Applied Digital Corporation $APLD Position Reduced by Boothbay Fund Management LLC

Key Points

• Boothbay Fund Management cut its Applied Digital stake by 45.2% in the fourth quarter, though it still held 496,820 shares worth about $12.2 million at quarter-end.
• Analyst sentiment is mixed but generally positive: Applied Digital has a Moderate Buy consensus rating and an average price target of $70.56, with several firms recently raising targets as high as $90.
• The company reported better-than-expected revenue of $108.55 million last quarter, but earnings missed estimates and remained negative, while insiders also sold shares during the period.

Boothbay Fund Management LLC trimmed its stake in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) by 45.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 496,820 shares of the company's stock after selling 409,383 shares during the quarter. Boothbay Fund Management LLC owned approximately 0.18% of Applied Digital worth $12,182,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Noble Wealth Management PBC acquired a new stake in shares of Applied Digital during the fourth quarter worth $25,000. Albion Financial Group UT acquired a new stake in shares of Applied Digital during the fourth quarter worth $25,000. Activest Wealth Management acquired a new stake in shares of Applied Digital during the fourth quarter worth $25,000. McMillan Office Inc. acquired a new stake in shares of Applied Digital during the fourth quarter worth $25,000. Finally, Larson Financial Group LLC raised its holdings in shares of Applied Digital by 56,450.0% during the third quarter. Larson Financial Group LLC now owns 1,131 shares of the company's stock worth $26,000 after purchasing an additional 1,129 shares during the period. 65.67% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on APLD. Weiss Ratings reissued a "sell (d-)" rating on shares of Applied Digital in a report on Friday, April 24th. Lake Street Capital increased their target price on shares of Applied Digital from $70.00 to $90.00 and gave the stock a "buy" rating in a report on Tuesday, June 9th. Compass Point reissued a "buy" rating and set a $70.00 target price on shares of Applied Digital in a report on Friday, May 22nd. Wall Street Zen cut shares of Applied Digital from a "hold" rating to a "sell" rating in a report on Saturday, April 11th. Finally, Northland Securities set a $82.00 target price on shares of Applied Digital and gave the stock an "outperform" rating in a report on Wednesday. Three investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $70.56.

Applied Digital Stock Performance

Shares of NASDAQ APLD opened at $45.57 on Thursday. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65. The stock has a 50 day simple moving average of $39.22 and a 200-day simple moving average of $33.24. The company has a market cap of $13.02 billion, a PE ratio of -61.58 and a beta of 5.69. Applied Digital Corporation has a 12-month low of $9.02 and a 12-month high of $50.72.

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

Insider Activity

In other Applied Digital news, Director Richard N. Nottenburg sold 12,500 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at approximately $7,207,795.02. This trade represents a 5.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the firm's stock in a transaction dated 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 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 SEC filing for this sale provides additional information. In the last three months, insiders have sold 35,000 shares of company stock worth $1,182,175. 9.50% of the stock is owned by corporate insiders.

Applied Digital 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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