Voya Investment Management LLC Reduces Stock Holdings 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 reduced its stake in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) by 44.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,068,186 shares of the company's stock after selling 843,340 shares during the period. Voya Investment Management LLC owned 0.47% of Applied Digital worth $6,003,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of APLD. PNC Financial Services Group Inc. bought a new position in shares of Applied Digital in the 1st quarter worth about $28,000. 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. CWM LLC raised its position in shares of Applied Digital by 116.5% in the 1st quarter. CWM LLC now owns 9,506 shares of the company's stock worth $53,000 after acquiring an additional 5,116 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Applied Digital by 1,237.4% in the 1st quarter. GAMMA Investing LLC now owns 9,576 shares of the company's stock worth $540,000 after acquiring an additional 8,860 shares in the last quarter. Finally, Semus Wealth Partners LLC bought a new position in shares of Applied Digital in the 1st quarter worth about $56,000. 65.67% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on APLD shares. Craig Hallum lifted their price objective on Applied Digital from $12.00 to $23.00 and gave the stock a "buy" rating in a research report on Monday, August 18th. Needham & Company LLC boosted their target price on Applied Digital from $12.00 to $16.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Compass Point began coverage on Applied Digital in a research report on Monday, September 15th. They issued a "buy" rating for the company. HC Wainwright boosted their target price on Applied Digital from $15.00 to $20.00 and gave the company a "buy" rating in a research report on Monday, August 25th. Finally, JMP Securities boosted their target price on Applied Digital from $12.00 to $18.00 and gave the company a "market outperform" rating in a research report on Tuesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $15.64.

Applied Digital Stock Up 2.9%

APLD traded up $0.57 during midday trading on Friday, reaching $20.48. 31,475,060 shares of the company were exchanged, compared to its average volume of 24,715,224. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.77 and a current ratio of 0.77. The company's fifty day moving average price is $14.48 and its 200 day moving average price is $9.87. The company has a market cap of $5.52 billion, a price-to-earnings ratio of -18.79 and a beta of 6.64. Applied Digital Corporation has a one year low of $3.31 and a one year high of $20.80.

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

Insiders Place Their Bets

In other Applied Digital news, CFO Mohammad Saidal Lavanw Mohmand sold 75,000 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 transaction of $1,144,500.00. Following the completion of the sale, the chief financial officer directly owned 201,800 shares of the company's stock, valued at approximately $3,079,468. The trade was a 27.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Richard N. Nottenburg sold 20,000 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 $305,200.00. Following the sale, the director directly owned 297,987 shares of the company's stock, valued at $4,547,281.62. This represents a 6.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 506,250 shares of company stock valued at $7,713,675. Corporate insiders own 11.81% of the company's stock.

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.