Applied Digital Corporation $APLD Stock Holdings Lessened by Lisanti Capital Growth LLC

Key Points

• Lisanti Capital Growth LLC cut its stake by 78.1% in Q3, selling 134,630 shares and leaving 37,735 shares worth $866,000, while institutional investors now own about 65.67% of Applied Digital's stock.
• Wall Street sentiment is largely positive: three analysts rate APLD a Strong Buy, twelve rate it a Buy and one a Sell, with an average price target of $34.73.
• Insiders have been selling (244,593 shares worth ~$9.0M over the last three months, including sales by the CEO and a director); the stock recently slid ~11% to $33.88, and the company posted a revenue beat with 250% YoY growth but missed EPS and remains unprofitable (negative net margin and P/E).

Lisanti Capital Growth LLC cut its stake in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) by 78.1% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 37,735 shares of the company's stock after selling 134,630 shares during the period. Lisanti Capital Growth LLC's holdings in Applied Digital were worth $866,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. AQR Capital Management LLC boosted its stake in shares of Applied Digital by 84.8% during the 1st quarter. AQR Capital Management LLC now owns 18,945 shares of the company's stock valued at $106,000 after buying an additional 8,692 shares during the period. NewEdge Advisors LLC raised its holdings in shares of Applied Digital by 239.1% during the first quarter. NewEdge Advisors LLC now owns 33,267 shares of the company's stock worth $187,000 after acquiring an additional 23,457 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in Applied Digital by 113.3% during 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 during the last quarter. Strs Ohio purchased a new position in Applied Digital in the first quarter valued at about $71,000. Finally, PFG Investments LLC increased its position in Applied Digital by 184.2% in the 2nd quarter. PFG Investments LLC now owns 39,880 shares of the company's stock worth $402,000 after purchasing an additional 25,850 shares during the last quarter. Hedge funds and other institutional investors own 65.67% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on APLD. Craig Hallum lifted their price target on Applied Digital to $39.00 and gave the company a "buy" rating in a report on Thursday, October 23rd. Northland Securities set a $56.00 price objective on shares of Applied Digital in a research report on Wednesday. Arete Research assumed coverage on shares of Applied Digital in a research report on Wednesday, January 7th. They issued a "buy" rating for the company. Citigroup restated an "outperform" rating on shares of Applied Digital in a research note on Wednesday. Finally, Lake Street Capital restated a "buy" rating and set a $45.00 price target on shares of Applied Digital in a report on Tuesday, December 30th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, Applied Digital currently has an average rating of "Buy" and an average target price of $34.73.

Applied Digital Stock Down 11.0%

Shares of Applied Digital stock opened at $33.88 on Friday. Applied Digital Corporation has a 12-month low of $3.31 and a 12-month high of $42.27. The company has a quick ratio of 4.82, a current ratio of 4.82 and a debt-to-equity ratio of 1.79. The stock has a 50 day moving average price of $30.33 and a two-hundred day moving average price of $24.56. The stock has a market capitalization of $9.47 billion, a P/E ratio of -62.74 and a beta of 6.89.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings data on Wednesday, January 7th. The company reported ($0.11) earnings per share for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.02). Applied Digital had a negative return on equity of 13.53% and a negative net margin of 43.49%.The firm had revenue of $126.59 million during the quarter, compared to analyst estimates of $82.22 million. During the same quarter in the previous year, the firm posted ($0.06) earnings per share. Applied Digital's quarterly revenue was up 250.1% compared to the same quarter last year. Equities analysts expect that Applied Digital Corporation will post -0.96 earnings per share for the current year.

Insider Activity

In related news, Director Chuck Hastings sold 45,987 shares of the stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $38.57, for a total transaction of $1,773,718.59. Following the completion of the sale, the director owned 388,372 shares in the company, valued at $14,979,508.04. This represents a 10.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Wes Cummins sold 165,000 shares of the firm's stock in a transaction that occurred on Friday, January 16th. The shares were sold at an average price of $36.42, for a total value of $6,009,300.00. Following the completion of the sale, the chief executive officer directly owned 4,176,329 shares in the company, valued at $152,101,902.18. This trade represents a 3.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 244,593 shares of company stock valued at $9,003,278 over the last three months. 9.50% of the stock is currently owned by 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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