Penn Capital Management Company LLC Invests $439,000 in Applied Digital Corporation $APLD

Key Points

• Penn Capital Management Company LLC acquired 78,104 shares of Applied Digital Corporation (NASDAQ: APLD), valued at approximately $439,000, during the first quarter.
• Wall Street analysts have shown bullish sentiment, with 14 analysts giving the stock an average rating of "Buy" and a price target of $15.18.
• Applied Digital's most recent earnings report showed revenue growth of 41.3% year-over-year, despite a reported loss per share of ($0.12).

Penn Capital Management Company LLC acquired a new position in Applied Digital Corporation (NASDAQ:APLD - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 78,104 shares of the company's stock, valued at approximately $439,000.

A number of other institutional investors have also recently added to or reduced their stakes in APLD. Vanguard Group Inc. grew its position in Applied Digital by 5.7% in the first quarter. Vanguard Group Inc. now owns 13,491,013 shares of the company's stock worth $75,819,000 after acquiring an additional 730,978 shares in the last quarter. Think Investments LP boosted its holdings in Applied Digital by 27.3% in the fourth quarter. Think Investments LP now owns 2,060,136 shares of the company's stock worth $15,739,000 after purchasing an additional 441,291 shares in the last quarter. Voya Investment Management LLC increased its position in Applied Digital by 2.7% during the fourth quarter. Voya Investment Management LLC now owns 1,911,526 shares of the company's stock worth $14,604,000 after buying an additional 50,228 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Applied Digital by 3.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,869,386 shares of the company's stock valued at $10,506,000 after buying an additional 70,955 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of Applied Digital by 81.9% in the fourth quarter. Northern Trust Corp now owns 1,793,700 shares of the company's stock worth $13,704,000 after buying an additional 807,681 shares during the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on APLD. JMP Securities increased their price objective on Applied Digital from $12.00 to $18.00 and gave the company a "market outperform" rating in a report on Tuesday, June 3rd. Roth Capital reiterated a "buy" rating on shares of Applied Digital in a report on Monday, June 2nd. 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 note on Thursday, July 31st. Needham & Company LLC raised their target price on shares of Applied Digital from $12.00 to $16.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Finally, HC Wainwright boosted their target price on shares of Applied Digital from $15.00 to $20.00 and gave the stock a "buy" rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the company's stock. According to MarketBeat.com, Applied Digital presently has a consensus rating of "Buy" and a consensus target price of $15.64.

Insider Activity

In other news, Director Richard N. Nottenburg sold 11,250 shares of the stock in a transaction on Friday, August 8th. The shares were sold at an average price of $14.22, for a total value of $159,975.00. Following the completion of the transaction, the director owned 317,987 shares in the company, valued at approximately $4,521,775.14. This represents a 3.42% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 11.81% of the company's stock.

Applied Digital Stock Performance

Applied Digital stock traded up $0.23 during trading hours on Wednesday, hitting $16.70. The stock had a trading volume of 24,752,843 shares, compared to its average volume of 37,637,578. The company has a 50-day moving average of $12.01 and a two-hundred day moving average of $8.83. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.36. Applied Digital Corporation has a fifty-two week low of $3.01 and a fifty-two week high of $16.92. The company has a market cap of $4.37 billion, a PE ratio of -15.32 and a beta of 6.17.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported ($0.12) earnings per share (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%.Applied Digital's quarterly revenue was up 41.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.14) earnings per share. On average, equities research analysts anticipate that Applied Digital Corporation will post -0.96 EPS for the current fiscal year.

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.