Scientech Research LLC Acquires New Position in Applied Digital Corporation $APLD

Key Points

• Scientech Research LLC recently acquired a new position in Applied Digital Corporation, purchasing 143,453 shares valued at approximately $806,000, representing 0.06% ownership of the company.
• In addition to Scientech, several institutional investors made significant position changes in the company during the first quarter, contributing to a total of 65.67% of the stock being owned by institutions.
• A number of analysts have raised their target prices for Applied Digital, with JMP Securities setting a target price of $18.00 and Craig Hallum at $23.00, reflecting strong confidence in the stock's future performance.

Scientech Research LLC acquired a new stake in Applied Digital Corporation (NASDAQ:APLD - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 143,453 shares of the company's stock, valued at approximately $806,000. Scientech Research LLC owned 0.06% of Applied Digital as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Needham Investment Management LLC acquired a new stake in shares of Applied Digital in the first quarter valued at about $478,000. NewEdge Advisors LLC raised its position in Applied Digital by 239.1% during the first quarter. NewEdge Advisors LLC now owns 33,267 shares of the company's stock worth $187,000 after acquiring an additional 23,457 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Applied Digital by 27.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,146,400 shares of the company's stock worth $12,063,000 after acquiring an additional 462,527 shares during the last quarter. AQR Capital Management LLC raised its position in Applied Digital by 84.8% during the first quarter. AQR Capital Management LLC now owns 18,945 shares of the company's stock worth $106,000 after acquiring an additional 8,692 shares during the last quarter. Finally, Vident Advisory LLC raised its position in Applied Digital by 3.2% during the first quarter. Vident Advisory LLC now owns 973,245 shares of the company's stock worth $5,470,000 after acquiring an additional 30,599 shares during the last quarter. Institutional investors and hedge funds own 65.67% of the company's stock.

Insider Activity at Applied Digital

In related news, Director Richard N. Nottenburg sold 20,000 shares of the business's stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total value of $305,200.00. Following the completion of the sale, the director directly owned 297,987 shares in the company, valued at approximately $4,547,281.62. The trade was a 6.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Wes Cummins sold 400,000 shares of the business's stock in a transaction that occurred 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. The trade was a 13.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 506,250 shares of company stock worth $7,713,675. 11.81% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on APLD shares. JMP Securities lifted their target price on shares of Applied Digital from $12.00 to $18.00 and gave the stock a "market outperform" rating in a research report on Tuesday, June 3rd. B. Riley lifted their target price on shares of Applied Digital from $8.00 to $15.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Citizens Jmp upgraded shares of Applied Digital to a "strong-buy" rating and set a $12.00 target price for the company in a research report on Thursday, May 22nd. HC Wainwright lifted 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, August 25th. Finally, Craig Hallum lifted their target price on shares of Applied Digital from $12.00 to $23.00 and gave the stock a "buy" rating in a research report on Monday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $15.64.

Applied Digital Stock Performance

Shares of NASDAQ APLD opened at $13.89 on Monday. The company has a market cap of $3.63 billion, a PE ratio of -12.74 and a beta of 6.65. Applied Digital Corporation has a 12 month low of $3.31 and a 12 month high of $17.60. 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 company has a 50-day simple moving average of $12.82 and a 200-day simple moving average of $9.20.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported ($0.12) EPS for the quarter, hitting analysts' consensus estimates of ($0.12). The business had revenue of $38.01 million during the quarter, compared to the consensus estimate of $42.86 million. Applied Digital had a negative net margin of 107.22% and a negative return on equity of 50.03%. The company's quarterly revenue was up 41.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.14) earnings per share. On average, equities analysts anticipate that Applied Digital Corporation will post -0.96 earnings per share 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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