Clear Street Group Inc. Lowers Holdings in Applied Digital Corporation $APLD

Key Points

• Clear Street Group cut its Applied Digital stake by 95.9% in the fourth quarter, leaving it with 27,788 shares worth about $681,000.
• Applied Digital shares were up 8.8% in Tuesday trading, with the stock opening at $46.47 and sitting near its 52-week high of $50.72.
• The company posted a wider-than-expected quarterly loss, reporting EPS of -$0.36 versus estimates of -$0.13, even though revenue rose 139.3% year over year to $108.55 million.

Clear Street Group Inc. trimmed its position in Applied Digital Corporation (NASDAQ:APLD - Free Report) by 95.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,788 shares of the company's stock after selling 654,809 shares during the period. Clear Street Group Inc.'s holdings in Applied Digital were worth $681,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Applied Digital by 36.4% in the 4th quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company's stock valued at $592,601,000 after buying an additional 6,445,908 shares during the last quarter. Situational Awareness LP grew its position in Applied Digital by 87.0% in the 4th quarter. Situational Awareness LP now owns 11,339,060 shares of the company's stock valued at $278,034,000 after buying an additional 5,274,905 shares during the last quarter. Geode Capital Management LLC grew its position in Applied Digital by 5.1% in the 4th quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company's stock valued at $154,151,000 after buying an additional 304,228 shares during the last quarter. BNP Paribas Financial Markets grew its position in Applied Digital by 24,356.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company's stock valued at $52,561,000 after buying an additional 5,198,223 shares during the last quarter. Finally, Marex Group plc grew its position in Applied Digital by 38,484.6% in the 4th quarter. Marex Group plc now owns 3,904,759 shares of the company's stock valued at $95,745,000 after buying an additional 3,894,639 shares during the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Applied Digital Trading Up 8.8%

NASDAQ:APLD opened at $46.47 on Tuesday. The company has a market capitalization of $13.28 billion, a PE ratio of -62.80 and a beta of 5.69. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65. Applied Digital Corporation has a 52-week low of $9.02 and a 52-week high of $50.72. The stock has a fifty day simple moving average of $38.38 and a 200-day simple moving average of $32.94.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.23). The firm had revenue of $108.55 million for the quarter, compared to analyst estimates of $78.47 million. Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The company's quarterly revenue was up 139.3% compared to the same quarter last year. During the same period last year, the firm earned ($0.08) EPS. On average, equities research analysts expect that Applied Digital Corporation will post -0.68 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on APLD. Lucid Cap Mkts upgraded shares of Applied Digital to a "strong-buy" rating in a research report on Wednesday, May 27th. B. Riley Financial reissued a "buy" rating and issued a $66.00 target price (up from $53.00) on shares of Applied Digital in a report on Wednesday, May 27th. Wall Street Zen downgraded Applied Digital from a "hold" rating to a "sell" rating in a report on Saturday, April 11th. Compass Point reissued a "buy" rating and issued a $70.00 target price on shares of Applied Digital in a report on Friday, May 22nd. Finally, Roth Mkm reissued a "buy" rating and issued a $65.00 target price on shares of Applied Digital in a report on Thursday, April 23rd. Three investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $67.67.

Insider Buying and Selling at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the business's stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $34.98, for a total value of $349,800.00. Following the completion of the transaction, the director owned 184,859 shares of the company's stock, valued at approximately $6,466,367.82. The trade was a 5.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Richard N. Nottenburg sold 12,500 shares of the business's stock in a transaction dated 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 transaction, the director directly owned 208,378 shares of the company's stock, valued at $7,207,795.02. The trade was a 5.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 35,000 shares of company stock valued at $1,182,175 in the last ninety days. Corporate insiders own 9.50% of the company's stock.

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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