Vident Advisory LLC Buys 30,599 Shares of Applied Digital Corporation $APLD

Key Points

• Vident Advisory LLC increased its stake in Applied Digital Corporation by 3.2%, acquiring an additional 30,599 shares, raising its total holdings to approximately 973,245 shares valued at $5.47 million.
• Applied Digital reported earnings of (0.12) EPS, meeting market expectations, with revenue of $38.01 million, lower than analysts' forecasts of $42.86 million.
• Analyst ratings for Applied Digital are predominantly positive, with recent upgrades bringing the consensus target price to $15.64 and twelve analysts rating the stock as "Buy".

Vident Advisory LLC grew its holdings in Applied Digital Corporation (NASDAQ:APLD - Free Report) by 3.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 973,245 shares of the company's stock after purchasing an additional 30,599 shares during the quarter. Vident Advisory LLC owned approximately 0.43% of Applied Digital worth $5,470,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Applied Digital by 5.7% in the 1st quarter. Vanguard Group Inc. now owns 13,491,013 shares of the company's stock worth $75,819,000 after purchasing an additional 730,978 shares during the last quarter. Situational Awareness LP acquired a new position in Applied Digital in the first quarter valued at about $22,680,000. Think Investments LP boosted its holdings in Applied Digital by 27.3% during the fourth quarter. Think Investments LP now owns 2,060,136 shares of the company's stock worth $15,739,000 after buying an additional 441,291 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Applied Digital by 3.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,869,386 shares of the company's stock worth $10,506,000 after buying an additional 70,955 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Applied Digital by 81.9% in the 4th quarter. Northern Trust Corp now owns 1,793,700 shares of the company's stock valued at $13,704,000 after acquiring an additional 807,681 shares during the last quarter. Institutional investors own 65.67% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Citigroup reissued an "outperform" rating on shares of Applied Digital in a research note on Tuesday, June 3rd. Lake Street Capital boosted their price target on shares of Applied Digital from $14.00 to $18.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Craig Hallum raised their price objective on Applied Digital from $12.00 to $23.00 and gave the stock a "buy" rating in a research note on Monday, August 18th. JMP Securities lifted 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, B. Riley increased their price target on Applied Digital from $8.00 to $15.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the company. According to MarketBeat.com, Applied Digital has a consensus rating of "Buy" and a consensus target price of $15.64.

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. Nottenburg sold 11,250 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the director directly owned 317,987 shares of the company's stock, valued at $4,521,775.14. This trade represents a 3.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 11.81% of the stock is owned by corporate insiders.

Applied Digital Stock Down 4.5%

Shares of APLD traded down $0.72 during midday trading on Tuesday, hitting $15.26. The stock had a trading volume of 19,161,523 shares, compared to its average volume of 37,433,324. The firm has a market cap of $3.99 billion, a price-to-earnings ratio of -14.00 and a beta of 6.65. The company has a 50 day simple moving average of $12.59 and a two-hundred day simple moving average of $9.11. Applied Digital Corporation has a twelve month low of $3.01 and a twelve month high of $17.60. 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 quarterly earnings data on Wednesday, July 30th. The company reported ($0.12) earnings per share for the quarter, hitting the consensus estimate of ($0.12). Applied Digital had a negative return on equity of 50.03% and a negative net margin of 107.22%.The company had revenue of $38.01 million during the quarter, compared to analysts' expectations of $42.86 million. During the same period in the prior year, the firm earned ($0.14) earnings per share. Applied Digital's revenue for the quarter was up 41.3% compared to the same quarter last year. On average, analysts anticipate that Applied Digital Corporation will post -0.96 EPS for the current year.

Applied Digital Company 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.