Applied Digital Corporation $APLD Shares Acquired by Blair William & Co. IL

Key Points

• Blair William & Co. IL increased its stake in Applied Digital Corporation by 42.6% during the second quarter, owning approximately 138,163 shares valued at $1.39 million by the end of the reporting period.
• A number of analysts have issued positive ratings for Applied Digital, with HC Wainwright raising the price target significantly from $20.00 to $40.00, and multiple firms giving "buy" ratings.
• Applied Digital Corporation reported a quarterly revenue of $38.01 million, an 84.3% increase compared to the previous year, but fell short of analysts' expectations of $52.25 million.

Blair William & Co. IL lifted its stake in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) by 42.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 138,163 shares of the company's stock after buying an additional 41,253 shares during the quarter. Blair William & Co. IL owned approximately 0.06% of Applied Digital worth $1,391,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ameriflex Group Inc. acquired a new position in shares of Applied Digital during the second quarter worth about $42,000. PNC Financial Services Group Inc. acquired a new position in Applied Digital in the first quarter valued at approximately $28,000. Geneos Wealth Management Inc. boosted its holdings in Applied Digital by 113.3% in the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock valued at $37,000 after purchasing an additional 3,542 shares in the last quarter. ORG Wealth Partners LLC acquired a new position in Applied Digital in the second quarter valued at approximately $66,000. Finally, Ameritas Advisory Services LLC acquired a new position in Applied Digital in the second quarter valued at approximately $69,000. 65.67% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. HC Wainwright upped their price target on Applied Digital from $20.00 to $40.00 and gave the company a "buy" rating in a report on Friday, October 10th. Compass Point assumed coverage on Applied Digital in a report on Monday, September 15th. They issued a "buy" rating for the company. Citigroup reaffirmed an "outperform" rating on shares of Applied Digital in a report on Thursday, October 9th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Applied Digital in a report on Wednesday, October 8th. Finally, Lake Street Capital boosted their price objective on Applied Digital from $18.00 to $37.00 and gave the company a "buy" rating in a research note on Friday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $22.10.

Applied Digital Price Performance

Applied Digital stock opened at $37.76 on Thursday. Applied Digital Corporation has a 12 month low of $3.31 and a 12 month high of $40.08. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.65 and a quick ratio of 0.65. The business has a 50 day simple moving average of $20.20 and a 200-day simple moving average of $12.42. The stock has a market capitalization of $10.56 billion, a PE ratio of -33.42 and a beta of 6.77.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings results on Thursday, October 9th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.08. Applied Digital had a negative return on equity of 37.14% and a negative net margin of 111.29%.The business had revenue of $38.01 million during the quarter, compared to analysts' expectations of $52.25 million. During the same quarter in the prior year, the business earned ($0.15) earnings per share. The company's quarterly revenue was up 84.3% compared to the same quarter last year. Equities analysts predict that Applied Digital Corporation will post -0.96 earnings per share for the current year.

Insiders Place Their Bets

In other Applied Digital news, CFO Mohammad Saidal Lavanw Mohmand sold 75,000 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total value of $1,144,500.00. Following the completion of the transaction, the chief financial officer owned 201,800 shares in the company, valued at approximately $3,079,468. This represents a 27.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total value of $305,200.00. Following the completion of the transaction, the director owned 297,987 shares of the company's stock, valued at $4,547,281.62. The trade was a 6.29% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 506,250 shares of company stock worth $7,713,675. 9.50% of the stock is owned by corporate insiders.

Applied Digital Profile

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.

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