Thoroughbred Financial Services LLC Makes New Investment in Applied Digital Corporation $APLD

Key Points

• Thoroughbred Financial Services opened a new position in Applied Digital, buying 27,838 shares worth about $682,000 in the fourth quarter.
• Institutional ownership remains high, with investors like Vanguard expanding their stakes; overall, 65.67% of the stock is held by institutions.
• Insiders have been selling shares recently, including directors Richard N. Nottenburg and Douglas S. Miller, while analysts still broadly remain constructive with a Buy consensus and a $59.11 average price target.

Thoroughbred Financial Services LLC bought a new stake in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 27,838 shares of the company's stock, valued at approximately $682,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Teachers Retirement System of The State of Kentucky bought a new position in shares of Applied Digital during the 3rd quarter valued at approximately $994,000. Federated Hermes Inc. bought a new position in shares of Applied Digital during the 3rd quarter valued at approximately $3,204,000. AlphaQuest LLC bought a new position in shares of Applied Digital during the 3rd quarter valued at approximately $1,369,000. MRA Advisory Group bought a new position in shares of Applied Digital during the 3rd quarter valued at approximately $978,000. Finally, Vanguard Group Inc. grew its position in shares of Applied Digital by 23.2% during the 3rd quarter. Vanguard Group Inc. now owns 17,722,174 shares of the company's stock valued at $406,547,000 after acquiring an additional 3,339,062 shares during the period. 65.67% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Richard N. Nottenburg sold 12,500 shares of the business's stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $34.59, for a total transaction of $432,375.00. Following the transaction, the director owned 208,378 shares in the company, valued at $7,207,795.02. The trade was a 5.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 transaction of $349,800.00. Following the transaction, the director owned 184,859 shares in the company, valued at $6,466,367.82. This represents a 5.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 35,000 shares of company stock worth $1,182,175 in the last quarter. 9.50% of the stock is owned by corporate insiders.

Applied Digital Stock Performance

Applied Digital stock opened at $47.28 on Friday. The firm's fifty day moving average price is $34.40 and its 200-day moving average price is $31.42. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38. The stock has a market cap of $13.51 billion, a P/E ratio of -63.89 and a beta of 5.69. Applied Digital Corporation has a fifty-two week low of $6.68 and a fifty-two week high of $50.72.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its earnings results on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.23). Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The business had revenue of $108.55 million during the quarter, compared to analysts' expectations of $78.47 million. During the same quarter in the previous year, the business earned ($0.08) EPS. Applied Digital's revenue for the quarter was up 139.3% compared to the same quarter last year. On average, equities research analysts expect that Applied Digital Corporation will post -0.68 earnings per share for the current fiscal year.

Analysts Set New Price Targets

APLD has been the topic of a number of recent research reports. Lucid Cap Mkts upgraded shares of Applied Digital to a "strong-buy" rating in a research note on Wednesday. Weiss Ratings reissued a "sell (d-)" rating on shares of Applied Digital in a report on Friday, April 24th. Citizens Jmp increased their price objective on Applied Digital from $40.00 to $60.00 and gave the stock a "market outperform" rating in a report on Thursday, May 21st. Roth Mkm reissued a "buy" rating and set a $65.00 price objective on shares of Applied Digital in a report on Thursday, April 23rd. Finally, Needham & Company LLC increased their price objective on Applied Digital from $51.00 to $66.00 and gave the stock a "buy" rating in a report on Thursday, May 21st. Three research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus price target of $59.11.

Applied Digital Profile

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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