Landscape Capital Management L.L.C. Purchases Shares of 114,198 Applied Digital Corporation $APLD

Key Points

• Landscape Capital Management disclosed a new stake in Applied Digital, buying 114,198 shares valued at about $2.8 million in the fourth quarter.
• Other institutional investors also added to their positions, and 65.67% of Applied Digital’s stock is owned by hedge funds and other institutions.
• Analyst sentiment remains mostly positive despite some mixed calls: Applied Digital has a Moderate Buy consensus with an average price target of $67.67, while insiders have sold 35,000 shares over the last three months.

Landscape Capital Management L.L.C. purchased a new stake in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 114,198 shares of the company's stock, valued at approximately $2,800,000.

Several other hedge funds have also modified their holdings of the company. Newbridge Financial Services Group Inc. lifted its position in shares of Applied Digital by 8.6% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 3,800 shares of the company's stock valued at $93,000 after buying an additional 300 shares during the last quarter. Concurrent Investment Advisors LLC lifted its position in shares of Applied Digital by 1.5% during the fourth quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company's stock valued at $523,000 after buying an additional 318 shares during the last quarter. Brookstone Capital Management lifted its position in shares of Applied Digital by 3.6% during the fourth quarter. Brookstone Capital Management now owns 9,275 shares of the company's stock valued at $227,000 after buying an additional 321 shares during the last quarter. ProShare Advisors LLC lifted its position in shares of Applied Digital by 1.0% during the third quarter. ProShare Advisors LLC now owns 36,652 shares of the company's stock valued at $841,000 after buying an additional 376 shares during the last quarter. Finally, Independent Advisor Alliance raised its position in shares of Applied Digital by 4.6% in the 4th quarter. Independent Advisor Alliance now owns 9,215 shares of the company's stock valued at $226,000 after purchasing an additional 407 shares during the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on APLD shares. Craig Hallum increased their price objective on shares of Applied Digital from $75.00 to $79.00 and gave the company a "buy" rating in a research report on Tuesday, June 9th. Needham & Company LLC increased their price objective on shares of Applied Digital from $66.00 to $83.00 and gave the company a "buy" rating in a research report on Tuesday, June 9th. B. Riley Financial reaffirmed a "buy" rating and issued a $66.00 price objective (up from $53.00) on shares of Applied Digital in a research report on Wednesday, May 27th. Lucid Cap Mkts raised shares of Applied Digital to a "strong-buy" rating in a research report on Wednesday, May 27th. Finally, Zacks Research lowered shares of Applied Digital from a "hold" rating to a "strong sell" rating in a research report on Monday, June 8th. Three analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $67.67.

Insider Buying and Selling

In other Applied Digital news, Director Richard N. Nottenburg sold 12,500 shares of the firm's stock in a transaction that occurred on 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 approximately $7,207,795.02. This trade represents a 5.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Douglas S. Miller sold 10,000 shares of the firm's stock in a transaction that occurred on 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 $6,466,367.82. This represents a 5.13% decrease in their ownership of the stock. 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 over the last three months. 9.50% of the stock is currently owned by insiders.

Applied Digital Stock Performance

APLD opened at $42.70 on Monday. Applied Digital Corporation has a 12-month low of $9.02 and a 12-month high of $50.72. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65. The firm has a market capitalization of $12.20 billion, a PE ratio of -57.70 and a beta of 5.69. The firm has a 50 day moving average of $37.94 and a two-hundred day moving average of $32.78.

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

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