Summit Investment Advisors Inc. Acquires 8,146 Shares of Applied Digital Co. (NASDAQ:APLD)

Summit Investment Advisors Inc. raised its stake in shares of Applied Digital Co. (NASDAQ:APLD) by 68.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,058 shares of the company’s stock after acquiring an additional 8,146 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Applied Digital were worth $153,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in APLD. Wilmington Savings Fund Society FSB boosted its position in Applied Digital by 100.0% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after purchasing an additional 2,000 shares in the last quarter. R Squared Ltd purchased a new stake in shares of Applied Digital during the fourth quarter valued at about $36,000. US Bancorp DE bought a new stake in shares of Applied Digital in the 4th quarter valued at about $37,000. Jones Financial Companies Lllp purchased a new position in shares of Applied Digital in the 4th quarter worth approximately $39,000. Finally, Spire Wealth Management bought a new position in shares of Applied Digital during the 4th quarter worth approximately $43,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on APLD shares. Needham & Company LLC lowered their target price on shares of Applied Digital from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. Compass Point started coverage on Applied Digital in a research note on Tuesday, January 28th. They set a “buy” rating and a $10.00 target price on the stock. Cantor Fitzgerald decreased their price target on Applied Digital from $14.00 to $7.00 and set an “overweight” rating for the company in a research note on Tuesday, April 15th. Northland Securities raised their price target on 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 cut their price objective on shares of Applied Digital from $12.00 to $7.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital currently has an average rating of “Buy” and an average target price of $10.67.

Applied Digital Trading Up 2.0 %

Shares of NASDAQ:APLD opened at $4.03 on Wednesday. The business has a 50-day moving average price of $6.63 and a 200-day moving average price of $7.73. The stock has a market cap of $905.61 million, a price-to-earnings ratio of -2.33 and a beta of 5.18. Applied Digital Co. has a 52-week low of $2.63 and a 52-week high of $12.48. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.05). The business had revenue of $52.92 million for the quarter, compared to analyst estimates of $62.91 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. During the same quarter in the previous year, the firm posted ($0.24) earnings per share. Equities analysts predict that Applied Digital Co. will post -0.96 EPS for the current 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.