MRA Advisory Group Lowers Stock Position in Applied Digital Corporation $APLD

MRA Advisory Group lessened its position in shares of Applied Digital Corporation (NASDAQ:APLD) by 69.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 16,320 shares of the company’s stock after selling 37,171 shares during the quarter. MRA Advisory Group’s holdings in Applied Digital were worth $609,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in APLD. Activest Wealth Management purchased a new position in Applied Digital in the fourth quarter valued at $25,000. Ameriflex Group Inc. purchased a new stake in shares of Applied Digital during the 4th quarter worth about $25,000. McMillan Office Inc. purchased a new stake in shares of Applied Digital during the 4th quarter worth about $25,000. Larson Financial Group LLC grew its position in shares of 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 acquiring an additional 1,129 shares during the period. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Applied Digital during the 2nd quarter valued at about $26,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Insider Activity

In other news, Director Richard N. Nottenburg sold 75,000 shares of the stock in a transaction dated 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 sale, the director directly owned 133,378 shares in the company, valued at $4,154,724.70. This represents a 35.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 9.50% of the stock is owned by insiders.

Analyst Ratings Changes

APLD has been the subject of several recent analyst reports. Craig Hallum lifted their price target on Applied Digital from $75.00 to $79.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Compass Point reiterated a “buy” rating and set a $70.00 price target on shares of Applied Digital in a research report on Friday, May 22nd. Lucid Cap Mkts raised Applied Digital to a “strong-buy” rating in a report on Wednesday, May 27th. Needham & Company LLC restated a “buy” rating and issued a $83.00 price objective on shares of Applied Digital in a research report on Tuesday, July 28th. Finally, Citigroup restated a “market outperform” rating on shares of Applied Digital in a research report on Monday. Three research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.15.

Applied Digital Stock Up 1.2%

Shares of APLD opened at $29.22 on Friday. The stock has a 50 day moving average price of $35.48 and a 200 day moving average price of $34.10. Applied Digital Corporation has a one year low of $13.16 and a one year high of $50.72. The company has a debt-to-equity ratio of 2.88, a quick ratio of 4.01 and a current ratio of 4.01. The stock has a market capitalization of $8.52 billion, a price-to-earnings ratio of -32.83 and a beta of 5.75.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Monday, July 27th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $96.85 million. During the same quarter in the previous year, the business posted ($0.24) EPS. The company’s revenue for the quarter was up 406.3% on a year-over-year basis. Equities research analysts forecast that Applied Digital Corporation will post -0.98 earnings per share for the current fiscal year.

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.