Redmond Asset Management LLC Purchases 120,195 Shares of Applied Digital Co. (NASDAQ:APLD)

Redmond Asset Management LLC boosted its position in Applied Digital Co. (NASDAQ:APLD) by 118.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 221,638 shares of the company’s stock after acquiring an additional 120,195 shares during the period. Redmond Asset Management LLC owned 0.18% of Applied Digital worth $1,494,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Arizona State Retirement System boosted its holdings in Applied Digital by 17.1% in the fourth quarter. Arizona State Retirement System now owns 20,801 shares of the company’s stock worth $140,000 after acquiring an additional 3,038 shares in the last quarter. Swiss National Bank lifted its holdings in shares of Applied Digital by 6.9% in the fourth quarter. Swiss National Bank now owns 146,600 shares of the company’s stock valued at $988,000 after purchasing an additional 9,500 shares in the last quarter. Barclays PLC lifted its holdings in shares of Applied Digital by 73.6% in the third quarter. Barclays PLC now owns 23,588 shares of the company’s stock valued at $146,000 after purchasing an additional 10,002 shares in the last quarter. Capstone Investment Advisors LLC bought a new position in shares of Applied Digital in the fourth quarter valued at approximately $78,000. Finally, Chesapeake Capital Corp IL bought a new position in shares of Applied Digital in the fourth quarter valued at approximately $86,000. Institutional investors own 65.67% of the company’s stock.

Applied Digital Price Performance

NASDAQ:APLD traded up $0.04 during trading hours on Friday, hitting $4.23. 4,067,078 shares of the company’s stock traded hands, compared to its average volume of 3,207,780. The firm has a market cap of $519.57 million, a P/E ratio of -5.35 and a beta of 4.29. Applied Digital Co. has a 52 week low of $2.36 and a 52 week high of $11.62. The business’s fifty day simple moving average is $3.48 and its two-hundred day simple moving average is $4.70. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.90.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Thursday, April 11th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.40). The business had revenue of $43.35 million for the quarter, compared to the consensus estimate of $50.36 million. Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. On average, research analysts anticipate that Applied Digital Co. will post -1.03 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on APLD. Lake Street Capital dropped their target price on Applied Digital from $19.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, April 12th. Needham & Company LLC reissued a “buy” rating and issued a $15.00 target price on shares of Applied Digital in a research report on Friday, May 17th. Roth Mkm decreased their target price on Applied Digital from $13.00 to $8.00 and set a “buy” rating for the company in a research report on Friday, April 12th. Finally, B. Riley reduced their price target on Applied Digital from $8.00 to $6.00 and set a “buy” rating for the company in a research report on Monday, May 6th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $9.60.

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.