Baker Avenue Asset Management LP Purchases Shares of 27,900 Applied Digital Corporation (NASDAQ:APLD)

Baker Avenue Asset Management LP bought a new stake in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 27,900 shares of the company's stock, valued at approximately $157,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. CWM LLC boosted its position in shares of Applied Digital by 116.5% during the 1st quarter. CWM LLC now owns 9,506 shares of the company's stock valued at $53,000 after purchasing an additional 5,116 shares in the last quarter. GAMMA Investing LLC raised its stake in Applied Digital by 1,237.4% during the 1st quarter. GAMMA Investing LLC now owns 9,576 shares of the company's stock worth $540,000 after buying an additional 8,860 shares during the period. NewEdge Advisors LLC raised its stake in Applied Digital by 143.1% during the 4th quarter. NewEdge Advisors LLC now owns 9,810 shares of the company's stock worth $75,000 after buying an additional 5,775 shares during the period. Semus Wealth Partners LLC acquired a new position in Applied Digital during the 1st quarter worth approximately $56,000. Finally, Envestnet Asset Management Inc. acquired a new position in Applied Digital during the 4th quarter worth approximately $83,000. Institutional investors own 65.67% of the company's stock.

Applied Digital Stock Performance

Shares of Applied Digital stock opened at $12.52 on Monday. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.36. The company has a market cap of $3.27 billion, a PE ratio of -11.49 and a beta of 6.17. The business has a 50 day moving average price of $10.49 and a 200-day moving average price of $8.00. Applied Digital Corporation has a 52 week low of $3.01 and a 52 week high of $15.42.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported ($0.12) EPS for the quarter, meeting analysts' consensus estimates of ($0.12). The company had revenue of $38.01 million during the quarter, compared to the consensus estimate of $42.86 million. Applied Digital had a negative return on equity of 50.03% and a negative net margin of 107.22%. Applied Digital's revenue was up 41.3% on a year-over-year basis. During the same period last year, the business posted ($0.14) earnings per share. Equities analysts anticipate that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on APLD shares. Roth Capital reaffirmed a "buy" rating on shares of Applied Digital in a research note on Monday, June 2nd. HC Wainwright upped their price target on Applied Digital from $12.00 to $15.00 and gave the stock a "buy" rating in a research note on Thursday. Craig Hallum upped their price target on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Lake Street Capital upped their price target on Applied Digital from $14.00 to $18.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, B. Riley upped their price target on Applied Digital from $8.00 to $15.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Twelve investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $14.18.

Insider Activity at Applied Digital

In related news, Director Rachel H. Lee sold 24,212 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total transaction of $169,484.00. Following the completion of the sale, the director directly owned 83,613 shares of the company's stock, valued at approximately $585,291. This trade represents a 22.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 11.81% of the company's stock.

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.

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