Applied Digital Corporation $APLD Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company trimmed its position in Applied Digital Corporation (NASDAQ:APLD) by 33.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 82,234 shares of the company’s stock after selling 41,185 shares during the period. The Manufacturers Life Insurance Company’s holdings in Applied Digital were worth $3,067,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. California State Teachers Retirement System lifted its stake in shares of Applied Digital by 3,718.0% during the second quarter. California State Teachers Retirement System now owns 11,121,928 shares of the company’s stock valued at $414,848,000 after buying an additional 10,830,623 shares during the period. Equitec Proprietary Markets LLC purchased a new stake in Applied Digital in the 2nd quarter worth approximately $312,349,000. Value Aligned Research Advisors LLC acquired a new position in Applied Digital in the 4th quarter valued at $138,380,000. Situational Awareness LP raised its holdings in Applied Digital by 87.0% in the 4th quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock valued at $278,034,000 after acquiring an additional 5,274,905 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in shares of Applied Digital by 24,356.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock worth $52,561,000 after purchasing an additional 5,198,223 shares during the period. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Price Performance

Shares of NASDAQ APLD opened at $26.42 on Monday. Applied Digital Corporation has a 52-week low of $17.25 and a 52-week high of $50.72. The firm has a fifty day moving average of $28.30 and a 200-day moving average of $32.79. The stock has a market capitalization of $7.70 billion, a PE ratio of -29.69 and a beta of 5.72. The company has a quick ratio of 4.01, a current ratio of 4.01 and a debt-to-equity ratio of 2.88.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Monday, July 27th. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.30). The firm had revenue of $240.35 million for the quarter, compared to analyst estimates of $96.85 million. Applied Digital had a negative return on equity of 16.42% and a negative net margin of 37.78%.The company’s quarterly revenue was up 406.3% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.24) earnings per share. On average, analysts anticipate that Applied Digital Corporation will post -1.09 EPS for the current year.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Richard Nottenburg sold 75,000 shares of the business’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total transaction of $2,336,250.00. Following the completion of the sale, the director owned 133,378 shares of the company’s stock, valued at approximately $4,154,724.70. The trade was a 35.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 9.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Craig Hallum raised their price objective on Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Northland Securities set a $82.00 target price on Applied Digital and gave the company an “outperform” rating in a research note on Wednesday, June 17th. B. Riley Financial reiterated a “buy” rating and set a $75.00 target price (up from $66.00) on shares of Applied Digital in a research report on Monday, August 3rd. Lucid Cap Mkts raised Applied Digital to a “strong-buy” rating in a research note on Wednesday, May 27th. Finally, Compass Point restated a “buy” rating and issued a $70.00 price target on shares of Applied Digital in a report on Friday, May 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Applied Digital presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.15.

Applied Digital Company Profile

Applied Digital Corporation (NASDAQ:APLD) develops and operates digital infrastructure designed to support high-performance computing (HPC), artificial intelligence (AI) and other compute-intensive applications. The company provides data center capacity and related services to customers that require substantial computing power, connectivity and energy resources.

The company’s facilities are designed to support advanced computing workloads, including AI model development, cloud computing and digital asset-related applications.