Kennedy Capital Management LLC Takes Position in Applied Digital Corporation $APLD

Key Points

• Kennedy Capital Management disclosed a new position in Applied Digital, buying 235,422 shares worth about $5.77 million in the fourth quarter.
• Wall Street sentiment is mostly bullish: several firms raised price targets, and Applied Digital now has a consensus rating of Moderate Buy with an average target price of $67.67.
• The stock rose 8.8% to $46.47, while recent earnings showed revenue growth of 139.3% year over year even though the company posted a wider-than-expected loss.

Kennedy Capital Management LLC purchased a new stake in Applied Digital Corporation (NASDAQ:APLD - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 235,422 shares of the company's stock, valued at approximately $5,773,000. Kennedy Capital Management LLC owned about 0.08% of Applied Digital as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Noble Wealth Management PBC bought a new position in shares of Applied Digital in the 4th quarter valued at $25,000. Albion Financial Group UT bought a new position in shares of Applied Digital in the 4th quarter valued at $25,000. Activest Wealth Management bought a new position in shares of Applied Digital in the 4th quarter valued at $25,000. McMillan Office Inc. bought a new position in shares of Applied Digital in the 4th quarter valued at $25,000. Finally, Larson Financial Group LLC increased its stake in shares of Applied Digital by 56,450.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,131 shares of the company's stock valued at $26,000 after purchasing an additional 1,129 shares during the last quarter. Institutional investors own 65.67% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on APLD. Lucid Cap Mkts upgraded Applied Digital to a "strong-buy" rating in a research note on Wednesday, May 27th. B. Riley Financial restated a "buy" rating and set a $66.00 price objective (up from $53.00) on shares of Applied Digital in a research report on Wednesday, May 27th. Wall Street Zen lowered Applied Digital from a "hold" rating to a "sell" rating in a research report on Saturday, April 11th. Lake Street Capital boosted their price objective on Applied Digital from $70.00 to $90.00 and gave the stock a "buy" rating in a research report on Tuesday, June 9th. Finally, Citizens Jmp boosted their price objective on Applied Digital from $40.00 to $60.00 and gave the stock a "market outperform" rating in a research report on Thursday, May 21st. Three research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Applied Digital has a consensus rating of "Moderate Buy" and a consensus target price of $67.67.

Insider Activity

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $34.98, for a total transaction of $349,800.00. Following the transaction, the director directly 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard N. Nottenburg sold 12,500 shares of Applied Digital stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $34.59, for a total value of $432,375.00. Following the transaction, the director directly owned 208,378 shares in the company, valued at $7,207,795.02. The trade was a 5.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 35,000 shares of company stock worth $1,182,175 over the last ninety days. Company insiders own 9.50% of the company's stock.

Applied Digital Trading Up 8.8%

Shares of APLD stock opened at $46.47 on Tuesday. The firm has a market capitalization of $13.28 billion, a P/E ratio of -62.80 and a beta of 5.69. Applied Digital Corporation has a twelve month low of $9.02 and a twelve month high of $50.72. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65. The stock's fifty day simple moving average is $38.38 and its 200 day simple moving average is $32.94.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings data on Wednesday, April 8th. The company reported ($0.36) earnings per share for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.23). The firm had revenue of $108.55 million for the quarter, compared to the consensus estimate 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 revenue was up 139.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.08) EPS. As a group, sell-side analysts predict that Applied Digital Corporation will post -0.68 EPS for the current fiscal year.

About Applied Digital

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.