Wells Fargo & Company MN Has $917,000 Stock Position in Applied Digital Co. (NASDAQ:APLD)

Wells Fargo & Company MN increased its stake in shares of Applied Digital Co. (NASDAQ:APLD) by 96.6% during the 4th quarter, Holdings Channel reports. The institutional investor owned 119,963 shares of the company’s stock after buying an additional 58,943 shares during the period. Wells Fargo & Company MN’s holdings in Applied Digital were worth $917,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Vontobel Holding Ltd. lifted its position in Applied Digital by 9.8% during the 4th quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company’s stock worth $128,000 after buying an additional 1,500 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in Applied Digital by 16.8% during the 4th quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company’s stock valued at $90,000 after purchasing an additional 1,692 shares during the period. Wilmington Savings Fund Society FSB lifted its position in Applied Digital by 100.0% during the 4th 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 during the period. Amalgamated Bank lifted its position in Applied Digital by 113.3% during the 4th quarter. Amalgamated Bank now owns 6,538 shares of the company’s stock valued at $50,000 after purchasing an additional 3,473 shares during the period. Finally, HighTower Advisors LLC lifted its position in Applied Digital by 34.7% during the 4th quarter. HighTower Advisors LLC now owns 16,162 shares of the company’s stock valued at $123,000 after purchasing an additional 4,162 shares during the period. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Stock Performance

Shares of NASDAQ:APLD opened at $4.54 on Thursday. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of -2.62 and a beta of 5.18. The firm’s 50 day simple moving average is $6.00 and its 200 day simple moving average is $7.61. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. Applied Digital Co. has a fifty-two week low of $2.63 and a fifty-two week high of $12.48.

Applied Digital (NASDAQ:APLD) last posted 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). Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business had revenue of $52.92 million for the quarter, compared to the consensus estimate of $62.91 million. During the same period in the previous year, the company posted ($0.24) earnings per share. As a group, sell-side analysts forecast that Applied Digital Co. will post -0.96 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Northland Securities upped their target price on shares of Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research report on Tuesday, February 4th. Compass Point assumed 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. Cantor Fitzgerald cut 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. HC Wainwright cut their target price 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. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a research report on Wednesday, April 23rd. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital has an average rating of “Buy” and an average price target of $10.67.

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.