139,671 Shares in Applied Digital Corporation $APLD Purchased by Federated Hermes Inc.

Key Points

• Federated Hermes bought a new stake of 139,671 shares of Applied Digital (APLD) in Q3, valued at about $3.2 million, joining other institutions that have recently increased positions as institutional ownership stands at roughly 65.7%.
• Corporate insiders have been net sellers recently — the CEO sold 165,000 shares and a director sold 12,000, with insiders selling 244,593 shares (~$9.0M) over the last 90 days while insiders still hold about 9.5% of the stock.
• Analyst sentiment is mostly positive with a consensus rating of Buy and a $34.73 average price target (recent targets include $58 and $39), while the stock trades around $36.70 with a market cap near $10.26 billion.

Federated Hermes Inc. purchased a new stake in Applied Digital Corporation (NASDAQ:APLD - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 139,671 shares of the company's stock, valued at approximately $3,204,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Hood River Capital Management LLC increased its position in Applied Digital by 2.8% during the 2nd quarter. Hood River Capital Management LLC now owns 21,859,031 shares of the company's stock valued at $220,120,000 after purchasing an additional 592,314 shares during the period. Situational Awareness LP increased its position in Applied Digital by 63.3% during the 2nd quarter. Situational Awareness LP now owns 6,591,800 shares of the company's stock valued at $66,379,000 after buying an additional 2,556,200 shares in the last quarter. BNP Paribas Financial Markets raised its position in shares of Applied Digital by 24,356.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company's stock valued at $52,561,000 after purchasing an additional 5,198,223 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Applied Digital by 24.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,661,296 shares of the company's stock valued at $26,799,000 after buying an additional 514,896 shares during the last quarter. Finally, HRT Financial LP acquired a new stake in shares of Applied Digital during the second quarter worth about $14,759,000. 65.67% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

APLD has been the subject of several recent research reports. Craig Hallum increased their price target on Applied Digital to $39.00 and gave the company a "buy" rating in a report on Thursday, October 23rd. Roth Mkm raised their price target on Applied Digital to $58.00 and gave the stock a "buy" rating in a report on Thursday, January 8th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Applied Digital in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Applied Digital from a "sell" rating to a "hold" rating in a research note on Saturday, January 10th. Finally, Freedom Capital raised Applied Digital to a "strong-buy" rating in a research note on Tuesday, January 6th. Three research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Applied Digital presently has an average rating of "Buy" and a consensus price target of $34.73.

Insider Buying and Selling at Applied Digital

In related news, Director Richard N. Nottenburg sold 12,000 shares of the firm's stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $35.45, for a total transaction of $425,400.00. Following the transaction, the director owned 233,378 shares in the company, valued at $8,273,250.10. This trade represents a 4.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Wes Cummins sold 165,000 shares of the firm's stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $36.42, for a total value of $6,009,300.00. Following the transaction, the chief executive officer directly owned 4,176,329 shares of the company's stock, valued at $152,101,902.18. This represents a 3.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 244,593 shares of company stock valued at $9,003,278. Corporate insiders own 9.50% of the company's stock.

Applied Digital Stock Up 5.5%

Shares of Applied Digital stock opened at $36.70 on Wednesday. The company has a fifty day moving average price of $30.81 and a 200 day moving average price of $25.10. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 1.79. Applied Digital Corporation has a twelve month low of $3.31 and a twelve month high of $42.27. The stock has a market cap of $10.26 billion, a price-to-earnings ratio of -67.96 and a beta of 7.25.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings results on Wednesday, January 7th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.02). Applied Digital had a negative return on equity of 13.53% and a negative net margin of 43.49%.The firm had revenue of $126.59 million for the quarter, compared to analysts' expectations of $82.22 million. During the same period last year, the firm earned ($0.06) EPS. The business's quarterly revenue was up 250.1% on a year-over-year basis. Equities research analysts forecast that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal 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.

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