Marathon Trading Investment Management LLC Takes Position in Applied Digital Corporation $APLD

Marathon Trading Investment Management LLC purchased a new stake in shares of Applied Digital Corporation (NASDAQ:APLD) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 100,000 shares of the company’s stock, valued at approximately $2,452,000. Applied Digital makes up about 0.1% of Marathon Trading Investment Management LLC’s portfolio, making the stock its 25th largest position.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Newbridge Financial Services Group Inc. raised its stake in shares of Applied Digital by 8.6% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 3,800 shares of the company’s stock valued at $93,000 after acquiring an additional 300 shares in the last quarter. Concurrent Investment Advisors LLC raised its stake in Applied Digital by 1.5% in the fourth quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company’s stock worth $523,000 after buying an additional 318 shares in the last quarter. Brookstone Capital Management raised its stake in Applied Digital by 3.6% in the fourth quarter. Brookstone Capital Management now owns 9,275 shares of the company’s stock worth $227,000 after buying an additional 321 shares in the last quarter. ProShare Advisors LLC raised its stake in Applied Digital by 1.0% in the third quarter. ProShare Advisors LLC now owns 36,652 shares of the company’s stock worth $841,000 after buying an additional 376 shares in the last quarter. Finally, Independent Advisor Alliance raised its stake in Applied Digital by 4.6% in the fourth quarter. Independent Advisor Alliance now owns 9,215 shares of the company’s stock worth $226,000 after buying an additional 407 shares in the last quarter. Institutional investors own 65.67% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on APLD shares. Lucid Cap Mkts raised shares of Applied Digital to a “strong-buy” rating in a research note on Wednesday, May 27th. Citizens Jmp boosted 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. Citigroup reissued a “market outperform” rating on shares of Applied Digital in a research note on Tuesday, June 9th. Craig Hallum boosted their price objective on shares of Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. Finally, Zacks Research downgraded shares of Applied Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, June 8th. Three analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $67.67.

Applied Digital Price Performance

NASDAQ APLD opened at $42.70 on Monday. The firm’s fifty day simple moving average is $37.94 and its two-hundred day simple moving average is $32.78. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65. Applied Digital Corporation has a 12-month low of $9.02 and a 12-month high of $50.72. The firm has a market capitalization of $12.20 billion, a P/E ratio of -57.70 and a beta of 5.69.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $78.47 million. During the same period in the prior year, the firm posted ($0.08) earnings per share. Applied Digital’s revenue for the quarter was up 139.3% compared to the same quarter last year. Analysts forecast that Applied Digital Corporation will post -0.68 EPS for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction on Monday, April 27th. The shares were sold at an average price of $34.98, for a total transaction of $349,800.00. Following the sale, the director directly owned 184,859 shares of the company’s stock, valued at $6,466,367.82. The trade was a 5.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard N. Nottenburg sold 12,500 shares of the business’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $34.59, for a total transaction of $432,375.00. Following the sale, the director directly owned 208,378 shares in the company, valued at $7,207,795.02. This trade represents a 5.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 35,000 shares of company stock worth $1,182,175 over the last ninety days. Corporate insiders own 9.50% of the company’s stock.

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.