Nicholas Investment Partners LP Sells 106,526 Shares of Applied Digital Corporation $APLD

Nicholas Investment Partners LP cut its position in Applied Digital Corporation (NASDAQ:APLD) by 51.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 102,393 shares of the company’s stock after selling 106,526 shares during the quarter. Nicholas Investment Partners LP’s holdings in Applied Digital were worth $2,511,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Noble Wealth Management PBC bought a new position in shares of Applied Digital in the fourth quarter valued at $25,000. Albion Financial Group UT bought a new position in shares of Applied Digital in the fourth quarter valued at $25,000. Activest Wealth Management acquired a new stake in Applied Digital during the 4th quarter valued at $25,000. McMillan Office Inc. acquired a new stake in Applied Digital during the 4th quarter valued at $25,000. Finally, Larson Financial Group LLC lifted its holdings in Applied Digital by 56,450.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock valued at $26,000 after purchasing an additional 1,129 shares during the last quarter. 65.67% of the stock is owned by institutional investors.

Applied Digital Stock Up 3.0%

APLD opened at $42.70 on Friday. Applied Digital Corporation has a fifty-two week low of $9.02 and a fifty-two week high of $50.72. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38. The company has a market capitalization of $12.20 billion, a P/E ratio of -57.70 and a beta of 5.69. The stock has a fifty day moving average of $37.94 and a 200-day moving average of $32.72.

Applied Digital (NASDAQ:APLD) last posted its earnings results 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 firm had revenue of $108.55 million for the quarter, compared to analyst estimates of $78.47 million. During the same period in the prior year, the business posted ($0.08) EPS. The firm’s quarterly revenue was up 139.3% compared to the same quarter last year. On average, equities analysts expect that Applied Digital Corporation will post -0.68 EPS for the current year.

Insiders Place Their Bets

In other news, Director Richard N. Nottenburg sold 12,500 shares of Applied Digital stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $34.59, for a total transaction 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. This trade represents a 5.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction 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 directly owned 184,859 shares of the company’s stock, valued at $6,466,367.82. This represents a 5.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 35,000 shares of company stock valued at $1,182,175 in the last three months. Insiders own 9.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on APLD. Roth Mkm reaffirmed a “buy” rating and set a $65.00 price target on shares of Applied Digital in a report on Thursday, April 23rd. Zacks Research downgraded Applied Digital from a “hold” rating to a “strong sell” rating in a report on Monday, June 8th. Wall Street Zen downgraded Applied Digital from a “hold” rating to a “sell” rating in a report on Saturday, April 11th. B. Riley Financial reaffirmed 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, Craig Hallum raised their price target on Applied Digital from $75.00 to $79.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. Three analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, Applied Digital has an average rating of “Moderate Buy” and an average target price of $67.67.

Applied Digital Profile

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.