Voya Investment Management LLC Cuts Stock Position in Applied Digital Corporation $APLD

Key Points

• Voya Investment Management LLC has reduced its holdings in Applied Digital Corporation by 44.1%, selling 843,340 shares in the first quarter, leaving them with 1,068,186 shares worth approximately $6 million.
• Applied Digital reported a quarterly revenue of $38.01 million, which was lower than analyst estimates, while maintaining earnings per share of ($0.12) for the period.
• Over 65% of Applied Digital's stock is held by institutional investors, highlighting strong support in the investor community despite recent share sales by company insiders.

Voya Investment Management LLC trimmed its holdings in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) by 44.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,068,186 shares of the company's stock after selling 843,340 shares during the period. Voya Investment Management LLC owned about 0.47% of Applied Digital worth $6,003,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the business. Corebridge Financial Inc. boosted its stake in shares of Applied Digital by 2.0% during the first quarter. Corebridge Financial Inc. now owns 97,224 shares of the company's stock valued at $546,000 after purchasing an additional 1,899 shares in the last quarter. Wedbush Securities Inc. boosted its position in Applied Digital by 14.8% during the 1st quarter. Wedbush Securities Inc. now owns 15,500 shares of the company's stock valued at $87,000 after acquiring an additional 2,000 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Applied Digital by 11.7% in the 1st quarter. Wellington Management Group LLP now owns 19,056 shares of the company's stock valued at $107,000 after acquiring an additional 2,001 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of Applied Digital by 29.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,778 shares of the company's stock worth $77,000 after acquiring an additional 3,127 shares in the last quarter. Finally, Geneos Wealth Management Inc. raised its position in shares of Applied Digital by 113.3% in 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 in the last quarter. Institutional investors own 65.67% of the company's stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. HC Wainwright lifted their target price on Applied Digital from $15.00 to $20.00 and gave the company a "buy" rating in a research note on Monday, August 25th. JMP Securities lifted their price objective on shares of Applied Digital from $12.00 to $18.00 and gave the stock a "market outperform" rating in a research report on Tuesday, June 3rd. Citigroup reissued an "outperform" rating on shares of Applied Digital in a research report on Tuesday, June 3rd. Needham & Company LLC lifted their price target on shares of Applied Digital from $12.00 to $16.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Finally, Craig Hallum upped their price target on Applied Digital from $12.00 to $23.00 and gave the stock a "buy" rating in a research report on Monday, August 18th. One analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $15.64.

Applied Digital Stock Performance

NASDAQ:APLD traded up $3.97 during midday trading on Monday, hitting $24.45. The company's stock had a trading volume of 49,131,704 shares, compared to its average volume of 24,941,752. Applied Digital Corporation has a fifty-two week low of $3.31 and a fifty-two week high of $24.85. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a market cap of $6.58 billion, a P/E ratio of -22.43 and a beta of 6.65. The firm's 50 day moving average is $14.78 and its 200-day moving average is $10.03.

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

Insider Buying and Selling at Applied Digital

In other Applied Digital news, CEO Wes Cummins sold 400,000 shares of the business's stock in a transaction that occurred on Wednesday, September 3rd. The stock was 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 directly 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard N. Nottenburg sold 20,000 shares of the firm's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total transaction of $305,200.00. Following the sale, the director directly owned 297,987 shares in the company, 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 worth $7,713,675. Insiders own 11.81% of the company's stock.

Applied Digital 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.