Applied Digital Corporation $APLD Stock Position Lessened by Virtu Financial LLC

Key Points

• Virtu Financial LLC cut its Applied Digital stake by 16.6% in the fourth quarter, selling 23,068 shares and ending with 115,953 shares valued at about $2.84 million.
• Institutional ownership remains heavy, with 65.67% of Applied Digital’s stock held by institutions; several firms, including Vanguard and Situational Awareness LP, significantly increased their positions.
• Analysts turned more bullish on APLD, with multiple firms raising price targets; the consensus rating is “Moderate Buy” and the average target price is $70.56.

Virtu Financial LLC trimmed its holdings in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) by 16.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 115,953 shares of the company's stock after selling 23,068 shares during the period. Virtu Financial LLC's holdings in Applied Digital were worth $2,843,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of APLD. Vanguard Group Inc. lifted its holdings in Applied Digital by 36.4% in the fourth quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company's stock worth $592,601,000 after purchasing an additional 6,445,908 shares during the period. Value Aligned Research Advisors LLC acquired a new position in Applied Digital during the 4th quarter valued at about $138,380,000. Situational Awareness LP raised its position in shares of Applied Digital by 87.0% during the 4th quarter. Situational Awareness LP now owns 11,339,060 shares of the company's stock worth $278,034,000 after buying an additional 5,274,905 shares in the last quarter. BNP Paribas Financial Markets raised its position in shares of Applied Digital by 24,356.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company's stock worth $52,561,000 after buying an additional 5,198,223 shares in the last quarter. Finally, Marex Group plc lifted its stake in shares of Applied Digital by 38,484.6% in the 4th quarter. Marex Group plc now owns 3,904,759 shares of the company's stock worth $95,745,000 after acquiring an additional 3,894,639 shares during the period. 65.67% of the stock is currently owned by institutional investors.

Insider Activity at Applied Digital

In related news, Director Richard N. Nottenburg sold 12,500 shares of the stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $34.59, for a total transaction of $432,375.00. Following the completion of the sale, the director directly owned 208,378 shares of the company's stock, valued at $7,207,795.02. This represents a 5.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the firm'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 transaction of $349,800.00. Following the sale, the director owned 184,859 shares of the company's stock, valued at $6,466,367.82. The trade was a 5.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 35,000 shares of company stock worth $1,182,175 in the last ninety days. Corporate insiders own 9.50% of the company's stock.

Wall Street Analyst Weigh In

APLD has been the subject of several recent analyst reports. Needham & Company LLC increased their price objective on shares of Applied Digital from $66.00 to $83.00 and gave the company a "buy" rating in a report on Tuesday, June 9th. Lake Street Capital boosted their target price on Applied Digital from $70.00 to $90.00 and gave the stock a "buy" rating in a report on Tuesday, June 9th. Citizens Jmp upped their target price on Applied Digital from $40.00 to $60.00 and gave the stock a "market outperform" rating in a research report on Thursday, May 21st. Craig Hallum upped their target price on Applied Digital from $75.00 to $79.00 and gave the stock a "buy" rating in a research report on Tuesday, June 9th. Finally, Roth Mkm reaffirmed a "buy" rating and set a $65.00 price target on shares of Applied Digital in a research note on Thursday, April 23rd. Three analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $70.56.

Applied Digital Price Performance

Shares of Applied Digital stock opened at $46.59 on Friday. 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 company's 50-day moving average price is $39.65 and its two-hundred day moving average price is $33.37. Applied Digital Corporation has a 52 week low of $9.02 and a 52 week high of $50.72. The stock has a market cap of $13.31 billion, a PE ratio of -62.96 and a beta of 5.69.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.23). Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. The business had revenue of $108.55 million during the quarter, compared to analyst estimates of $78.47 million. During the same period in the previous year, the company posted ($0.08) earnings per share. Applied Digital's revenue was up 139.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Applied Digital Corporation will post -0.68 EPS for the current fiscal year.

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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