Hsbc Holdings PLC Takes $29.51 Million Position in Applied Digital Corporation $APLD

Hsbc Holdings PLC acquired a new position in Applied Digital Corporation (NASDAQ:APLD) during the fourth quarter, Holdings Channel reports. The firm acquired 1,167,779 shares of the company’s stock, valued at approximately $29,510,000.

Other institutional investors have also modified their holdings of the company. Noble Wealth Management PBC bought a new position in Applied Digital during the fourth quarter valued at about $25,000. Albion Financial Group UT bought a new stake in Applied Digital in the fourth quarter worth about $25,000. Activest Wealth Management acquired a new stake in Applied Digital in the 4th quarter valued at about $25,000. Ameriflex Group Inc. acquired a new stake in Applied Digital in the 4th quarter valued at about $25,000. Finally, McMillan Office Inc. bought a new position in shares of Applied Digital during the 4th quarter valued at about $25,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Insider Buying and Selling

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

Applied Digital Trading Down 7.5%

Shares of APLD opened at $41.89 on Thursday. The business’s 50-day moving average price is $41.08 and its 200 day moving average price is $33.81. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65. The stock has a market capitalization of $11.97 billion, a P/E ratio of -56.61 and a beta of 5.69. Applied Digital Corporation has a 1-year low of $9.02 and a 1-year high of $50.72.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $78.47 million. During the same period in the prior year, the company posted ($0.08) earnings per share. Applied Digital’s quarterly revenue was up 139.3% compared to the same quarter last year. Analysts expect that Applied Digital Corporation will post -0.68 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on APLD. Northland Securities set a $82.00 price objective on shares of Applied Digital and gave the stock an “outperform” rating in a research note on Wednesday, June 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a research note on Friday, April 24th. Citizens Jmp raised their target price on shares of Applied Digital from $40.00 to $60.00 and gave the stock a “market outperform” rating in a report on Thursday, May 21st. Compass Point restated a “buy” rating and issued a $70.00 price target on shares of Applied Digital in a research report on Friday, May 22nd. Finally, B. Riley Financial reaffirmed a “buy” rating and issued a $66.00 price target (up from $53.00) on shares of Applied Digital in a report on Wednesday, May 27th. 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $70.56.

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.