Hunter Associates Investment Management LLC Buys 53,809 Shares of Applied Digital Co. (NASDAQ:APLD)

Hunter Associates Investment Management LLC increased its stake in Applied Digital Co. (NASDAQ:APLD) by 14.5% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 425,143 shares of the company’s stock after acquiring an additional 53,809 shares during the quarter. Hunter Associates Investment Management LLC owned 0.31% of Applied Digital worth $3,515,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD increased its stake in shares of Applied Digital by 15.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock valued at $103,000 after acquiring an additional 3,182 shares in the last quarter. ICA Group Wealth Management LLC increased its stake in Applied Digital by 56.8% during the 2nd quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock valued at $112,000 after purchasing an additional 6,795 shares in the last quarter. Headlands Technologies LLC increased its stake in Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after purchasing an additional 6,933 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Applied Digital by 25.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company’s stock valued at $224,000 after purchasing an additional 7,517 shares in the last quarter. Finally, ARS Investment Partners LLC bought a new stake in Applied Digital during the 2nd quarter valued at $60,000. Institutional investors own 65.67% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Lake Street Capital boosted their price target 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. Craig Hallum boosted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. HC Wainwright lifted their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Finally, B. Riley lifted their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $10.50.

Applied Digital Price Performance

Shares of NASDAQ:APLD opened at $8.27 on Tuesday. The company’s 50-day moving average is $6.46 and its 200 day moving average is $5.16. 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 company has a market capitalization of $1.78 billion, a P/E ratio of -10.47 and a beta of 4.56. Applied Digital Co. has a fifty-two week low of $2.36 and a fifty-two week high of $9.48.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.13. The business had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The company’s revenue was up 67.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.10) earnings per share. On average, equities research analysts forecast that Applied Digital Co. will post -0.69 earnings per share for the current year.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 80,000 shares of the company’s stock in a transaction dated 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 $3,196,265.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Richard N. Nottenburg sold 80,000 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was 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 in the company, valued at $3,196,265.82. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $5.50, for a total value of $55,000.00. Following the sale, the director now owns 218,506 shares in the company, valued at approximately $1,201,783. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 100,000 shares of company stock valued at $724,700 over the last three months. 20.50% of the stock is currently owned by insiders.

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.