MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Has $12.06 Million Holdings in Applied Digital Corporation $APLD

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Applied Digital Corporation (NASDAQ:APLD - Free Report) by 27.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,146,400 shares of the company's stock after acquiring an additional 462,527 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.96% of Applied Digital worth $12,063,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Teacher Retirement System of Texas acquired a new position in shares of Applied Digital in the 1st quarter worth approximately $139,000. Exchange Traded Concepts LLC raised its position in Applied Digital by 4.0% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,042,035 shares of the company's stock worth $5,856,000 after purchasing an additional 39,945 shares during the last quarter. Register Financial Advisors LLC raised its position in Applied Digital by 26.2% in the 1st quarter. Register Financial Advisors LLC now owns 254,200 shares of the company's stock worth $1,429,000 after purchasing an additional 52,700 shares during the last quarter. Hunter Associates Investment Management LLC raised its position 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 worth $3,019,000 after purchasing an additional 73,718 shares during the last quarter. Finally, Acuitas Investments LLC bought a new position in Applied Digital in the 1st quarter worth approximately $2,639,000. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Stock Performance

Shares of Applied Digital stock opened at $15.20 on Wednesday. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.77 and a current ratio of 0.77. Applied Digital Corporation has a 52 week low of $3.31 and a 52 week high of $17.60. The firm has a fifty day moving average of $13.01 and a two-hundred day moving average of $9.27. The stock has a market capitalization of $3.98 billion, a price-to-earnings ratio of -13.94 and a beta of 6.65.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported ($0.12) EPS for the quarter, meeting analysts' consensus estimates of ($0.12). Applied Digital had a negative net margin of 107.22% and a negative return on equity of 50.03%. The business had revenue of $38.01 million during the quarter, compared to analysts' expectations of $42.86 million. During the same quarter in the prior year, the company earned ($0.14) EPS. The firm's quarterly revenue was up 41.3% on a year-over-year basis. As a group, equities research analysts predict that Applied Digital Corporation will post -0.96 EPS for the current year.

Insider Activity at Applied Digital

In related news, CFO Mohammad Saidal Lavanw Mohmand sold 75,000 shares of the company's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total value of $1,144,500.00. Following the completion of the sale, the chief financial officer owned 201,800 shares in the company, valued at $3,079,468. This represents a 27.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Wes Cummins sold 400,000 shares of the company's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total transaction of $6,104,000.00. Following the completion of the sale, the chief executive officer owned 2,659,379 shares of the company's stock, valued at approximately $40,582,123.54. This represents a 13.07% decrease in their position. 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 quarter. Corporate insiders own 11.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on APLD shares. HC Wainwright boosted their price objective on shares of Applied Digital from $15.00 to $20.00 and gave the stock a "buy" rating in a research report on Monday, August 25th. Lake Street Capital boosted their price objective on shares of Applied Digital from $14.00 to $18.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Needham & Company LLC boosted their price objective on shares of Applied Digital from $12.00 to $16.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Compass Point upgraded shares of Applied Digital from a "neutral" rating to a "buy" rating and set a $13.00 price objective for the company in a research report on Friday, July 25th. Finally, Citigroup restated an "outperform" rating on shares of Applied Digital in a research report on Tuesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $15.64.

Applied Digital Company 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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