Federated Hermes Inc. Makes New $3.20 Million Investment in Applied Digital Corporation $APLD

Federated Hermes Inc. bought a new stake in Applied Digital Corporation (NASDAQ:APLD) during the third quarter, according to its most recent filing with the SEC. The firm bought 139,671 shares of the company’s stock, valued at approximately $3,204,000.

A number of other large investors have also made changes to their positions in the stock. AQR Capital Management LLC lifted its stake in Applied Digital by 84.8% during the first quarter. AQR Capital Management LLC now owns 18,945 shares of the company’s stock worth $106,000 after purchasing an additional 8,692 shares during the period. NewEdge Advisors LLC raised its position in Applied Digital by 239.1% in the 1st quarter. NewEdge Advisors LLC now owns 33,267 shares of the company’s stock worth $187,000 after purchasing an additional 23,457 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in Applied Digital by 113.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock worth $37,000 after purchasing an additional 3,542 shares during the last quarter. Strs Ohio acquired a new position in Applied Digital in the first quarter valued at approximately $71,000. Finally, Ameritas Advisory Services LLC acquired a new stake in shares of Applied Digital during the second quarter worth $69,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Analyst Ratings Changes

APLD has been the topic of a number of research analyst reports. Roth Mkm raised their price target on Applied Digital to $58.00 and gave the stock a “buy” rating in a research report on Thursday, January 8th. Craig Hallum boosted their price target on shares of Applied Digital to $39.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd. Northland Securities set a $56.00 price objective on Applied Digital in a report on Wednesday, January 28th. Arete Research started coverage on shares of Applied Digital in a research note on Wednesday, January 7th. They issued a “buy” rating for the company. Finally, Wall Street Zen raised shares of Applied Digital from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Applied Digital presently has a consensus rating of “Buy” and an average price target of $34.73.

Insiders Place Their Bets

In related news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $38.54, for a total value of $385,400.00. Following the transaction, the director directly owned 200,859 shares of the company’s stock, valued at approximately $7,741,105.86. The trade was a 4.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard N. Nottenburg sold 12,000 shares of the firm’s stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $35.45, for a total value of $425,400.00. Following the completion of the sale, the director directly owned 233,378 shares of the company’s stock, valued at $8,273,250.10. This represents a 4.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 244,593 shares of company stock worth $9,003,278 in the last ninety days. Company insiders own 9.50% of the company’s stock.

Applied Digital Price Performance

Shares of NASDAQ:APLD opened at $36.70 on Wednesday. The firm has a market cap of $10.26 billion, a PE ratio of -67.96 and a beta of 7.25. The firm’s fifty day moving average is $30.81 and its 200-day moving average is $25.10. The company has a debt-to-equity ratio of 1.79, a quick ratio of 4.82 and a current ratio of 4.82. Applied Digital Corporation has a 52 week low of $3.31 and a 52 week high of $42.27.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, January 7th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The business had revenue of $126.59 million during the quarter, compared to analyst estimates of $82.22 million. Applied Digital had a negative net margin of 43.49% and a negative return on equity of 13.53%. The firm’s revenue for the quarter was up 250.1% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.06) earnings per share. Sell-side analysts predict that Applied Digital Corporation will post -0.96 earnings per share for the current 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.