Foundations Investment Advisors LLC Makes New $188,000 Investment in Applied Digital Corporation $APLD

Foundations Investment Advisors LLC acquired a new stake in Applied Digital Corporation (NASDAQ:APLD) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 18,631 shares of the company’s stock, valued at approximately $188,000.

Several other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Applied Digital by 5.7% during the 1st quarter. Vanguard Group Inc. now owns 13,491,013 shares of the company’s stock worth $75,819,000 after acquiring an additional 730,978 shares in the last quarter. Situational Awareness LP purchased a new stake in Applied Digital in the first quarter valued at $22,680,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Applied Digital by 27.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,146,400 shares of the company’s stock valued at $12,063,000 after acquiring an additional 462,527 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Applied Digital by 3.9% during the first 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, Partners Capital Investment Group LLP acquired a new position in Applied Digital during the first quarter worth approximately $8,673,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Wes Cummins sold 400,000 shares of Applied Digital stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total transaction of $6,104,000.00. Following the completion of the sale, the chief executive officer directly owned 2,659,379 shares in the company, valued at $40,582,123.54. The trade was a 13.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ella G. Benson sold 42,569 shares of Applied Digital stock in a transaction that occurred on Wednesday, October 29th. The stock was sold at an average price of $35.30, for a total transaction of $1,502,685.70. Following the completion of the sale, the director directly owned 69,256 shares of the company’s stock, valued at $2,444,736.80. The trade was a 38.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 823,035 shares of company stock valued at $18,930,179. Company insiders own 9.50% of the company’s stock.

Applied Digital Stock Performance

Shares of APLD stock opened at $21.09 on Friday. The stock has a market cap of $6.00 billion, a PE ratio of -18.66 and a beta of 6.77. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.65 and a current ratio of 0.65. Applied Digital Corporation has a 1 year low of $3.31 and a 1 year high of $40.20. The stock has a fifty day moving average price of $28.09 and a 200 day moving average price of $17.19.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Thursday, October 9th. The company reported ($0.03) earnings per share for the quarter, beating 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 37.14%. The firm had revenue of $64.22 million during the quarter, compared to the consensus estimate of $52.25 million. During the same period last year, the firm posted ($0.15) EPS. The firm’s revenue for the quarter was up 84.3% on a year-over-year basis. Sell-side analysts forecast that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Compass Point initiated coverage on Applied Digital in a report on Monday, September 15th. They issued a “buy” rating for the company. Craig Hallum increased their target price on shares of Applied Digital to $39.00 and gave the stock a “buy” rating in a research note on Thursday, October 23rd. HC Wainwright lifted their target price on Applied Digital from $20.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, October 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a research note on Wednesday, October 8th. Finally, Wall Street Zen cut shares of Applied Digital from a “hold” rating to a “sell” rating in a research note on Sunday, October 19th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $26.20.

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.