Bank of New York Mellon Corp Purchases 161,250 Shares of Applied Digital Co. (NASDAQ:APLD)

Bank of New York Mellon Corp lifted its position in shares of Applied Digital Co. (NASDAQ:APLD) by 50.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 480,526 shares of the company’s stock after purchasing an additional 161,250 shares during the period. Bank of New York Mellon Corp’s holdings in Applied Digital were worth $3,671,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in APLD. Van ECK Associates Corp lifted its position in shares of Applied Digital by 113.8% during the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock valued at $33,649,000 after purchasing an additional 2,344,572 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Applied Digital by 48.7% during the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock valued at $25,258,000 after purchasing an additional 1,002,862 shares in the last quarter. Barclays PLC lifted its position in shares of Applied Digital by 736.8% during the third quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after purchasing an additional 428,428 shares in the last quarter. Wolverine Asset Management LLC bought a new position in shares of Applied Digital during the fourth quarter valued at about $3,056,000. Finally, State Street Corp lifted its position in shares of Applied Digital by 14.0% during the third 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 in the last quarter. 65.67% of the stock is owned by institutional investors.

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 completion of the sale, the director now directly owns 342,923 shares in the company, valued at $3,034,868.55. The trade was a 5.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 11.81% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Needham & Company LLC restated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a report on Monday, February 24th. Cantor Fitzgerald decreased their price objective on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Compass Point assumed coverage on shares of Applied Digital in a report on Tuesday, January 28th. They set a “buy” rating and a $10.00 price objective for the company. Northland Securities raised their price objective on shares of Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a report on Tuesday, February 4th. Finally, HC Wainwright raised their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital presently has an average rating of “Buy” and an average price target of $12.11.

Applied Digital Price Performance

Shares of NASDAQ:APLD opened at $7.01 on Wednesday. The company has a 50 day moving average of $8.01 and a 200 day moving average of $7.90. The stock has a market cap of $1.56 billion, a P/E ratio of -4.05 and a beta of 4.69. Applied Digital Co. has a 12 month low of $2.36 and a 12 month high of $12.48. 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 (NASDAQ:APLD) last issued its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.08. The company had revenue of $63.87 million during the quarter, compared to analysts’ expectations of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. Applied Digital’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.05) earnings per share. As a group, sell-side analysts forecast that Applied Digital Co. will post -0.96 EPS 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.