ProShare Advisors LLC Sells 6,684 Shares of Applied Digital Corporation $APLD

ProShare Advisors LLC cut its stake in shares of Applied Digital Corporation (NASDAQ:APLD) by 15.6% in the 2nd quarter, HoldingsChannel reports. The fund owned 36,276 shares of the company’s stock after selling 6,684 shares during the quarter. ProShare Advisors LLC’s holdings in Applied Digital were worth $365,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently made changes to their positions in APLD. Situational Awareness LP bought a new position in shares of Applied Digital during the first quarter worth approximately $22,680,000. Partners Capital Investment Group LLP acquired a new position in Applied Digital in the 1st quarter valued at $8,673,000. Vanguard Group Inc. increased its position in 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 buying an additional 730,978 shares during the period. Quantbot Technologies LP lifted its holdings in shares of Applied Digital by 195.9% during the first quarter. Quantbot Technologies LP now owns 877,888 shares of the company’s stock worth $4,934,000 after buying an additional 581,154 shares in the last quarter. Finally, Arete Wealth Advisors LLC boosted its position in shares of Applied Digital by 117.0% in the first quarter. Arete Wealth Advisors LLC now owns 1,065,432 shares of the company’s stock valued at $5,988,000 after acquiring an additional 574,485 shares during the period. Institutional investors own 65.67% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Northland Securities raised their price target on shares of Applied Digital to $40.00 and gave the stock an “outperform” rating in a research report on Friday, October 10th. HC Wainwright increased their target price on shares of Applied Digital from $20.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, October 10th. Wall Street Zen downgraded shares of Applied Digital from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. Needham & Company LLC reiterated a “buy” rating and issued a $41.00 price target on shares of Applied Digital in a research note on Wednesday, October 29th. Finally, B. Riley restated a “buy” rating on shares of Applied Digital in a research note on Wednesday, October 22nd. One equities research 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. According to data from MarketBeat.com, Applied Digital has an average rating of “Moderate Buy” and a consensus price target of $26.20.

Insider Activity at Applied Digital

In other Applied Digital news, CEO Wes Cummins sold 400,000 shares of the business’s stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total transaction of $6,104,000.00. Following the completion of the transaction, the chief executive officer 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mohammad Saidal Lavanw Mohmand sold 100,000 shares of the stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $34.08, for a total transaction of $3,408,000.00. Following the completion of the transaction, the chief financial officer directly owned 158,912 shares of the company’s stock, valued at $5,415,720.96. This trade represents a 38.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 823,035 shares of company stock worth $18,930,179 in the last three months. Insiders own 9.50% of the company’s stock.

Applied Digital Stock Performance

Shares of Applied Digital stock opened at $21.09 on Friday. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.29. The company has a market cap of $6.00 billion, a PE ratio of -18.66 and a beta of 6.77. The company has a 50 day moving average of $28.09 and a 200-day moving average of $17.19. Applied Digital Corporation has a 1-year low of $3.31 and a 1-year high of $40.20.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Thursday, October 9th. The company reported ($0.03) EPS 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 business had revenue of $64.22 million during the quarter, compared to the consensus estimate of $52.25 million. During the same period in the previous year, the business earned ($0.15) earnings per share. The company’s revenue was up 84.3% on a year-over-year basis. As a group, equities research analysts forecast that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

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.