Alight Capital Management LP Purchases 100,000 Shares of Applied Digital Corporation $APLD

Key Points

• Alight Capital Management increased its Applied Digital stake by 200% in the fourth quarter, buying 100,000 more shares and bringing its total holding to 150,000 shares worth about $3.68 million.
• Applied Digital’s stock has been volatile, recently trading at $45.57, near its 52-week high of $50.72, with a market cap of $13.02 billion and a high beta of 5.69.
• The company posted strong revenue growth, with quarterly revenue up 139.3% year over year to $108.55 million, but it still reported a loss of $0.36 per share and missed analyst EPS estimates.

Alight Capital Management LP boosted its position in Applied Digital Corporation (NASDAQ:APLD - Free Report) by 200.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 150,000 shares of the company's stock after acquiring an additional 100,000 shares during the quarter. Alight Capital Management LP owned 0.05% of Applied Digital worth $3,678,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Noble Wealth Management PBC purchased a new stake in Applied Digital during the fourth quarter valued at about $25,000. Albion Financial Group UT purchased a new stake in Applied Digital during the fourth quarter valued at about $25,000. Activest Wealth Management purchased a new stake in Applied Digital during the fourth quarter valued at about $25,000. McMillan Office Inc. purchased a new stake in Applied Digital during the fourth quarter valued at about $25,000. Finally, Larson Financial Group LLC boosted its position in Applied Digital by 56,450.0% during the third quarter. Larson Financial Group LLC now owns 1,131 shares of the company's stock valued at $26,000 after buying an additional 1,129 shares during the period. Institutional investors own 65.67% of the company's stock.

Applied Digital Price Performance

Shares of NASDAQ APLD opened at $45.57 on Thursday. Applied Digital Corporation has a fifty-two week low of $9.02 and a fifty-two week high of $50.72. The company has a 50 day simple moving average of $39.22 and a two-hundred day simple moving average of $33.24. The company has a market capitalization of $13.02 billion, a price-to-earnings ratio of -61.58 and a beta of 5.69. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.23). The business had revenue of $108.55 million for the quarter, compared to the consensus estimate of $78.47 million. Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. Applied Digital's revenue for the quarter was up 139.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.08) EPS. Analysts expect that Applied Digital Corporation will post -0.68 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

APLD has been the subject of several analyst reports. Roth Mkm restated a "buy" rating and set a $65.00 price target on shares of Applied Digital in a research report on Thursday, April 23rd. Northland Securities set a $82.00 price target on shares of Applied Digital and gave the company an "outperform" rating in a research report on Wednesday. Weiss Ratings restated a "sell (d-)" rating on shares of Applied Digital in a research report on Friday, April 24th. Needham & Company LLC increased their target price on shares of Applied Digital from $66.00 to $83.00 and gave the stock a "buy" rating in a report on Tuesday, June 9th. Finally, Lucid Cap Mkts upgraded shares of Applied Digital to a "strong-buy" rating in a report on Wednesday, May 27th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, Applied Digital has a consensus rating of "Moderate Buy" and a consensus target price of $70.56.

Insider Buying and Selling

In related news, Director Richard N. Nottenburg sold 12,500 shares of Applied Digital 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 transaction, the director owned 208,378 shares in the company, valued at approximately $7,207,795.02. The trade was a 5.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital 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 transaction, the director owned 184,859 shares in the company, valued at approximately $6,466,367.82. This trade represents a 5.13% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 35,000 shares of company stock valued at $1,182,175. 9.50% of the stock is currently owned by insiders.

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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