Deutsche Bank AG Cuts Holdings in Applied Digital Corporation $APLD

Key Points

• Deutsche Bank AG significantly reduced its stake in Applied Digital Corporation by 76%, selling over 507,000 shares and now owning approximately 0.07% of the company.
• Several institutional investors, including Charles Schwab and Vanguard Group, have increased their holdings in Applied Digital, indicating continued interest despite Deutsche Bank's sell-off.
• Analysts have boosted their price targets for Applied Digital, with some giving it a buy or strong-buy rating, underscoring positive sentiment about the company's future performance.

Deutsche Bank AG reduced its position in Applied Digital Corporation (NASDAQ:APLD - Free Report) by 76.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 160,243 shares of the company's stock after selling 507,354 shares during the quarter. Deutsche Bank AG owned 0.07% of Applied Digital worth $901,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. PNC Financial Services Group Inc. bought a new stake in shares of Applied Digital in the 1st quarter valued at about $28,000. CWM LLC raised its position in 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 during the last quarter. GAMMA Investing LLC raised its position in Applied Digital by 1,237.4% during the 1st quarter. GAMMA Investing LLC now owns 9,576 shares of the company's stock valued at $540,000 after purchasing an additional 8,860 shares during the last quarter. NewEdge Advisors LLC raised its position in Applied Digital by 143.1% during the 4th quarter. NewEdge Advisors LLC now owns 9,810 shares of the company's stock valued at $75,000 after purchasing an additional 5,775 shares during the last quarter. Finally, Semus Wealth Partners LLC bought a new position in Applied Digital during the 1st quarter valued at approximately $56,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Compass Point raised Applied Digital from a "neutral" rating to a "buy" rating and set a $13.00 target price for the company in a research report on Friday, July 25th. HC Wainwright upped their price target on Applied Digital from $15.00 to $20.00 and gave the stock a "buy" rating in a research note on Monday. Craig Hallum upped their price target on Applied Digital from $12.00 to $23.00 and gave the stock a "buy" rating in a research note on Monday, August 18th. Citigroup reiterated an "outperform" rating on shares of Applied Digital in a research note on Tuesday, June 3rd. Finally, JMP Securities increased their target price on Applied Digital from $12.00 to $18.00 and gave the company a "market outperform" rating in a research note on Tuesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $15.64.

Applied Digital Stock Performance

Applied Digital stock traded up $0.05 during trading on Wednesday, reaching $16.52. The company had a trading volume of 17,136,713 shares, compared to its average volume of 37,588,250. Applied Digital Corporation has a 52 week low of $3.01 and a 52 week high of $16.92. The firm's 50-day simple moving average is $12.01 and its 200 day simple moving average is $8.83. The firm has a market capitalization of $4.32 billion, a price-to-earnings ratio of -15.16 and a beta of 6.17. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.36.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted 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 business had revenue of $38.01 million for the quarter, compared to analysts' expectations of $42.86 million. Applied Digital had a negative return on equity of 50.03% and a negative net margin of 107.22%.The business's quarterly revenue was up 41.3% on a year-over-year basis. During the same period last year, the firm earned ($0.14) earnings per share. Sell-side analysts forecast that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Applied Digital news, Director Richard N. Nottenburg sold 11,250 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $14.22, for a total transaction of $159,975.00. Following the sale, the director directly owned 317,987 shares of the company's stock, valued at $4,521,775.14. This trade represents a 3.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 11.81% of the stock is currently owned by corporate insiders.

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.