acquiring an additional 771,699 shares during the period. Van ECK Associates Corp grew its holdings in Applied Digital by 18.3% in the second quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock worth $17,077,000 after purchasing an additional 443,699 shares during the period. Royce & Associates LP increased its stake in shares of Applied Digital by 1.4% during the third quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock valued at $9,340,000 after purchasing an additional 15,763 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Applied Digital by 36.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after purchasing an additional 240,554 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. boosted its position in shares of Applied Digital by 66.1% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock worth $4,609,000 after purchasing an additional 308,223 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total value of $80,100.00. Following the transaction, the director now owns 208,506 shares of the company’s stock, valued at approximately $1,670,133.06. This trade represents a 4.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Richard N. Nottenburg sold 80,000 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the sale, the director now directly owns 433,686 shares of the company’s stock, valued at approximately $3,196,265.82. The trade was a 15.57 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 359,369 shares of company stock worth $3,115,161. Insiders own 11.81% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Roth Mkm reiterated a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research note on Thursday, October 10th. HC Wainwright upped their price target on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Lake Street Capital raised their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. B. Riley upped their target price on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Finally, Craig Hallum 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 Thursday, October 10th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Digital currently has a consensus rating of “Buy” and a consensus price target of $10.50.

Applied Digital Price Performance

Shares of NASDAQ:APLD opened at $10.67 on Monday. The business has a 50-day simple moving average of $8.20 and a two-hundred day simple moving average of $6.23. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. The firm has a market cap of $2.25 billion, a price-to-earnings ratio of -9.12 and a beta of 4.67. Applied Digital Co. has a fifty-two week low of $2.36 and a fifty-two week high of $11.25.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The firm had revenue of $60.70 million during the quarter, compared to analysts’ expectations of $54.85 million. During the same period in the previous year, the company earned ($0.10) earnings per share. The firm’s quarterly revenue was up 67.2% on a year-over-year basis. On average, analysts expect that Applied Digital Co. will post -0.4 earnings per share for the current 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.