Applied Digital Corporation $APLD Shares Acquired by KLP Kapitalforvaltning AS

Key Points

• KLP Kapitalforvaltning AS increased its stake in Applied Digital Corporation by 27.7% in the second quarter, now holding 41,500 shares valued at approximately $418,000.
• Insider sales included CFO Mohammad Saidal Lavanw Mohmand selling 75,000 shares for roughly $1.14 million, resulting in a significant decrease in his ownership of the stock.
• Applied Digital reported a quarterly revenue of $38.01 million, surpassing estimates, with earnings per share of ($0.03), beating the consensus estimate by $0.08.

KLP Kapitalforvaltning AS grew its stake in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) by 27.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,500 shares of the company's stock after acquiring an additional 9,000 shares during the period. KLP Kapitalforvaltning AS's holdings in Applied Digital were worth $418,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in APLD. PNC Financial Services Group Inc. acquired a new position in Applied Digital during the 1st quarter worth $28,000. Geneos Wealth Management Inc. lifted its position in shares of Applied Digital by 113.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock worth $37,000 after buying an additional 3,542 shares during the last quarter. Ameriflex Group Inc. bought a new position in shares of Applied Digital in the 2nd quarter worth about $42,000. CWM LLC lifted its position in shares of Applied Digital by 116.5% in the 1st quarter. CWM LLC now owns 9,506 shares of the company's stock worth $53,000 after buying an additional 5,116 shares during the last quarter. Finally, Semus Wealth Partners LLC bought a new position in shares of Applied Digital in the 1st quarter worth about $56,000. 65.67% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Applied Digital

In related news, CFO Mohammad Saidal Lavanw Mohmand sold 75,000 shares of the business's stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total transaction of $1,144,500.00. Following the transaction, the chief financial officer directly owned 201,800 shares of the company's stock, valued at approximately $3,079,468. The trade was a 27.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Richard N. Nottenburg sold 20,000 shares of the business's stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total transaction of $305,200.00. Following the transaction, the director directly owned 297,987 shares in the company, valued at $4,547,281.62. The trade was a 6.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 506,250 shares of company stock valued at $7,713,675 over the last ninety days. Corporate insiders own 9.50% of the company's stock.

Analyst Upgrades and Downgrades

APLD has been the topic of a number of recent research reports. Compass Point began coverage on shares of Applied Digital in a research report on Monday, September 15th. They issued a "buy" rating on the stock. Wall Street Zen downgraded shares of Applied Digital from a "hold" rating to a "sell" rating in a research report on Sunday. Lake Street Capital boosted their price target on shares of Applied Digital from $18.00 to $37.00 and gave the stock a "buy" rating in a research report on Friday, October 10th. Craig Hallum boosted their price target on shares of Applied Digital from $12.00 to $23.00 and gave the stock a "buy" rating in a research report on Monday, August 18th. Finally, Needham & Company LLC boosted their price target on shares of Applied Digital from $12.00 to $16.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $22.10.

Applied Digital Stock Down 6.6%

NASDAQ APLD opened at $34.24 on Friday. 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 company's 50 day simple moving average is $21.05 and its 200 day simple moving average is $12.87. Applied Digital Corporation has a 12 month low of $3.31 and a 12 month high of $40.20. The company has a market capitalization of $9.58 billion, a P/E ratio of -30.30 and a beta of 6.77.

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.