Situational Awareness LP lifted its position in Applied Digital Corporation (NASDAQ:APLD – Free Report) by 14.1% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 15,384,616 shares of the company’s stock after purchasing an additional 1,906,178 shares during the period. Applied Digital accounts for approximately 0.0% of Situational Awareness LP’s investment portfolio, making the stock its 23rd largest holding. Situational Awareness LP owned approximately 0.05% of Applied Digital worth $574,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors also recently modified their holdings of the company. AQR Capital Management LLC lifted its holdings in Applied Digital by 84.8% in the first quarter. AQR Capital Management LLC now owns 18,945 shares of the company’s stock valued at $106,000 after acquiring an additional 8,692 shares during the period. NewEdge Advisors LLC increased its position in shares of Applied Digital by 239.1% during the 1st quarter. NewEdge Advisors LLC now owns 33,267 shares of the company’s stock valued at $187,000 after purchasing an additional 23,457 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake 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 worth $37,000 after purchasing an additional 3,542 shares during the period. Strs Ohio bought a new position in shares of Applied Digital in the 1st quarter worth approximately $71,000. Finally, Cetera Investment Advisers boosted its holdings in shares of Applied Digital by 61.0% in the second quarter. Cetera Investment Advisers now owns 61,656 shares of the company’s stock worth $621,000 after buying an additional 23,360 shares during the last quarter. Institutional investors own 65.67% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts recently issued reports on the stock. Craig Hallum boosted their target price on shares of Applied Digital from $75.00 to $79.00 and gave the company a “buy” rating in a research report on Tuesday, June 9th. 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 note on Tuesday, June 9th. Morgan Stanley boosted their price objective on shares of Applied Digital from $36.50 to $37.50 and gave the company an “equal weight” rating in a research report on Thursday, August 6th. Wall Street Zen lowered Applied Digital from a “sell” rating to a “strong sell” rating in a research note on Sunday, August 30th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $83.00 target price on shares of Applied Digital in a report on Tuesday, July 28th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $68.15.
Insider Activity
In other news, Director Richard Nottenburg sold 75,000 shares of the firm’s stock in a transaction 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 directly owned 133,378 shares in the company, valued at $4,154,724.70. This trade represents a 35.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 9.50% of the stock is currently owned by company insiders.
Applied Digital Trading Up 4.0%
Applied Digital stock opened at $25.91 on Friday. The firm has a 50 day moving average of $29.41 and a 200 day moving average of $33.01. The firm has a market capitalization of $7.55 billion, a price-to-earnings ratio of -29.11 and a beta of 5.72. Applied Digital Corporation has a 12-month low of $13.16 and a 12-month high of $50.72. The company has a current ratio of 4.01, a quick ratio of 4.01 and a debt-to-equity ratio of 2.88.
Applied Digital (NASDAQ:APLD – Get Free Report) last released its earnings results on Monday, July 27th. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $240.35 million for the quarter, compared to the consensus estimate of $96.85 million. During the same quarter in the previous year, the business posted ($0.24) EPS. Applied Digital’s revenue was up 406.3% on a year-over-year basis. As a group, research analysts predict that Applied Digital Corporation will post -1.09 earnings per share for the current year.
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.
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