Next Century Growth Investors LLC Increases Stock Position in Applied Digital Corporation $APLD

Key Points

• Next Century Growth Investors increased its stake in Applied Digital by 30.7% in the fourth quarter, bringing its holdings to 797,237 shares worth about $19.5 million.
• Wall Street sentiment remains bullish overall, with multiple analysts raising price targets as high as $83 and the stock carrying a consensus rating of “Moderate Buy” with an average target of $67.67.
• Insiders have recently sold shares, including two directors who trimmed positions in April; over the last 90 days, insiders sold 35,000 shares valued at $1.18 million.

Next Century Growth Investors LLC lifted its stake in Applied Digital Corporation (NASDAQ:APLD - Free Report) by 30.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 797,237 shares of the company's stock after purchasing an additional 187,044 shares during the quarter. Applied Digital accounts for approximately 1.4% of Next Century Growth Investors LLC's holdings, making the stock its 25th biggest position. Next Century Growth Investors LLC owned approximately 0.29% of Applied Digital worth $19,548,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Noble Wealth Management PBC purchased a new position in shares of Applied Digital in the 4th quarter worth about $25,000. Albion Financial Group UT purchased a new position in shares of Applied Digital in the 4th quarter worth about $25,000. Activest Wealth Management purchased a new position in shares of Applied Digital in the 4th quarter worth about $25,000. McMillan Office Inc. purchased a new position in shares of Applied Digital in the 4th quarter worth about $25,000. Finally, Larson Financial Group LLC raised its position 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 worth $26,000 after purchasing an additional 1,129 shares during the last quarter. Hedge funds and other institutional investors own 65.67% of the company's stock.

Analysts Set New Price Targets

APLD has been the subject of several recent analyst reports. Citizens Jmp lifted their price target 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. Roth Mkm reaffirmed a "buy" rating and issued a $65.00 price target on shares of Applied Digital in a research report on Thursday, April 23rd. B. Riley Financial reaffirmed a "buy" rating and issued a $66.00 price target (up from $53.00) on shares of Applied Digital in a research report on Wednesday, May 27th. Needham & Company LLC lifted their price target on Applied Digital from $66.00 to $83.00 and gave the stock a "buy" rating in a research report on Tuesday, June 9th. Finally, Compass Point reaffirmed a "buy" rating and issued a $70.00 price target on shares of Applied Digital in a research report on Friday, May 22nd. Three investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $67.67.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 12,500 shares of the business's stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $34.59, for a total transaction of $432,375.00. Following the completion of the sale, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the business's stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $34.98, for a total value of $349,800.00. Following the sale, the director owned 184,859 shares of the company's stock, valued at approximately $6,466,367.82. This represents a 5.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 35,000 shares of company stock valued at $1,182,175. Corporate insiders own 9.50% of the company's stock.

Applied Digital Price Performance

Shares of NASDAQ:APLD opened at $42.70 on Friday. Applied Digital Corporation has a fifty-two week low of $9.02 and a fifty-two week high of $50.72. The business has a 50-day simple moving average of $37.94 and a two-hundred day simple moving average of $32.72. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38. The firm has a market cap of $12.20 billion, a price-to-earnings ratio of -57.70 and a beta of 5.69.

Applied Digital (NASDAQ:APLD - Get Free Report) last released 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). 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 net margin of 52.84% and a negative return on equity of 15.91%. The company's revenue for the quarter was up 139.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.08) earnings per share. On average, analysts expect that Applied Digital Corporation will post -0.68 earnings per share 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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