Steamboat Capital Partners LLC Invests $7.20 Million in Applied Digital Corporation $APLD

Steamboat Capital Partners LLC bought a new position in shares of Applied Digital Corporation (NASDAQ:APLD) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 193,105 shares of the company’s stock, valued at approximately $7,203,000. Steamboat Capital Partners LLC owned approximately 0.07% of Applied Digital at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. California State Teachers Retirement System raised its holdings in Applied Digital by 3,718.0% in 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 acquiring an additional 10,830,623 shares in the last quarter. Equitec Proprietary Markets LLC acquired a new stake in shares of Applied Digital during the second quarter worth $312,349,000. Value Aligned Research Advisors LLC acquired a new position in shares of Applied Digital in the 4th quarter valued at about $138,380,000. Situational Awareness LP grew its position in shares of Applied Digital by 87.0% during the 4th quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock valued at $278,034,000 after buying an additional 5,274,905 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position 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 valued at $52,561,000 after buying an additional 5,198,223 shares during the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Applied Digital

In related news, Director Richard Nottenburg sold 75,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total value of $2,336,250.00. Following the transaction, the director owned 133,378 shares in the company, valued at approximately $4,154,724.70. This represents a 35.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 9.50% of the stock is owned by company insiders.

Applied Digital Trading Up 7.4%

Shares of APLD opened at $28.31 on Wednesday. The business’s 50-day moving average price is $28.74 and its 200 day moving average price is $32.87. The stock has a market capitalization of $8.25 billion, a P/E ratio of -31.81 and a beta of 5.72. The company has a current ratio of 4.01, a quick ratio of 4.01 and a debt-to-equity ratio of 2.88. Applied Digital Corporation has a 1-year low of $13.91 and a 1-year high of $50.72.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on APLD shares. Needham & Company LLC restated a “buy” rating and set a $83.00 price objective on shares of Applied Digital in a research report on Tuesday, July 28th. Lake Street Capital raised their target price on Applied Digital from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Zacks Research downgraded shares of Applied Digital from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 26th. Citigroup restated a “market outperform” rating on shares of Applied Digital in a research report on Monday, August 3rd. Finally, Citizens Jmp increased their price objective 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. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $68.15.

Applied Digital Company 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.