Applied Digital Corporation $APLD Stock Position Lowered by NewEdge Advisors LLC

NewEdge Advisors LLC decreased its position in Applied Digital Corporation (NASDAQ:APLD) by 32.0% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 60,041 shares of the company’s stock after selling 28,295 shares during the period. NewEdge Advisors LLC’s holdings in Applied Digital were worth $1,425,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of APLD. Activest Wealth Management acquired a new position in Applied Digital during the fourth quarter worth about $25,000. Ameriflex Group Inc. acquired a new stake in Applied Digital in the 4th quarter valued at about $25,000. McMillan Office Inc. acquired a new stake in Applied Digital in the 4th quarter valued at about $25,000. Larson Financial Group LLC lifted its holdings in Applied Digital by 56,450.0% in 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 last quarter. Finally, Northwestern Mutual Wealth Management Co. bought a new position in shares of Applied Digital during the 2nd quarter valued at about $26,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. Nottenburg sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $31.15, for a total transaction of $2,336,250.00. Following the sale, the director owned 133,378 shares in the company, valued at $4,154,724.70. The trade was a 35.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.50% of the stock is currently owned by company insiders.

Applied Digital Stock Performance

NASDAQ:APLD opened at $31.20 on Monday. The stock has a fifty day simple moving average of $34.03 and a 200 day simple moving average of $33.88. The firm has a market capitalization of $9.09 billion, a price-to-earnings ratio of -35.06 and a beta of 5.75. Applied Digital Corporation has a 1-year low of $13.16 and a 1-year high of $50.72. 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 (NASDAQ:APLD) last posted its quarterly earnings data on Monday, July 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.30). Applied Digital had a negative return on equity of 16.42% and a negative net margin of 37.78%.The company had revenue of $240.35 million for the quarter, compared to analyst estimates of $96.85 million. During the same quarter in the previous year, the firm posted ($0.24) EPS. Applied Digital’s quarterly revenue was up 406.3% on a year-over-year basis. Sell-side analysts forecast that Applied Digital Corporation will post -1.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on APLD. Citizens Jmp lifted their price objective on shares of Applied Digital from $40.00 to $60.00 and gave the stock a “market outperform” rating in a research note on Thursday, May 21st. Lucid Cap Mkts raised shares of Applied Digital to a “strong-buy” rating in a research note on Wednesday, May 27th. Compass Point restated a “buy” rating and set a $70.00 target price on shares of Applied Digital in a report on Friday, May 22nd. Lake Street Capital lifted their price target on shares of Applied Digital from $70.00 to $90.00 and gave the stock a “buy” rating in a research report on Tuesday, June 9th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Applied Digital in a report on Monday, August 3rd. Three investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $68.15.

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.