Applied Digital Corporation $APLD is Clearfield Capital Management LP’s 10th Largest Position

Clearfield Capital Management LP cut its position in shares of Applied Digital Corporation (NASDAQ:APLD) by 86.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 569,179 shares of the company’s stock after selling 3,607,000 shares during the quarter. Applied Digital comprises 4.4% of Clearfield Capital Management LP’s portfolio, making the stock its 10th biggest position. Clearfield Capital Management LP’s holdings in Applied Digital were worth $5,732,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Atlantic Union Bankshares Corp purchased a new stake in shares of Applied Digital during the 2nd quarter worth about $25,000. Northwestern Mutual Wealth Management Co. acquired a new position in Applied Digital during the second quarter valued at approximately $26,000. PNC Financial Services Group Inc. acquired a new position in Applied Digital during the first quarter valued at approximately $28,000. Geneos Wealth Management Inc. grew its stake in Applied Digital by 113.3% during the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock worth $37,000 after buying an additional 3,542 shares during the period. Finally, Ameriflex Group Inc. acquired a new stake in shares of Applied Digital in the second quarter worth $42,000. 65.67% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Wall Street Zen lowered shares of Applied Digital from a “hold” rating to a “sell” rating in a report on Sunday, October 19th. HC Wainwright boosted their price objective on Applied Digital from $20.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, October 10th. Compass Point started coverage on Applied Digital in a research report on Monday, September 15th. They issued a “buy” rating for the company. B. Riley reiterated a “buy” rating on shares of Applied Digital in a report on Wednesday, October 22nd. Finally, Lake Street Capital boosted their price target on Applied Digital from $18.00 to $37.00 and gave the stock a “buy” rating in a research report on Friday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $26.20.

Applied Digital Stock Down 0.7%

Shares of Applied Digital stock opened at $30.76 on Friday. Applied Digital Corporation has a 1-year low of $3.31 and a 1-year high of $40.20. The company has a market capitalization of $8.59 billion, a PE ratio of -27.22 and a beta of 6.94. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.65 and a quick ratio of 0.65. The business has a 50-day moving average of $29.82 and a 200-day moving average of $19.37.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Thursday, October 9th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.08. The business had revenue of $64.22 million for the quarter, compared to analysts’ expectations of $52.25 million. Applied Digital had a negative return on equity of 37.14% and a negative net margin of 111.29%.The company’s revenue was up 84.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.15) earnings per share. As a group, equities analysts forecast that Applied Digital Corporation will post -0.96 EPS for the current fiscal year.

Insider Activity at Applied Digital

In other news, Director Rachel H. Lee sold 24,213 shares of the firm’s stock in a transaction that occurred on Friday, October 24th. The shares were sold at an average price of $33.20, for a total transaction of $803,871.60. Following the completion of the sale, the director owned 59,400 shares of the company’s stock, valued at approximately $1,972,080. This trade represents a 28.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard N. Nottenburg sold 34,375 shares of Applied Digital stock in a transaction on Friday, October 24th. The stock was sold at an average price of $33.23, for a total transaction of $1,142,281.25. Following the completion of the sale, the director owned 263,612 shares of the company’s stock, valued at approximately $8,759,826.76. This trade represents a 11.54% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 328,035 shares of company stock worth $11,376,479. 9.50% of the stock is currently owned by insiders.

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.