Connective Portfolio Management LLC Invests $201,000 in Applied Digital Corporation $APLD

Key Points

• Connective Portfolio Management LLC invested $201,000 in Applied Digital Corporation, acquiring 20,000 shares during the 2nd quarter, according to a recent SEC filing.
• Several institutional investors have increased their stakes in Applied Digital, with hedge funds owning approximately 65.67% of the company's stock.
• Analysts have significantly raised price targets for Applied Digital, with B. Riley setting a new target of $15.00, and HC Wainwright increasing it to $20.00.

Connective Portfolio Management LLC purchased a new position in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 20,000 shares of the company's stock, valued at approximately $201,000.

Other institutional investors have also modified their holdings of the company. Teacher Retirement System of Texas purchased a new stake in shares of Applied Digital during the 1st quarter worth approximately $139,000. Exchange Traded Concepts LLC boosted its stake in shares of Applied Digital by 4.0% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,042,035 shares of the company's stock worth $5,856,000 after acquiring an additional 39,945 shares in the last quarter. Register Financial Advisors LLC lifted its stake in Applied Digital by 26.2% in the 1st quarter. Register Financial Advisors LLC now owns 254,200 shares of the company's stock valued at $1,429,000 after buying an additional 52,700 shares in the last quarter. Scientech Research LLC purchased a new stake in Applied Digital in the 1st quarter valued at approximately $806,000. Finally, Hunter Associates Investment Management LLC lifted its stake in Applied Digital by 15.9% in the 1st quarter. Hunter Associates Investment Management LLC now owns 535,921 shares of the company's stock valued at $3,019,000 after buying an additional 73,718 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on APLD. B. Riley upped their target price on Applied Digital from $8.00 to $15.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Citigroup reaffirmed an "outperform" rating on shares of Applied Digital in a research note on Tuesday, June 3rd. Compass Point began coverage on Applied Digital in a research note on Monday. They issued a "buy" rating on the stock. HC Wainwright upped their target price on Applied Digital from $15.00 to $20.00 and gave the company a "buy" rating in a research note on Monday, August 25th. Finally, Craig Hallum upped their target price on Applied Digital from $12.00 to $23.00 and gave the company a "buy" rating in a research note on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $15.64.

Applied Digital Trading Up 3.6%

Shares of Applied Digital stock opened at $19.35 on Tuesday. Applied Digital Corporation has a fifty-two week low of $3.31 and a fifty-two week high of $19.96. The firm has a market cap of $5.06 billion, a PE ratio of -17.75 and a beta of 6.64. The business's fifty day moving average is $13.63 and its two-hundred day moving average is $9.55. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.36.

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

Insider Transactions at Applied Digital

In other news, Director Richard N. Nottenburg sold 20,000 shares of the company's stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total transaction of $305,200.00. Following the completion of the sale, the director directly owned 297,987 shares in the company, valued at $4,547,281.62. This represents a 6.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Mohammad Saidal Lavanw Mohmand sold 75,000 shares of the company's stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total value of $1,144,500.00. Following the sale, the chief financial officer owned 201,800 shares of the company's stock, valued at approximately $3,079,468. The trade was a 27.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 506,250 shares of company stock worth $7,713,675 in the last ninety days. Insiders own 11.81% of the company's stock.

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.

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