Think Investments LP Acquires 441,291 Shares of Applied Digital Co. (NASDAQ:APLD)

Think Investments LP raised its stake in shares of Applied Digital Co. (NASDAQ:APLD) by 27.3% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 2,060,136 shares of the company’s stock after buying an additional 441,291 shares during the quarter. Applied Digital makes up about 3.5% of Think Investments LP’s holdings, making the stock its 13th largest holding. Think Investments LP’s holdings in Applied Digital were worth $15,739,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in APLD. Vanguard Group Inc. increased its stake in shares of Applied Digital by 39.1% in the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock worth $97,487,000 after purchasing an additional 3,587,619 shares in the last quarter. Van ECK Associates Corp boosted its holdings in shares of Applied Digital by 113.8% during the 4th 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 during the last quarter. American Century Companies Inc. bought a new position in shares of Applied Digital in the 4th quarter valued at about $12,843,000. Geode Capital Management LLC lifted its holdings in shares of Applied Digital by 54.4% in the 4th quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company’s stock valued at $36,117,000 after acquiring an additional 1,665,335 shares during the last quarter. Finally, Hood River Capital Management LLC lifted its holdings in shares of Applied Digital by 10.7% in the 4th quarter. Hood River Capital Management LLC now owns 15,147,422 shares of the company’s stock valued at $115,726,000 after acquiring an additional 1,464,854 shares during the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

APLD has been the topic of a number of recent analyst reports. HC Wainwright reduced their price objective on shares of Applied Digital from $12.00 to $7.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. Needham & Company LLC reissued a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research report on Wednesday, April 23rd. Cantor Fitzgerald reduced their target price on shares of Applied Digital from $14.00 to $7.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 15th. Northland Securities raised their target price on shares of Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 4th. Finally, Compass Point started coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They set a “buy” rating and a $10.00 target price on the stock. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital currently has a consensus rating of “Buy” and an average price target of $10.67.

Applied Digital Stock Performance

Shares of NASDAQ:APLD opened at $6.83 on Friday. The firm has a market cap of $1.53 billion, a PE ratio of -3.95 and a beta of 5.98. The firm’s 50 day simple moving average is $5.54 and its 200-day simple moving average is $7.39. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. Applied Digital Co. has a one year low of $3.01 and a one year high of $12.48.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Monday, April 14th. The company reported ($0.16) earnings per share (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 analysts’ expectations 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 period in the previous year, the business earned ($0.24) earnings per share. As a group, equities analysts predict that Applied Digital Co. will post -0.96 EPS for the current 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.