22,737 Shares in Applied Digital Corporation $APLD Purchased by McGuire Investment Group LLC

McGuire Investment Group LLC acquired a new stake in shares of Applied Digital Corporation (NASDAQ:APLD) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 22,737 shares of the company’s stock, valued at approximately $522,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in APLD. SJS Investment Consulting Inc. bought a new position in shares of Applied Digital in the 3rd quarter worth approximately $111,000. Mayfair Advisory Group LLC purchased a new stake in Applied Digital in the third quarter worth $213,000. Ethic Inc. bought a new position in Applied Digital in the third quarter worth $226,000. CWM LLC lifted its position in Applied Digital by 99.5% during the third quarter. CWM LLC now owns 5,645 shares of the company’s stock valued at $129,000 after buying an additional 2,815 shares during the period. Finally, Brookstone Capital Management bought a new stake in shares of Applied Digital during the 3rd quarter valued at $205,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Lake Street Capital reaffirmed a “buy” rating and issued a $45.00 target price on shares of Applied Digital in a research report on Tuesday, December 30th. Needham & Company LLC restated a “buy” rating and issued a $41.00 price objective on shares of Applied Digital in a report on Wednesday, October 29th. Northland Securities reaffirmed an “outperform” rating and set a $40.00 target price on shares of Applied Digital in a research note on Tuesday, December 30th. HC Wainwright boosted their price target on Applied Digital from $20.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, October 10th. Finally, B. Riley restated a “buy” rating on shares of Applied Digital in a research note on Wednesday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $27.00.

Applied Digital Trading Up 14.6%

NASDAQ:APLD opened at $28.11 on Friday. The stock has a market cap of $7.85 billion, a price-to-earnings ratio of -24.88 and a beta of 6.89. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.29. The company’s 50 day moving average price is $27.57 and its 200-day moving average price is $21.07. Applied Digital Corporation has a 52 week low of $3.31 and a 52 week high of $40.20.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Thursday, October 9th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating 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 firm’s quarterly revenue was up 84.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.15) EPS. On average, equities research analysts forecast that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Insider Activity at Applied Digital

In related news, Director Richard N. Nottenburg sold 9,375 shares of Applied Digital stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $35.91, for a total value of $336,656.25. Following the completion of the sale, the director directly owned 249,237 shares in the company, valued at approximately $8,950,100.67. This trade represents a 3.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mohammad Saidal Lavanw Mohmand sold 37,503 shares of the company’s stock in a transaction dated Tuesday, October 28th. The shares were sold at an average price of $36.47, for a total transaction of $1,367,734.41. Following the transaction, the chief financial officer owned 121,409 shares in the company, valued at $4,427,786.23. This represents a 23.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 328,035 shares of company stock valued at $11,376,479 over the last three months. 9.50% of the stock is owned by insiders.

About Applied Digital

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.