Tower Research Capital LLC TRC Lowers Stake in Applied Digital Co. (NASDAQ:APLD)

Tower Research Capital LLC TRC lowered its stake in shares of Applied Digital Co. (NASDAQ:APLD) by 44.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 7,095 shares of the company’s stock after selling 5,672 shares during the period. Tower Research Capital LLC TRC’s holdings in Applied Digital were worth $54,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Wells Fargo & Company MN lifted its holdings in Applied Digital by 96.6% during the fourth quarter. Wells Fargo & Company MN now owns 119,963 shares of the company’s stock worth $917,000 after buying an additional 58,943 shares during the period. Vanguard Group Inc. lifted its holdings in Applied Digital by 39.1% during the fourth quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock worth $97,487,000 after buying an additional 3,587,619 shares during the period. Rhumbline Advisers lifted its holdings in Applied Digital by 68.7% during the fourth quarter. Rhumbline Advisers now owns 258,892 shares of the company’s stock worth $1,978,000 after buying an additional 105,428 shares during the period. Exchange Traded Concepts LLC lifted its holdings in Applied Digital by 37.6% during the fourth quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company’s stock worth $7,656,000 after buying an additional 273,666 shares during the period. Finally, Barclays PLC lifted its holdings in Applied Digital by 736.8% during the third quarter. Barclays PLC now owns 486,577 shares of the company’s stock worth $4,014,000 after buying an additional 428,428 shares during the period. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on APLD. Needham & Company LLC restated a “buy” rating and set a $10.00 target price on shares of Applied Digital in a report on Wednesday, April 23rd. Northland Securities increased their price objective on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, February 4th. Cantor Fitzgerald decreased their price objective on Applied Digital from $14.00 to $7.00 and set an “overweight” rating for the company in a report on Tuesday, April 15th. HC Wainwright decreased their price objective on Applied Digital from $12.00 to $7.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Finally, Compass Point initiated coverage on Applied Digital in a report on Tuesday, January 28th. They set a “buy” rating and a $10.00 price objective for the company. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $10.67.

Applied Digital Stock Performance

Shares of APLD opened at $5.31 on Tuesday. Applied Digital Co. has a 12 month low of $3.01 and a 12 month high of $12.48. The stock has a fifty day moving average price of $5.60 and a 200-day moving average price of $7.44. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a market cap of $1.19 billion, a PE ratio of -3.07 and a beta of 5.98.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Monday, April 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.05). The firm had revenue of $52.92 million during the quarter, compared to analysts’ expectations of $62.91 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. During the same quarter last year, the business earned ($0.24) EPS. Equities research 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.