Quantbot Technologies LP Buys 581,154 Shares of Applied Digital Corporation $APLD

Key Points

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Quantbot Technologies LP raised its stake in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) by 195.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 877,888 shares of the company's stock after acquiring an additional 581,154 shares during the quarter. Quantbot Technologies LP owned approximately 0.39% of Applied Digital worth $4,934,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Tidal Investments LLC lifted its holdings in shares of Applied Digital by 14,635.7% during the 4th quarter. Tidal Investments LLC now owns 1,697,850 shares of the company's stock valued at $12,972,000 after purchasing an additional 1,686,328 shares during the last quarter. Hood River Capital Management LLC lifted its holdings in shares of Applied Digital by 10.7% during the 4th quarter. Hood River Capital Management LLC now owns 15,147,422 shares of the company's stock valued at $115,726,000 after purchasing an additional 1,464,854 shares during the last quarter. Driehaus Capital Management LLC purchased a new stake in shares of Applied Digital during the 4th quarter valued at $11,029,000. Alyeska Investment Group L.P. purchased a new position in Applied Digital in the 4th quarter worth $10,696,000. Finally, Marshall Wace LLP purchased a new position in Applied Digital in the 4th quarter worth $9,942,000. Institutional investors own 65.67% of the company's stock.

Insider Transactions at Applied Digital

In related news, Director Rachel H. Lee sold 24,212 shares of Applied Digital stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total transaction of $169,484.00. Following the completion of the transaction, the director directly owned 83,613 shares of the company's stock, valued at $585,291. This trade represents a 22.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Richard N. Nottenburg sold 11,250 shares of Applied Digital stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $14.22, for a total transaction of $159,975.00. Following the sale, the director owned 317,987 shares of the company's stock, valued at approximately $4,521,775.14. This represents a 3.42% decrease in their position. The disclosure for this sale can be found here. 11.81% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on APLD. Citizens Jmp upgraded Applied Digital to a "strong-buy" rating and set a $12.00 target price for the company in a research note on Thursday, May 22nd. JMP Securities boosted their price objective on Applied Digital from $12.00 to $18.00 and gave the stock a "market outperform" rating in a research note on Tuesday, June 3rd. Lake Street Capital raised their price target on Applied Digital from $14.00 to $18.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. HC Wainwright increased their price objective on Applied Digital from $12.00 to $15.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Finally, Needham & Company LLC raised their price target on Applied Digital from $12.00 to $16.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Twelve analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $15.18.

Applied Digital Trading Up 16.0%

Applied Digital stock opened at $16.34 on Tuesday. The stock has a market capitalization of $4.27 billion, a PE ratio of -14.99 and a beta of 6.17. Applied Digital Corporation has a 12-month low of $3.01 and a 12-month high of $16.92. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a 50 day simple moving average of $11.52 and a 200-day simple moving average of $8.50.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting 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 company had revenue of $38.01 million during the quarter, compared to the consensus estimate of $42.86 million. During the same quarter in the prior year, the firm earned ($0.14) EPS. The company's revenue was up 41.3% compared to the same quarter last year. As a group, equities research analysts expect 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.

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