Baker Avenue Asset Management LP Sells 14,000 Shares of Applied Digital Corporation $APLD

Baker Avenue Asset Management LP reduced its position in shares of Applied Digital Corporation (NASDAQ:APLD) by 31.5% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 30,375 shares of the company’s stock after selling 14,000 shares during the quarter. Baker Avenue Asset Management LP’s holdings in Applied Digital were worth $745,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of APLD. Noble Wealth Management PBC bought a new position in shares of Applied Digital during the 4th quarter valued at approximately $25,000. Albion Financial Group UT purchased a new stake in Applied Digital during the 4th quarter valued at $25,000. Activest Wealth Management purchased a new stake in Applied Digital during the 4th quarter valued at $25,000. Larson Financial Group LLC raised its holdings in Applied Digital by 56,450.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock valued at $26,000 after buying an additional 1,129 shares during the period. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in Applied Digital during the 2nd quarter valued at $26,000. 65.67% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Monday, April 27th. The stock was sold at an average price of $34.98, for a total transaction of $349,800.00. Following the transaction, the director owned 184,859 shares of the company’s stock, valued at approximately $6,466,367.82. This represents a 5.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard N. Nottenburg sold 12,500 shares of the firm’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $34.59, for a total value of $432,375.00. Following the sale, the director directly owned 208,378 shares in the company, valued at approximately $7,207,795.02. The trade was a 5.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 35,000 shares of company stock worth $1,182,175 in the last three months. Corporate insiders own 9.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Lucid Cap Mkts upgraded Applied Digital to a “strong-buy” rating in a report on Wednesday. Lake Street Capital restated a “buy” rating and set a $70.00 price target (up from $55.00) on shares of Applied Digital in a report on Thursday, May 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Applied Digital in a report on Friday, April 24th. Citigroup restated an “outperform” rating on shares of Applied Digital in a report on Thursday, May 21st. Finally, Wall Street Zen lowered Applied Digital from a “hold” rating to a “sell” rating in a report on Saturday, April 11th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $59.11.

Applied Digital Price Performance

APLD opened at $47.28 on Friday. Applied Digital Corporation has a 12-month low of $6.68 and a 12-month high of $50.72. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65. The business’s fifty day simple moving average is $34.40 and its 200-day simple moving average is $31.42. The company has a market capitalization of $13.51 billion, a price-to-earnings ratio of -63.89 and a beta of 5.69.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The firm had revenue of $108.55 million for the quarter, compared to the consensus estimate of $78.47 million. During the same period in the previous year, the company posted ($0.08) EPS. Applied Digital’s quarterly revenue was up 139.3% compared to the same quarter last year. On average, equities research analysts anticipate that Applied Digital Corporation will post -0.68 earnings per share for the current fiscal year.

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.