4,035,600 Shares in Applied Digital Corporation $APLD Bought by Situational Awareness LP

Key Points

• Situational Awareness LP invested $22.68 million in Applied Digital Corporation, acquiring 4,035,600 shares, which represents 2.3% of their portfolio and makes it their 11th largest position.
• Applied Digital has received multiple upgrades from analysts, with a consensus rating of "Buy" and an average price target of $15.64, indicating positive market sentiment.
• Insider trading activity includes Director Richard N. Nottenburg selling 11,250 shares, which reflects a decrease in his ownership by 3.42% after the transaction.

Situational Awareness LP acquired a new stake in Applied Digital Corporation (NASDAQ:APLD - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 4,035,600 shares of the company's stock, valued at approximately $22,680,000. Applied Digital accounts for approximately 2.3% of Situational Awareness LP's investment portfolio, making the stock its 11th biggest holding. Situational Awareness LP owned about 1.80% of Applied Digital at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. PNC Financial Services Group Inc. acquired a new stake in shares of Applied Digital during the first quarter valued at about $28,000. CWM LLC boosted 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 worth $53,000 after buying an additional 5,116 shares during the period. Semus Wealth Partners LLC acquired a new position in shares of Applied Digital during the first quarter worth approximately $56,000. Lbmc Investment Advisors LLC acquired a new position in shares of Applied Digital during the first quarter worth approximately $67,000. Finally, Mayfair Advisory Group LLC bought a new stake in Applied Digital during the first quarter worth approximately $68,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Applied Digital Trading Down 6.3%

NASDAQ APLD traded down $1.01 on Tuesday, hitting $14.97. 10,480,022 shares of the stock were exchanged, compared to its average volume of 37,376,547. The company's 50-day moving average price is $12.49 and its two-hundred day moving average price is $9.07. 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 Corporation has a 52-week low of $3.01 and a 52-week high of $17.60. The company has a market capitalization of $3.91 billion, a price-to-earnings ratio of -13.73 and a beta of 6.65.

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

Insider Activity at Applied Digital

In other news, Director Richard N. Nottenburg sold 11,250 shares of the business's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $14.22, for a total transaction of $159,975.00. Following the transaction, the director directly owned 317,987 shares in the company, valued at $4,521,775.14. The trade was a 3.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 11.81% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Compass Point raised Applied Digital from a "neutral" rating to a "buy" rating and set a $13.00 target price on the stock in a report on Friday, July 25th. Lake Street Capital boosted their target price on Applied Digital from $14.00 to $18.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. HC Wainwright boosted their target price on Applied Digital from $15.00 to $20.00 and gave the stock a "buy" rating in a report on Monday, August 25th. JMP Securities boosted their target price on Applied Digital from $12.00 to $18.00 and gave the stock a "market outperform" rating in a report on Tuesday, June 3rd. Finally, Needham & Company LLC boosted their target price on Applied Digital from $12.00 to $16.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating and twelve have assigned a Buy rating to the company. According to data from MarketBeat, Applied Digital has an average rating of "Buy" and a consensus target price of $15.64.

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.