Wellington Management Group LLP Sells 214,540 Shares of Applied Digital Corporation $APLD

Wellington Management Group LLP trimmed its position in Applied Digital Corporation (NASDAQ:APLD) by 17.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,014,085 shares of the company’s stock after selling 214,540 shares during the quarter. Wellington Management Group LLP’s holdings in Applied Digital were worth $37,825,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of APLD. FNY Investment Advisers LLC bought a new position in Applied Digital in the 2nd quarter worth $37,000. Ameriflex Group Inc. purchased a new stake in Applied Digital in the 4th quarter worth $25,000. McMillan Office Inc. bought a new stake in Applied Digital during the fourth quarter valued at about $25,000. Mcguire Capital Advisors Inc. bought a new stake in Applied Digital during the fourth quarter valued at about $27,000. Finally, Larson Financial Group LLC lifted its position in shares of Applied Digital by 56,450.0% in the third quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock valued at $26,000 after acquiring an additional 1,129 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

APLD has been the subject of several research analyst reports. Northland Securities set a $82.00 target price on Applied Digital and gave the stock an “outperform” rating in a research report on Wednesday, June 17th. Lucid Cap Mkts raised Applied Digital to a “strong-buy” rating in a report on Wednesday, May 27th. Citigroup restated a “market outperform” rating on shares of Applied Digital in a research note on Monday, August 3rd. Wall Street Zen lowered shares of Applied Digital from a “sell” rating to a “strong sell” rating in a report on Sunday, August 30th. Finally, Zacks Research lowered Applied Digital from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 26th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $68.15.

Applied Digital Price Performance

APLD stock opened at $26.37 on Friday. Applied Digital Corporation has a 12 month low of $13.16 and a 12 month high of $50.72. The company has a current ratio of 4.01, a quick ratio of 4.01 and a debt-to-equity ratio of 2.88. The company has a 50-day moving average price of $29.15 and a 200 day moving average price of $32.97. The stock has a market cap of $7.69 billion, a PE ratio of -29.63 and a beta of 5.72.

Applied Digital (NASDAQ:APLD) last issued its quarterly 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 firm had revenue of $240.35 million for the quarter, compared to the consensus estimate of $96.85 million. During the same quarter in the previous year, the company posted ($0.24) earnings per share. The business’s revenue for the quarter was up 406.3% on a year-over-year basis. Equities research analysts anticipate that Applied Digital Corporation will post -1.09 earnings per share for the current year.

Insider Activity

In other news, Director Richard Nottenburg sold 75,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total transaction of $2,336,250.00. Following the transaction, the director owned 133,378 shares of the company’s stock, valued at approximately $4,154,724.70. This represents a 35.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed 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.