American Century Companies Inc. Lowers Stock Position in Applied Digital Corporation $APLD

Key Points

• American Century Companies Inc. reduced its stake in Applied Digital Corporation by 40.4% in Q1, now owning 1,001,130 shares valued at approximately $5.62 million.
• Following recent indicators, analysts have increased their price targets for Applied Digital, with estimates ranging from $15.00 to $20.00 and a consensus average target price of $15.64.
• Applied Digital's stock fell by 3.7%, trading at $15.98, with its quarterly earnings showing revenue of $38.01 million but missing analyst expectations by $4.85 million.

American Century Companies Inc. decreased its position in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) by 40.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,001,130 shares of the company's stock after selling 679,947 shares during the quarter. American Century Companies Inc. owned 0.45% of Applied Digital worth $5,626,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. PNC Financial Services Group Inc. purchased a new stake in shares of Applied Digital during the 1st quarter worth approximately $28,000. CWM LLC boosted its stake in shares of Applied Digital by 116.5% during the 1st quarter. CWM LLC now owns 9,506 shares of the company's stock worth $53,000 after acquiring an additional 5,116 shares in the last quarter. Semus Wealth Partners LLC purchased a new stake in shares of Applied Digital during the 1st quarter worth approximately $56,000. Lbmc Investment Advisors LLC purchased a new stake in shares of Applied Digital during the 1st quarter worth approximately $67,000. Finally, Mayfair Advisory Group LLC purchased a new stake in shares of Applied Digital during the 1st quarter worth approximately $68,000. Hedge funds and other institutional investors own 65.67% of the company's stock.

Insiders Place Their Bets

In other Applied Digital news, Director Richard N. Nottenburg sold 11,250 shares of the business's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $14.22, for a total value of $159,975.00. Following the completion of the transaction, the director directly owned 317,987 shares in the company, valued at approximately $4,521,775.14. The trade was a 3.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 11.81% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on APLD shares. HC Wainwright boosted their price target on Applied Digital from $15.00 to $20.00 and gave the stock a "buy" rating in a research note on Monday, August 25th. Craig Hallum lifted their price objective on Applied Digital from $12.00 to $23.00 and gave the stock a "buy" rating in a research report on Monday, August 18th. Citigroup restated an "outperform" rating on shares of Applied Digital in a research report on Tuesday, June 3rd. Citizens Jmp upgraded Applied Digital to a "strong-buy" rating and set a $12.00 price objective for the company in a research report on Thursday, May 22nd. Finally, B. Riley lifted their price objective on Applied Digital from $8.00 to $15.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. One research analyst has rated the stock with a Strong Buy rating and twelve have assigned a Buy rating to the company's stock. According to data from MarketBeat.com, Applied Digital currently has a consensus rating of "Buy" and a consensus price target of $15.64.

Applied Digital Trading Down 3.7%

APLD traded down $0.62 during trading on Friday, hitting $15.98. The company's stock had a trading volume of 27,974,558 shares, compared to its average volume of 30,591,584. The firm's 50 day moving average price is $12.37 and its 200-day moving average price is $9.01. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.77 and a quick ratio of 0.77. The stock has a market cap of $4.18 billion, a PE ratio of -14.66 and a beta of 6.17. Applied Digital Corporation has a twelve month low of $3.01 and a twelve month high of $17.60.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported ($0.12) earnings per share for the quarter, meeting the consensus estimate of ($0.12). The company had revenue of $38.01 million during the quarter, compared to the consensus estimate of $42.86 million. Applied Digital had a negative return on equity of 50.03% and a negative net margin of 107.22%.Applied Digital's revenue was up 41.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.14) EPS. On average, analysts expect that Applied Digital Corporation will post -0.96 earnings per share for the current year.

About Applied Digital

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.