Applied Digital Corporation $APLD Shares Sold by NewEdge Advisors LLC

NewEdge Advisors LLC reduced its stake in shares of Applied Digital Corporation (NASDAQ:APLD) by 32.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 60,041 shares of the company’s stock after selling 28,295 shares during the quarter. NewEdge Advisors LLC’s holdings in Applied Digital were worth $1,425,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Applied Digital by 36.4% during the fourth quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock valued at $592,601,000 after acquiring an additional 6,445,908 shares during the period. Situational Awareness LP increased its holdings in shares of Applied Digital by 18.9% in the 1st quarter. Situational Awareness LP now owns 13,478,438 shares of the company’s stock worth $319,978,000 after acquiring an additional 2,139,378 shares during the period. Geode Capital Management LLC lifted its position in Applied Digital by 5.1% in the 4th quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company’s stock valued at $154,151,000 after purchasing an additional 304,228 shares during the last quarter. Value Aligned Research Advisors LLC bought a new stake in Applied Digital in the 4th quarter valued at about $138,380,000. Finally, BNP Paribas Financial Markets lifted its position in Applied Digital by 24,356.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock valued at $52,561,000 after purchasing an additional 5,198,223 shares during the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

APLD has been the subject of several recent analyst reports. Citizens Jmp upped their target price on shares of Applied Digital from $40.00 to $60.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 21st. Lake Street Capital lifted their price target on Applied Digital from $70.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. B. Riley Financial reiterated a “buy” rating and set a $75.00 price objective (up from $66.00) on shares of Applied Digital in a research report on Monday, August 3rd. Northland Securities set a $82.00 price objective on Applied Digital and gave the stock an “outperform” rating in a report on Wednesday, June 17th. Finally, Compass Point restated a “buy” rating and issued a $70.00 target price on shares of Applied Digital in a research report on Friday, May 22nd. Three research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Applied Digital currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.15.

Applied Digital Stock Performance

APLD stock opened at $31.20 on Monday. The company has a 50-day simple moving average of $34.03 and a 200 day simple moving average of $33.88. The company has a market capitalization of $9.09 billion, a P/E ratio of -35.06 and a beta of 5.75. The company has a quick ratio of 4.01, a current ratio of 4.01 and a debt-to-equity ratio of 2.88. Applied Digital Corporation has a fifty-two week low of $13.16 and a fifty-two week high of $50.72.

Applied Digital (NASDAQ:APLD) last released its earnings results on Monday, July 27th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.30). Applied Digital had a negative net margin of 37.78% and a negative return on equity of 16.42%. The company had revenue of $240.35 million for the quarter, compared to analyst estimates of $96.85 million. During the same period in the previous year, the business posted ($0.24) EPS. The firm’s quarterly revenue was up 406.3% on a year-over-year basis. Sell-side analysts predict that Applied Digital Corporation will post -1.09 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Richard N. Nottenburg sold 75,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $31.15, for a total value of $2,336,250.00. Following the completion of the transaction, the director directly owned 133,378 shares in the company, valued at $4,154,724.70. This trade represents a 35.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 9.50% of the stock is owned by company insiders.

Applied Digital Company Profile

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.