Kestra Private Wealth Services LLC Increases Stake in Applied Digital Corporation $APLD

Kestra Private Wealth Services LLC grew its holdings in Applied Digital Corporation (NASDAQ:APLD) by 25.2% during the 1st quarter, Holdings Channel reports. The fund owned 69,423 shares of the company’s stock after buying an additional 13,961 shares during the period. Kestra Private Wealth Services LLC’s holdings in Applied Digital were worth $1,648,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analysts Set New Price Targets

Several research analysts have recently commented on APLD shares. Roth Mkm reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Applied Digital in a research note on Thursday, April 23rd. Citizens Jmp boosted their price objective on Applied Digital from $40.00 to $60.00 and gave the company a “market outperform” rating in a research note on Thursday, May 21st. Zacks Research lowered shares of Applied Digital from a “hold” rating to a “strong sell” rating in a report on Monday, June 8th. Citigroup restated a “market outperform” rating on shares of Applied Digital in a research note on Tuesday, June 9th. Finally, Needham & Company LLC lifted their price target on shares of Applied Digital from $66.00 to $83.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. Three research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Applied Digital has a consensus rating of “Moderate Buy” and an average target price of $70.56.

Insider Activity at Applied Digital

In related news, Director Richard N. Nottenburg sold 12,500 shares of the business’s stock in a transaction that occurred on Thursday, April 30th. The stock was 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. The trade was a 5.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 completion of the transaction, the director owned 184,859 shares of the company’s stock, 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 a total of 35,000 shares of company stock worth $1,182,175 in the last three months. 9.50% of the stock is owned by corporate insiders.

Applied Digital Price Performance

NASDAQ:APLD opened at $37.77 on Tuesday. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65. The business’s 50-day simple moving average is $41.59 and its two-hundred day simple moving average is $33.97. The stock has a market cap of $10.79 billion, a PE ratio of -51.04 and a beta of 5.69. Applied Digital Corporation has a 52 week low of $9.02 and a 52 week high of $50.72.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.23). The business had revenue of $108.55 million during the quarter, compared to analysts’ expectations 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 previous year, the firm earned ($0.08) earnings per share. As a group, analysts forecast that Applied Digital Corporation will post -0.68 EPS 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.