SG Americas Securities LLC Grows Position in Applied Digital Corporation $APLD

SG Americas Securities LLC lifted its position in Applied Digital Corporation (NASDAQ:APLD) by 105.2% during the 1st quarter, Holdings Channel reports. The firm owned 68,480 shares of the company’s stock after acquiring an additional 35,108 shares during the period. SG Americas Securities LLC’s holdings in Applied Digital were worth $1,626,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Newbridge Financial Services Group Inc. boosted its position in Applied Digital by 8.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 3,800 shares of the company’s stock valued at $93,000 after buying an additional 300 shares during the period. Concurrent Investment Advisors LLC grew its holdings in Applied Digital by 1.5% in the 4th quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company’s stock worth $523,000 after acquiring an additional 318 shares during the last quarter. Brookstone Capital Management increased its position in shares of Applied Digital by 3.6% in the fourth quarter. Brookstone Capital Management now owns 9,275 shares of the company’s stock valued at $227,000 after acquiring an additional 321 shares during the period. Independent Advisor Alliance increased its position in shares of Applied Digital by 4.6% in the fourth quarter. Independent Advisor Alliance now owns 9,215 shares of the company’s stock valued at $226,000 after acquiring an additional 407 shares during the period. Finally, PNC Financial Services Group Inc. raised its stake in shares of Applied Digital by 7.4% during the third quarter. PNC Financial Services Group Inc. now owns 5,951 shares of the company’s stock valued at $137,000 after acquiring an additional 408 shares during the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

APLD has been the subject of a number of analyst reports. Lake Street Capital increased their target price on shares of Applied Digital from $70.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. B. Riley Financial restated a “buy” rating and set a $66.00 price target (up from $53.00) on shares of Applied Digital in a report on Wednesday, May 27th. Needham & Company LLC upped their price target on Applied Digital from $66.00 to $83.00 and gave the company a “buy” rating in a research report on Tuesday, June 9th. Craig Hallum increased their price objective on Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Finally, Northland Securities set a $82.00 price objective on Applied Digital and gave the stock an “outperform” rating in a research report on Wednesday, June 17th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $70.56.

Insider Activity at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the sale, the director owned 184,859 shares in the company, valued at $6,466,367.82. This represents a 5.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Richard N. Nottenburg sold 12,500 shares of the firm’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $34.59, for a total value of $432,375.00. Following the transaction, the director directly owned 208,378 shares of the company’s stock, valued at approximately $7,207,795.02. This trade represents a 5.66% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 35,000 shares of company stock worth $1,182,175 in the last 90 days. 9.50% of the stock is currently owned by company insiders.

Applied Digital Stock Down 6.9%

Shares of Applied Digital stock opened at $33.06 on Friday. Applied Digital Corporation has a 1 year low of $9.02 and a 1 year high of $50.72. The firm has a market cap of $9.45 billion, a price-to-earnings ratio of -44.68 and a beta of 5.67. The company has a 50-day moving average of $41.81 and a 200 day moving average of $34.08. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.38 and a quick ratio of 2.38.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, April 8th. The company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The business had revenue of $108.55 million during the quarter, compared to analysts’ expectations of $78.47 million. During the same quarter last year, the company posted ($0.08) EPS. Applied Digital’s revenue for the quarter was up 139.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Applied Digital Corporation will post -0.7 earnings per share for the current fiscal year.

About Applied Digital

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.