Cambridge Investment Research Advisors Inc. Invests $223,000 in Applied Digital Corporation (NASDAQ:APLD)

Cambridge Investment Research Advisors Inc. bought a new stake in Applied Digital Corporation (NASDAQ:APLD - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 39,755 shares of the company's stock, valued at approximately $223,000.

Several other large investors have also modified their holdings of APLD. US Bancorp DE acquired a new stake in shares of Applied Digital during the 4th quarter worth about $37,000. Jones Financial Companies Lllp acquired a new stake in shares of Applied Digital during the fourth quarter valued at about $39,000. Lbmc Investment Advisors LLC purchased a new stake in shares of Applied Digital in the 1st quarter valued at approximately $67,000. Mayfair Advisory Group LLC acquired a new position in shares of Applied Digital in the 1st quarter worth approximately $68,000. Finally, NewEdge Advisors LLC lifted its holdings in shares of Applied Digital by 143.1% in the 4th quarter. NewEdge Advisors LLC now owns 9,810 shares of the company's stock worth $75,000 after acquiring an additional 5,775 shares during the last quarter. Institutional investors and hedge funds own 65.67% of the company's stock.

Insider Activity at Applied Digital

In other news, Director Rachel H. Lee sold 24,212 shares of Applied Digital stock in a transaction on Wednesday, May 21st. The shares were 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. The trade was a 22.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 11.81% of the company's stock.

Applied Digital Stock Up 3.7%

Shares of APLD traded up $0.34 during midday trading on Monday, hitting $9.52. The company had a trading volume of 22,390,322 shares, compared to its average volume of 38,536,383. The company's 50-day simple moving average is $9.04 and its 200-day simple moving average is $7.74. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a market capitalization of $2.14 billion, a P/E ratio of -6.95 and a beta of 6.04. Applied Digital Corporation has a 1 year low of $3.01 and a 1 year high of $15.42.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its earnings results on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.05). Applied Digital had a negative net margin of 109.99% and a negative return on equity of 77.49%. The firm had revenue of $52.92 million during the quarter, compared to analyst estimates of $62.91 million. During the same period last year, the business earned ($0.24) EPS. As a group, sell-side analysts expect that Applied Digital Corporation will post -0.96 EPS for the current year.

Analyst Upgrades and Downgrades

APLD has been the subject of several research reports. B. Riley lifted their target price on shares of Applied Digital from $8.00 to $15.00 and gave the company a "buy" rating in a report on Wednesday, June 4th. Craig Hallum lifted their price objective on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Citizens Jmp upgraded Applied Digital to a "strong-buy" rating and set a $12.00 price objective on the stock in a report on Thursday, May 22nd. JMP Securities increased their target price on Applied Digital from $12.00 to $18.00 and gave the stock a "market outperform" rating in a research note on Tuesday, June 3rd. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $10.00 target price on shares of Applied Digital in a research report on Monday, June 2nd. One research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $12.73.

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.