Penserra Capital Management LLC Takes Position in Applied Digital Co. (OTCMKTS:APLD)

Posted by Defense World Staff on Feb 28th, 2023

Penserra Capital Management LLC bought a new stake in Applied Digital Co. (OTCMKTS:APLD – Get Rating) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 44,954 shares of the company’s stock, valued at approximately $76,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of APLD. Advisory Services Network LLC acquired a new stake in Applied Digital during the second quarter worth about $26,000. Granite Point Capital Management L.P. acquired a new stake in Applied Digital during the second quarter worth about $1,545,000. Rock Creek Group LP acquired a new stake in Applied Digital during the second quarter worth about $168,000. B. Riley Financial Inc. acquired a new stake in Applied Digital during the second quarter worth about $64,000. Finally, Northern Trust Corp acquired a new stake in Applied Digital during the second quarter worth about $47,000. 48.42% of the stock is currently owned by institutional investors and hedge funds.

Applied Digital Trading Down 0.8 %

APLD opened at $2.60 on Tuesday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.35. Applied Digital Co. has a 52 week low of $0.85 and a 52 week high of $27.12. The business’s 50 day moving average is $2.51 and its two-hundred day moving average is $2.19. The firm has a market cap of $245.62 million, a price-to-earnings ratio of -5.20 and a beta of 5.11.

Applied Digital (OTCMKTS:APLD – Get Rating) last released its quarterly earnings results on Monday, January 9th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. Applied Digital had a negative net margin of 145.35% and a negative return on equity of 24.36%. The firm had revenue of $12.34 million during the quarter, compared to the consensus estimate of $12.36 million. On average, research analysts predict that Applied Digital Co. will post -0.38 EPS for the current year.

Insider Buying and Selling at Applied Digital

In other news, CEO Wes Cummins acquired 50,000 shares of the company’s stock in a transaction on Thursday, January 12th. The shares were bought at an average cost of $2.17 per share, with a total value of $108,500.00. Following the purchase, the chief executive officer now owns 1,475,686 shares of the company’s stock, valued at approximately $3,202,238.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders have bought 375,000 shares of company stock valued at $937,750. 28.90% of the stock is owned by company insiders.

Analyst Ratings Changes

APLD has been the subject of a number of recent analyst reports. B. Riley dropped their price target on shares of Applied Digital from $8.00 to $7.00 in a research report on Tuesday, January 10th. HC Wainwright began coverage on shares of Applied Digital in a report on Thursday, December 22nd. They set a “buy” rating and a $4.00 target price on the stock. Finally, Needham & Company LLC dropped their price target on shares of Applied Digital from $5.50 to $3.70 and set a “buy” rating for the company in a research note on Friday, January 13th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $6.31.

Applied Digital Profile

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Applied Digital Corp. operates as a technology company, which engages in the development and operation of data centers which provide computing power. The company was founded in May 2001 and is headquartered in Dallas, TX.