SG Americas Securities LLC Buys 35,108 Shares of Applied Digital Corporation $APLD

Key Points

• SG Americas Securities LLC more than doubled its Applied Digital stake in the first quarter, buying 35,108 additional shares to bring its total to 68,480 shares worth about $1.63 million.
• Applied Digital shares were down 6.9% in Friday trading, opening at $33.06, after the company reported a wider-than-expected quarterly loss despite strong revenue growth.
• Analysts remain mixed but generally positive, with a Moderate Buy consensus and an average price target of $70.56, even as some firms have issued sell ratings.

SG Americas Securities LLC raised its stake in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) by 105.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 68,480 shares of the company's stock after buying an additional 35,108 shares during the quarter. SG Americas Securities LLC's holdings in Applied Digital were worth $1,626,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. AQR Capital Management LLC lifted its holdings in shares of Applied Digital by 84.8% in the first quarter. AQR Capital Management LLC now owns 18,945 shares of the company's stock worth $106,000 after buying an additional 8,692 shares in the last quarter. NewEdge Advisors LLC grew its stake in Applied Digital by 239.1% during the first quarter. NewEdge Advisors LLC now owns 33,267 shares of the company's stock valued at $187,000 after acquiring an additional 23,457 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in Applied Digital by 113.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock worth $37,000 after acquiring an additional 3,542 shares during the period. Strs Ohio bought a new stake in Applied Digital during the 1st quarter worth approximately $71,000. Finally, Cetera Investment Advisers lifted its stake in Applied Digital by 61.0% in the 2nd quarter. Cetera Investment Advisers now owns 61,656 shares of the company's stock worth $621,000 after purchasing an additional 23,360 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors.

Applied Digital Trading Down 6.9%

Shares of APLD opened at $33.06 on Friday. The firm has a market cap of $9.45 billion, a price-to-earnings ratio of -44.68 and a beta of 5.67. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38. Applied Digital Corporation has a fifty-two week low of $9.02 and a fifty-two week high of $50.72. The firm has a 50 day moving average price of $41.81 and a 200-day moving average price of $34.08.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its earnings results on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.23). The business had revenue of $108.55 million for the quarter, compared to the consensus estimate of $78.47 million. Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. Applied Digital's revenue for the quarter was up 139.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.08) EPS. As a group, equities research analysts forecast that Applied Digital Corporation will post -0.7 earnings per share for the current year.

Insider Activity

In other news, Director Richard N. Nottenburg sold 12,500 shares of Applied Digital stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $34.59, for a total value of $432,375.00. Following the transaction, the director owned 208,378 shares in the company, valued at approximately $7,207,795.02. The trade was a 5.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the business's stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $34.98, for a total value of $349,800.00. Following the completion of the sale, the director directly owned 184,859 shares of the company's stock, valued at approximately $6,466,367.82. This trade represents a 5.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 35,000 shares of company stock valued at $1,182,175. Company insiders own 9.50% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on APLD shares. Wall Street Zen downgraded shares of Applied Digital from a "hold" rating to a "sell" rating in a report on Saturday, April 11th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Applied Digital in a report on Friday, April 24th. Compass Point reiterated a "buy" rating and issued a $70.00 price objective on shares of Applied Digital in a research report on Friday, May 22nd. Roth Mkm reissued a "buy" rating and set a $65.00 price objective on shares of Applied Digital in a research note on Thursday, April 23rd. Finally, B. Riley Financial restated a "buy" rating and set a $66.00 target price (up from $53.00) on shares of Applied Digital in a research report on Wednesday, May 27th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Applied Digital currently has an average rating of "Moderate Buy" and an average price target of $70.56.

About Applied Digital

Applied Digital NASDAQ: APLD is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital's modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.

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