Applied Digital Corporation $APLD Position Trimmed by Intech Investment Management LLC

Intech Investment Management LLC trimmed its stake in Applied Digital Corporation (NASDAQ:APLD) by 37.2% in the second quarter, Holdings Channel.com reports. The firm owned 75,367 shares of the company’s stock after selling 44,599 shares during the quarter. Intech Investment Management LLC’s holdings in Applied Digital were worth $759,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Atlantic Union Bankshares Corp acquired a new position in Applied Digital in the 2nd quarter valued at approximately $25,000. PNC Financial Services Group Inc. purchased a new position in shares of Applied Digital during the 1st quarter valued at $28,000. Geneos Wealth Management Inc. increased its stake in shares of Applied Digital by 113.3% in the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock worth $37,000 after acquiring an additional 3,542 shares during the last quarter. Ameriflex Group Inc. purchased a new stake in shares of Applied Digital during the second quarter worth $42,000. Finally, CWM LLC boosted its position in Applied Digital by 116.5% during the first quarter. CWM LLC now owns 9,506 shares of the company’s stock valued at $53,000 after purchasing an additional 5,116 shares during the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Applied Digital news, Director Richard N. Nottenburg sold 34,375 shares of the company’s stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $33.23, for a total transaction of $1,142,281.25. Following the completion of the sale, the director directly owned 263,612 shares in the company, valued at $8,759,826.76. This represents a 11.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mohammad Saidal Lavanw Mohmand sold 100,000 shares of the firm’s stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $34.08, for a total value of $3,408,000.00. Following the completion of the sale, the chief financial officer directly owned 158,912 shares in the company, valued at approximately $5,415,720.96. This represents a 38.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 823,035 shares of company stock worth $18,930,179. Insiders own 9.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on APLD. Needham & Company LLC reaffirmed a “buy” rating and issued a $41.00 target price on shares of Applied Digital in a research report on Wednesday, October 29th. Craig Hallum increased their price objective on Applied Digital to $39.00 and gave the stock a “buy” rating in a report on Thursday, October 23rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a research note on Wednesday, October 8th. B. Riley reissued a “buy” rating on shares of Applied Digital in a research report on Wednesday, October 22nd. Finally, Compass Point initiated coverage on shares of Applied Digital in a report on Monday, September 15th. They set a “buy” rating on the stock. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, Applied Digital currently has an average rating of “Moderate Buy” and an average price target of $26.20.

Applied Digital Stock Up 5.1%

Shares of Applied Digital stock opened at $24.94 on Thursday. Applied Digital Corporation has a 12-month low of $3.31 and a 12-month high of $40.20. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.29. The stock has a 50 day moving average price of $28.36 and a two-hundred day moving average price of $17.67. The stock has a market capitalization of $6.95 billion, a P/E ratio of -22.07 and a beta of 6.77.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Thursday, October 9th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.08. The business had revenue of $64.22 million during the quarter, compared to analysts’ expectations of $52.25 million. Applied Digital had a negative net margin of 111.29% and a negative return on equity of 37.14%. Applied Digital’s revenue for the quarter was up 84.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.15) earnings per share. Equities analysts expect that Applied Digital Corporation will post -0.96 earnings per share for the current year.

About Applied Digital

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.