Applied Digital Corporation $APLD Position Decreased by PFG Investments LLC

Key Points

• PFG Investments LLC cut its Applied Digital stake by 53.3% in the first quarter, selling 37,850 shares and leaving it with 33,210 shares valued at about $788,000.
• Insiders also sold shares recently: directors Douglas S. Miller and Richard N. Nottenburg both reduced their positions, and insiders sold 35,000 shares in the last quarter overall.
• Applied Digital shares fell 9% to $30.50 as the company reported mixed quarterly results, with revenue beating estimates but EPS missing expectations; analysts currently have a Moderate Buy consensus and a $70.56 average price target.

PFG Investments LLC lowered its holdings in Applied Digital Corporation (NASDAQ:APLD - Free Report) by 53.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,210 shares of the company's stock after selling 37,850 shares during the period. PFG Investments LLC's holdings in Applied Digital were worth $788,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Noble Wealth Management PBC bought a new stake in Applied Digital during the fourth quarter worth approximately $25,000. Albion Financial Group UT purchased a new stake in shares of Applied Digital in the fourth quarter valued at $25,000. Activest Wealth Management acquired a new stake in Applied Digital during the 4th quarter worth about $25,000. Ameriflex Group Inc. purchased a new position in Applied Digital during the fourth quarter valued at approximately $25,000. Finally, McMillan Office Inc. purchased a new stake in Applied Digital in the 4th quarter worth approximately $25,000. 65.67% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Douglas S. Miller sold 10,000 shares of the business's stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the completion of the sale, the director directly owned 184,859 shares in the company, valued at approximately $6,466,367.82. The trade was a 5.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Richard N. Nottenburg sold 12,500 shares of the company's stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $34.59, for a total value of $432,375.00. Following the sale, the director directly owned 208,378 shares of the company's stock, valued at $7,207,795.02. The trade was a 5.66% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 35,000 shares of company stock valued at $1,182,175. 9.50% of the stock is currently owned by corporate insiders.

Applied Digital Stock Down 9.0%

Shares of Applied Digital stock traded down $3.00 during midday trading on Tuesday, reaching $30.50. 3,508,873 shares of the company's stock traded hands, compared to its average volume of 24,930,055. 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 Corporation has a 52 week low of $9.02 and a 52 week high of $50.72. The company's 50 day simple moving average is $41.77 and its 200 day simple moving average is $34.22. The company has a market cap of $8.72 billion, a price-to-earnings ratio of -41.21 and a beta of 5.67.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings data on Wednesday, April 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.23). Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The business had revenue of $108.55 million during the quarter, compared to the consensus estimate of $78.47 million. During the same quarter in the prior year, the company posted ($0.08) earnings per share. The company's revenue for the quarter was up 139.3% on a year-over-year basis. Equities analysts expect that Applied Digital Corporation will post -0.7 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Northland Securities set a $82.00 price target on shares of Applied Digital and gave the stock an "outperform" rating in a research note on Wednesday, June 17th. Zacks Research downgraded Applied Digital from a "hold" rating to a "strong sell" rating in a research note on Monday, June 8th. B. Riley Financial reaffirmed a "buy" rating and issued a $66.00 target price (up from $53.00) on shares of Applied Digital in a research report on Wednesday, May 27th. Lucid Cap Mkts raised Applied Digital to a "strong-buy" rating in a research note on Wednesday, May 27th. Finally, Needham & Company LLC lifted their price target on Applied Digital from $66.00 to $83.00 and gave the company a "buy" rating in a report on Tuesday, June 9th. Three 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's stock. According to MarketBeat.com, Applied Digital presently has an average rating of "Moderate Buy" and a consensus price target of $70.56.

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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