Patten Group Inc. Invests $360,000 in Applied Digital Corporation $APLD

Patten Group Inc. acquired a new stake in shares of Applied Digital Corporation (NASDAQ:APLD) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 15,157 shares of the company’s stock, valued at approximately $360,000.

A number of other large investors have also added to or reduced their stakes in the stock. Noble Wealth Management PBC bought a new stake in Applied Digital in the fourth quarter worth $25,000. Albion Financial Group UT bought a new position in shares of Applied Digital during the fourth quarter valued at $25,000. Activest Wealth Management bought a new position in shares of Applied Digital during the fourth quarter valued at $25,000. Ameriflex Group Inc. purchased a new position in shares of Applied Digital in the 4th quarter worth about $25,000. Finally, McMillan Office Inc. purchased a new position in shares of Applied Digital in the 4th quarter worth about $25,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Wall Street Analysts Forecast Growth

APLD has been the topic of several recent analyst reports. Compass Point reissued a “buy” rating and set a $70.00 price objective on shares of Applied Digital in a research report on Friday, May 22nd. Lucid Cap Mkts raised shares of Applied Digital to a “strong-buy” rating in a report on Wednesday, May 27th. Craig Hallum upped their target price on shares of Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. B. Riley Financial reiterated 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. Finally, Zacks Research downgraded shares of Applied Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, June 8th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $70.56.

Applied Digital Stock Performance

Applied Digital stock opened at $33.06 on Friday. Applied Digital Corporation has a one year low of $9.02 and a one year high of $50.72. The business’s fifty day moving average is $41.82 and its 200 day moving average is $34.07. The stock has a market capitalization of $9.45 billion, a PE ratio of -44.68 and a beta of 5.67. 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 posted its earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.23). The company had revenue of $108.55 million for the quarter, compared to the consensus estimate of $78.47 million. Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. Applied Digital’s revenue was up 139.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.08) EPS. On average, sell-side analysts predict that Applied Digital Corporation will post -0.7 EPS for the current year.

Insider Activity at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 12,500 shares of Applied Digital 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 completion of the sale, the director owned 208,378 shares of the company’s stock, valued at approximately $7,207,795.02. The trade was a 5.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Monday, April 27th. The shares were sold at an average price of $34.98, for a total value of $349,800.00. Following the transaction, the director directly owned 184,859 shares in the company, valued at $6,466,367.82. The trade was a 5.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 35,000 shares of company stock valued at $1,182,175 over the last three months. 9.50% of the stock is owned by corporate insiders.

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.