SBI Securities Co. Ltd. Purchases 11,319 Shares of Applied Digital Corporation $APLD

Key Points

• SBI Securities increased its stake in Applied Digital by 37%, buying 11,319 shares to own 41,900 shares valued at about $422,000, while overall institutional investors hold roughly 65.67% of the stock.
• Insiders sold 823,035 shares (about $18.93 million) over the past three months, including CFO Mohammad Saidal Lavanw Mohmand selling 100,000 shares for $3.408 million and a director selling 42,569 shares for $1.503 million.
• Analysts are largely bullish—MarketBeat shows a consensus "Moderate Buy" with an average price target of $26.20, and several firms have raised targets (up to $40) after Applied Digital beat quarterly revenue and EPS estimates.

SBI Securities Co. Ltd. raised its holdings in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) by 37.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 41,900 shares of the company's stock after acquiring an additional 11,319 shares during the quarter. SBI Securities Co. Ltd.'s holdings in Applied Digital were worth $422,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Atlantic Union Bankshares Corp purchased a new stake in shares of Applied Digital during the second quarter worth about $25,000. PNC Financial Services Group Inc. bought a new position in Applied Digital in the 1st quarter worth approximately $28,000. Geneos Wealth Management Inc. boosted its stake in Applied Digital by 113.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock worth $37,000 after purchasing an additional 3,542 shares during the period. Ameriflex Group Inc. purchased a new stake in Applied Digital during the 2nd quarter valued at approximately $42,000. Finally, CWM LLC raised its position in shares of Applied Digital by 116.5% during the first quarter. CWM LLC now owns 9,506 shares of the company's stock valued at $53,000 after buying an additional 5,116 shares during the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Applied Digital

In related news, CFO Mohammad Saidal Lavanw Mohmand sold 100,000 shares of Applied Digital stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $34.08, for a total transaction of $3,408,000.00. Following the completion of the transaction, the chief financial officer directly owned 158,912 shares of the company's stock, valued at approximately $5,415,720.96. The trade was a 38.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ella G. Benson sold 42,569 shares of the company's stock in a transaction dated Wednesday, October 29th. The shares were sold at an average price of $35.30, for a total transaction of $1,502,685.70. Following the transaction, the director owned 69,256 shares in the company, valued at $2,444,736.80. The trade was a 38.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 823,035 shares of company stock valued at $18,930,179 over the last three months. Corporate insiders own 9.50% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on APLD shares. Compass Point initiated coverage on shares of Applied Digital in a research report on Monday, September 15th. They set a "buy" rating for the company. Craig Hallum increased their price objective on shares of Applied Digital to $39.00 and gave the company a "buy" rating in a report on Thursday, October 23rd. Citigroup restated an "outperform" rating on shares of Applied Digital in a research report on Thursday, October 9th. B. Riley reiterated a "buy" rating on shares of Applied Digital in a research report on Wednesday, October 22nd. Finally, HC Wainwright increased their price target on Applied Digital from $20.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $26.20.

Applied Digital Trading Up 2.6%

Shares of NASDAQ APLD opened at $23.65 on Friday. Applied Digital Corporation has a 1-year low of $3.31 and a 1-year high of $40.20. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.65 and a quick ratio of 0.65. The business's 50 day moving average is $27.50 and its two-hundred day moving average is $16.59. The stock has a market capitalization of $6.73 billion, a P/E ratio of -20.93 and a beta of 6.77.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings data on Thursday, October 9th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.08. Applied Digital had a negative return on equity of 37.14% and a negative net margin of 111.29%.The business had revenue of $64.22 million during the quarter, compared to analyst estimates of $52.25 million. During the same period last year, the company earned ($0.15) EPS. The company's revenue for the quarter was up 84.3% on a year-over-year basis. As a group, research analysts expect that Applied Digital Corporation will post -0.96 EPS for the current year.

About Applied Digital

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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