Noesis Capital Mangement Corp Takes Position in Applied Digital Corporation $APLD

Noesis Capital Mangement Corp purchased a new stake in Applied Digital Corporation (NASDAQ:APLD) in the 2nd quarter, Holdings Channel.com reports. The firm purchased 12,000 shares of the company’s stock, valued at approximately $121,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Ameriflex Group Inc. acquired a new position in shares of Applied Digital in the 2nd quarter valued at about $42,000. PNC Financial Services Group Inc. acquired a new position in shares of Applied Digital in the 1st quarter valued at about $28,000. Geneos Wealth Management Inc. boosted its holdings in shares of Applied Digital by 113.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock valued at $37,000 after buying an additional 3,542 shares during the period. ORG Wealth Partners LLC acquired a new position in shares of Applied Digital in the 2nd quarter valued at about $66,000. Finally, Ameritas Advisory Services LLC acquired a new position in shares of Applied Digital in the 2nd quarter valued at about $69,000. 65.67% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Applied Digital

In other Applied Digital news, CFO Mohammad Saidal Lavanw Mohmand sold 37,503 shares of the business’s stock in a transaction dated Tuesday, October 28th. The shares were sold at an average price of $36.47, for a total transaction of $1,367,734.41. Following the sale, the chief financial officer directly owned 121,409 shares in the company, valued at approximately $4,427,786.23. The trade was a 23.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Wes Cummins sold 400,000 shares of the business’s stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total transaction of $6,104,000.00. Following the sale, the chief executive officer owned 2,659,379 shares in the company, valued at $40,582,123.54. This trade represents a 13.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 702,341 shares of company stock valued at $14,435,562 over the last quarter. Corporate insiders own 9.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a report on Thursday, October 9th. Northland Securities lifted their price objective on shares of Applied Digital to $40.00 and gave the company an “outperform” rating in a research report on Friday, October 10th. Wall Street Zen downgraded shares of Applied Digital from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. B. Riley reiterated a “buy” rating on shares of Applied Digital in a research report on Wednesday, October 22nd. Finally, Compass Point initiated coverage on shares of Applied Digital in a research report on Monday, September 15th. They issued a “buy” rating on the stock. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $26.20.

Applied Digital Trading Up 0.3%

Shares of NASDAQ:APLD opened at $34.42 on Thursday. The company has a market cap of $9.63 billion, a PE ratio of -30.46 and a beta of 6.77. The company’s 50-day moving average price is $24.03 and its 200 day moving average price is $14.51. Applied Digital Corporation has a fifty-two week low of $3.31 and a fifty-two week high of $40.20. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.29.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Thursday, October 9th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.08. Applied Digital had a negative net margin of 111.29% and a negative return on equity of 37.14%. The company had revenue of $38.01 million for the quarter, compared to the consensus estimate of $52.25 million. During the same period in the previous year, the firm earned ($0.15) EPS. Applied Digital’s revenue was up 84.3% on a year-over-year basis. Sell-side analysts anticipate that Applied Digital Corporation will post -0.96 earnings per share for the current year.

Applied Digital Company Profile

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.