Wolverine Asset Management LLC Takes $3.06 Million Position in Applied Digital Co. (NASDAQ:APLD)

Wolverine Asset Management LLC acquired a new stake in Applied Digital Co. (NASDAQ:APLD) in the 4th quarter, Holdings Channel reports. The firm acquired 400,000 shares of the company’s stock, valued at approximately $3,056,000.

Other hedge funds also recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its position in shares of Applied Digital by 36.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after acquiring an additional 240,554 shares during the period. Quadrature Capital Ltd bought a new position in Applied Digital in the third quarter worth $545,000. Exchange Traded Concepts LLC lifted its position in Applied Digital by 37.6% in the fourth quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company’s stock worth $7,656,000 after purchasing an additional 273,666 shares during the period. Barclays PLC lifted its position in Applied Digital by 736.8% in the third quarter. Barclays PLC now owns 486,577 shares of the company’s stock worth $4,014,000 after purchasing an additional 428,428 shares during the period. Finally, SG Americas Securities LLC lifted its position in Applied Digital by 414.5% in the fourth quarter. SG Americas Securities LLC now owns 265,792 shares of the company’s stock worth $2,031,000 after purchasing an additional 214,133 shares during the period. 65.67% of the stock is owned by institutional investors.

Applied Digital Stock Performance

Shares of NASDAQ:APLD opened at $10.65 on Friday. Applied Digital Co. has a twelve month low of $2.36 and a twelve month high of $12.48. The firm has a market cap of $2.37 billion, a PE ratio of -6.16 and a beta of 4.77. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The business has a fifty day moving average of $8.45 and a 200-day moving average of $7.43.

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

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Cantor Fitzgerald reduced their target price on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research report on Wednesday, January 15th. HC Wainwright lifted their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Northland Securities lifted 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. Finally, Compass Point began 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 MarketBeat.com, Applied Digital presently has an average rating of “Buy” and a consensus price target of $12.11.

Insider Activity

In related news, Director Richard N. Nottenburg sold 50,000 shares of Applied Digital stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $460,000.00. Following the completion of the sale, the director now directly owns 334,317 shares in the company, valued at $3,075,716.40. This trade represents a 13.01 % 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, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction dated 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 sale, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 270,000 shares of company stock worth $2,477,000. 11.81% of the stock is owned by corporate 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.