Scientech Research LLC Buys 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 purchased a new position in Applied Digital Corporation (NASDAQ:APLD - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 143,453 shares of the company's stock, valued at approximately $806,000. Scientech Research LLC owned approximately 0.06% of Applied Digital as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Situational Awareness LP acquired a new stake in shares of Applied Digital in the first quarter valued at about $22,680,000. Tidal Investments LLC lifted its stake in Applied Digital by 14,635.7% in the 4th quarter. Tidal Investments LLC now owns 1,697,850 shares of the company's stock valued at $12,972,000 after buying an additional 1,686,328 shares in the last quarter. Partners Capital Investment Group LLP acquired a new stake in Applied Digital in the 1st quarter worth about $8,673,000. D. E. Shaw & Co. Inc. acquired a new stake in Applied Digital in the 4th quarter worth about $7,996,000. Finally, BNP Paribas Financial Markets purchased a new stake in Applied Digital during the 4th quarter worth approximately $7,354,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital 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 owned 297,987 shares in the company, valued at approximately $4,547,281.62. This trade represents a 6.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mohammad Saidal Lavanw Mohmand sold 75,000 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 $1,144,500.00. Following the completion of the sale, the chief financial officer directly owned 201,800 shares in the company, valued at approximately $3,079,468. The trade was a 27.10% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 506,250 shares of company stock valued at $7,713,675 over the last 90 days. 11.81% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on APLD shares. JMP Securities raised their target price on Applied Digital from $12.00 to $18.00 and gave the company a "market outperform" rating in a research report on Tuesday, June 3rd. Lake Street Capital raised their price objective on Applied Digital from $14.00 to $18.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Citizens Jmp raised shares of Applied Digital to a "strong-buy" rating and set a $12.00 target price on the stock in a research note on Thursday, May 22nd. Needham & Company LLC increased their target price on shares of Applied Digital from $12.00 to $16.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Finally, Roth Capital reissued a "buy" rating on shares of Applied Digital in a research note on Monday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating and twelve have assigned a Buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $15.64.

Applied Digital Trading Up 1.2%

Shares of APLD stock traded up $0.20 during trading on Thursday, hitting $17.18. 29,378,895 shares of the stock traded hands, compared to its average volume of 26,192,574. Applied Digital Corporation has a 52-week low of $3.31 and a 52-week high of $17.88. The firm has a market capitalization of $4.49 billion, a P/E ratio of -15.76 and a beta of 6.64. The firm's fifty day moving average price is $13.27 and its 200-day moving average price is $9.38. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.77 and a quick ratio of 0.77.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.12). The company had revenue of $38.01 million during 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%.The firm's quarterly revenue was up 41.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.14) earnings per share. As a group, research analysts forecast that Applied Digital Corporation will post -0.96 earnings per share 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.