PFG Investments LLC Has $788,000 Stake in Applied Digital Corporation $APLD

PFG Investments LLC trimmed its position in shares of Applied Digital Corporation (NASDAQ:APLD) by 53.3% in the first quarter, Holdings Channel reports. The fund owned 33,210 shares of the company’s stock after selling 37,850 shares during the quarter. PFG Investments LLC’s holdings in Applied Digital were worth $788,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in APLD. Cannon Capital Management Inc. bought a new stake in Applied Digital in the 4th quarter valued at $3,635,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Applied Digital during the 4th quarter worth about $2,674,000. Azora Capital LP acquired a new position in shares of Applied Digital during the third quarter valued at about $3,000,000. Prime Capital Investment Advisors LLC acquired a new position in shares of Applied Digital during the fourth quarter valued at about $1,284,000. Finally, M&T Bank Corp bought a new stake in shares of Applied Digital in the fourth quarter valued at about $2,232,000. 65.67% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the company’s 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 in the company, valued at $6,466,367.82. This represents a 5.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Richard N. Nottenburg sold 12,500 shares of the stock in a transaction 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 owned 208,378 shares of the company’s stock, valued at $7,207,795.02. This represents a 5.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 35,000 shares of company stock worth $1,182,175. 9.50% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on APLD shares. Compass Point reissued a “buy” rating and set a $70.00 target price on shares of Applied Digital in a research report on Friday, May 22nd. Zacks Research downgraded Applied Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, June 8th. Lucid Cap Mkts upgraded Applied Digital to a “strong-buy” rating in a research report on Wednesday, May 27th. Needham & Company LLC upped their target price on Applied Digital from $66.00 to $83.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Finally, Citizens Jmp raised their target price on Applied Digital from $40.00 to $60.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 21st. Three 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $70.56.

Applied Digital Price Performance

APLD traded down $3.00 during midday trading on Tuesday, reaching $30.50. 3,508,873 shares of the company’s stock were exchanged, compared to its average volume of 24,930,055. 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 has a 50-day simple moving average of $41.77 and a two-hundred day simple moving average of $34.22. The firm has a market capitalization of $8.72 billion, a price-to-earnings ratio of -41.21 and a beta of 5.67. Applied Digital Corporation has a one year low of $9.02 and a one year high of $50.72.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data 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 company had revenue of $108.55 million during the quarter, compared to the consensus estimate of $78.47 million. During the same quarter in the prior year, the company posted ($0.08) earnings per share. The company’s revenue for the quarter was up 139.3% on a year-over-year basis. As a group, research analysts predict that Applied Digital Corporation will post -0.7 EPS for the current year.

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.