SLT Holdings LLC Makes New Investment in Applied Digital Corporation $APLD

Key Points

• SLT Holdings LLC has acquired 17,500 shares of Applied Digital Corporation (APLD), valued at approximately $176,000, indicating new investment interest in the company.
• Insider trading activity has been notable, with CEO Wes Cummins selling 400,000 shares for over $6 million, a 13.07% decrease in his stake.
• Brokerage firms have upgraded their ratings for APLD, with price targets ranging from $16.00 to $40.00, reflecting growing confidence in the stock's potential.

SLT Holdings LLC acquired a new position in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 17,500 shares of the company's stock, valued at approximately $176,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in APLD. GAMMA Investing LLC increased its stake in Applied Digital by 1,237.4% in the 1st quarter. GAMMA Investing LLC now owns 9,576 shares of the company's stock valued at $540,000 after buying an additional 8,860 shares during the period. Rhumbline Advisers increased its stake in Applied Digital by 7.8% in the 1st quarter. Rhumbline Advisers now owns 279,191 shares of the company's stock valued at $1,569,000 after buying an additional 20,299 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in Applied Digital by 29.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,778 shares of the company's stock valued at $77,000 after buying an additional 3,127 shares during the period. Exchange Traded Concepts LLC increased its stake in Applied Digital by 4.0% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,042,035 shares of the company's stock valued at $5,856,000 after buying an additional 39,945 shares during the period. Finally, Mayfair Advisory Group LLC acquired a new position in Applied Digital in the 1st quarter valued at $68,000. Institutional investors and hedge funds own 65.67% of the company's stock.

Insider Activity at Applied Digital

In related news, CEO Wes Cummins sold 400,000 shares of the business's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total value of $6,104,000.00. Following the completion of the transaction, 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Richard N. Nottenburg sold 20,000 shares of the business's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total transaction of $305,200.00. Following the completion of the transaction, the director directly owned 297,987 shares of the company's stock, valued at $4,547,281.62. The trade was a 6.29% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 506,250 shares of company stock valued at $7,713,675. 9.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on APLD. Needham & Company LLC boosted their price objective on shares of Applied Digital from $12.00 to $16.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Weiss Ratings reissued a "sell (d-)" rating on shares of Applied Digital in a research note on Wednesday. Wall Street Zen raised shares of Applied Digital from a "sell" rating to a "hold" rating in a research note on Saturday. Craig Hallum boosted their price objective on shares of Applied Digital from $12.00 to $23.00 and gave the company a "buy" rating in a research note on Monday, August 18th. Finally, Northland Securities upped their price target on shares of Applied Digital to $40.00 and gave the stock an "outperform" rating in a research note on Friday. One investment 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. According to data from MarketBeat, Applied Digital currently has a consensus rating of "Moderate Buy" and an average target price of $22.10.

Applied Digital Price Performance

Applied Digital stock opened at $33.99 on Friday. Applied Digital Corporation has a 52 week low of $3.31 and a 52 week high of $39.07. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.36. The firm's 50-day simple moving average is $18.93 and its 200 day simple moving average is $11.81. The firm has a market capitalization of $9.31 billion, a PE ratio of -30.08 and a beta of 6.77.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings data on Thursday, October 9th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.08. Applied Digital had a negative net margin of 111.29% and a negative return on equity of 48.82%. The business had revenue of $38.01 million for the quarter, compared to analyst estimates of $52.25 million. During the same period in the previous year, the firm earned ($0.15) EPS. The business's revenue for the quarter was up 84.3% compared to the same quarter last year. On average, equities research analysts predict that Applied Digital Corporation will post -0.96 EPS for the current fiscal 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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