Entropy Technologies LP Acquires Shares of 52,781 Applied Digital Co. (NASDAQ:APLD)

Entropy Technologies LP acquired a new stake in shares of Applied Digital Co. (NASDAQ:APLD) in the 4th quarter, HoldingsChannel.com reports. The firm acquired 52,781 shares of the company’s stock, valued at approximately $403,000.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Geode Capital Management LLC lifted its stake in Applied Digital by 48.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock valued at $25,258,000 after acquiring an additional 1,002,862 shares during the period. State Street Corp lifted its stake in shares of Applied Digital by 14.0% in the 3rd quarter. State Street Corp now owns 2,337,267 shares of the company’s stock valued at $19,282,000 after purchasing an additional 286,852 shares during the period. Royce & Associates LP lifted its stake in shares of Applied Digital by 1.4% in 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 during the period. Exchange Traded Concepts LLC lifted its stake in shares of Applied Digital by 37.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company’s stock valued at $7,656,000 after purchasing an additional 273,666 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Applied Digital by 36.5% in the 3rd 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 period. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other news, CEO Wes Cummins sold 200,000 shares of the 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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the sale, the director now directly owns 342,923 shares in the company, valued at $3,034,868.55. This represents a 5.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 270,000 shares of company stock valued at $2,477,000 over the last 90 days. 11.81% of the stock is owned by company insiders.

Applied Digital Trading Down 0.4 %

Shares of APLD opened at $7.56 on Thursday. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. Applied Digital Co. has a 12-month low of $2.36 and a 12-month high of $11.25. The firm has a 50-day moving average price of $8.51 and a 200 day moving average price of $7.24. The firm has a market capitalization of $1.69 billion, a P/E ratio of -4.37 and a beta of 4.77.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The firm had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. During the same quarter in the prior year, the firm posted ($0.05) earnings per share. Applied Digital’s quarterly revenue was up 51.3% on a year-over-year basis. Sell-side analysts forecast that Applied Digital Co. will post -0.96 EPS for the current year.

Applied Digital Company 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.