Kitching Partners LLC Purchases Shares of 30,272 Applied Digital Co. (NASDAQ:APLD)

Kitching Partners LLC purchased a new position in shares of Applied Digital Co. (NASDAQ:APLD) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 30,272 shares of the company’s stock, valued at approximately $231,000. Applied Digital makes up approximately 0.3% of Kitching Partners LLC’s holdings, making the stock its 27th largest holding.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in APLD. Wilmington Savings Fund Society FSB boosted its stake 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 worth $31,000 after acquiring an additional 2,000 shares during the last quarter. R Squared Ltd acquired a new stake in shares of Applied Digital in the 4th quarter valued at approximately $36,000. US Bancorp DE acquired a new position in shares of Applied Digital during the 4th quarter worth about $37,000. Jones Financial Companies Lllp bought a new position in Applied Digital during the fourth quarter worth $39,000. Finally, Spire Wealth Management bought a new stake in Applied Digital in the 4th quarter valued at $43,000. Institutional investors own 65.67% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Compass Point began coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They set a “buy” rating and a $10.00 price objective for the company. Northland Securities lifted their price target on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday, February 4th. Cantor Fitzgerald cut their target price on Applied Digital from $14.00 to $7.00 and set an “overweight” rating on the stock in a report on Tuesday, April 15th. HC Wainwright lowered their target price on shares of Applied Digital from $12.00 to $7.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $10.00 target price on shares of Applied Digital in a research report on Wednesday, April 23rd. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $10.67.

Applied Digital Trading Down 4.9 %

Shares of NASDAQ:APLD opened at $4.48 on Wednesday. The company has a market cap of $1.01 billion, a PE ratio of -2.59 and a beta of 5.18. Applied Digital Co. has a 12-month low of $2.63 and a 12-month high of $12.48. The stock has a 50 day moving average of $6.12 and a 200 day moving average of $7.63. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.05). Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The firm had revenue of $52.92 million for the quarter, compared to the consensus estimate of $62.91 million. During the same quarter in the prior year, the company posted ($0.24) earnings per share. As a group, equities research analysts expect 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.