Applied Digital Co. (NASDAQ:APLD) Shares Purchased by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. raised its position in Applied Digital Co. (NASDAQ:APLD) by 36.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 899,293 shares of the company’s stock after acquiring an additional 240,554 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Applied Digital were worth $7,419,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Intech Investment Management LLC bought a new position in Applied Digital during the third quarter valued at about $115,000. Chesapeake Capital Corp IL acquired a new stake in Applied Digital in the 3rd quarter valued at about $94,000. Royce & Associates LP boosted its position in shares of Applied Digital by 1.4% during the 3rd 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. Victory Capital Management Inc. boosted its position in shares of Applied Digital by 72.5% during the 3rd quarter. Victory Capital Management Inc. now owns 19,535 shares of the company’s stock valued at $161,000 after purchasing an additional 8,212 shares in the last quarter. Finally, Beacon Harbor Wealth Advisors Inc. bought a new stake in shares of Applied Digital in the 3rd quarter worth approximately $83,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

APLD has been the subject of a number of research reports. Craig Hallum raised their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 target price on shares of Applied Digital in a report on Friday, November 1st. HC Wainwright lifted their price target on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. B. Riley upped their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Finally, Roth Mkm reissued a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $10.50.

Insider Activity at Applied Digital

In related news, Director Richard N. Nottenburg sold 80,000 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the sale, the director now owns 433,686 shares in the company, valued at $3,196,265.82. This represents a 15.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the transaction, the chief executive officer now directly owns 3,875,955 shares in the company, valued at approximately $35,658,786. This represents a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 359,369 shares of company stock valued at $3,115,161. Corporate insiders own 11.81% of the company’s stock.

Applied Digital Price Performance

NASDAQ APLD opened at $8.76 on Thursday. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $1.85 billion, a PE ratio of -7.49 and a beta of 4.67. Applied Digital Co. has a 12-month low of $2.36 and a 12-month high of $11.25. The company has a 50 day moving average price of $8.26 and a two-hundred day moving average price of $6.31.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $54.85 million. During the same period in the prior year, the business posted ($0.10) earnings per share. The business’s quarterly revenue was up 67.2% on a year-over-year basis. As a group, equities analysts predict that Applied Digital Co. will post -0.4 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.