Clear Street Group Inc. Lowers Holdings in Applied Digital Corporation $APLD

Clear Street Group Inc. decreased its holdings in Applied Digital Corporation (NASDAQ:APLD) by 95.9% in the 4th quarter, Holdings Channel reports. The institutional investor owned 27,788 shares of the company’s stock after selling 654,809 shares during the period. Clear Street Group Inc.’s holdings in Applied Digital were worth $681,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Dymon Asia Capital Singapore PTE. LTD. purchased a new stake in Applied Digital in the 4th quarter valued at about $14,222,000. FORA Capital LLC grew its holdings in shares of Applied Digital by 356.1% during the 4th quarter. FORA Capital LLC now owns 201,508 shares of the company’s stock worth $4,941,000 after purchasing an additional 157,327 shares during the period. Visionary Wealth Advisors purchased a new stake in shares of Applied Digital during the 4th quarter worth about $399,000. Greenline Wealth Management LLC purchased a new stake in shares of Applied Digital during the 4th quarter worth about $79,000. Finally, Bridgefront Capital LLC purchased a new stake in shares of Applied Digital during the 4th quarter worth about $227,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Insider Activity

In related news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $34.98, for a total transaction of $349,800.00. Following the completion of the transaction, the director owned 184,859 shares of the company’s stock, valued at $6,466,367.82. This trade represents a 5.13% 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 Richard N. Nottenburg sold 12,500 shares of the firm’s stock in a transaction dated 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 $7,207,795.02. This represents a 5.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 35,000 shares of company stock valued at $1,182,175 in the last ninety days. Company insiders own 9.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Zacks Research lowered Applied Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, June 8th. Citizens Jmp upped their price objective on Applied Digital from $40.00 to $60.00 and gave the stock a “market outperform” rating in a research note on Thursday, May 21st. Craig Hallum upped their price objective on Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. Roth Mkm restated a “buy” rating and set a $65.00 price objective on shares of Applied Digital in a research note on Thursday, April 23rd. Finally, Wall Street Zen downgraded Applied Digital from a “hold” rating to a “sell” rating in a research note on Saturday, April 11th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $67.67.

Applied Digital Price Performance

Shares of NASDAQ:APLD opened at $46.47 on Tuesday. The stock’s 50 day moving average price is $38.38 and its 200 day moving average price is $32.94. Applied Digital Corporation has a 12 month low of $9.02 and a 12 month high of $50.72. The stock has a market cap of $13.28 billion, a price-to-earnings ratio of -62.80 and a beta of 5.69. 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 earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.23). Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. The firm had revenue of $108.55 million for the quarter, compared to the consensus estimate of $78.47 million. During the same period in the prior year, the business earned ($0.08) EPS. The company’s quarterly revenue was up 139.3% compared to the same quarter last year. Equities research analysts anticipate that Applied Digital Corporation will post -0.68 earnings per share for the current fiscal year.

Applied Digital Company 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.