Baker Avenue Asset Management LP Increases Holdings in Applied Digital Corporation $APLD

Baker Avenue Asset Management LP boosted its position in shares of Applied Digital Corporation (NASDAQ:APLD) by 88.2% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 52,500 shares of the company’s stock after purchasing an additional 24,600 shares during the quarter. Baker Avenue Asset Management LP’s holdings in Applied Digital were worth $529,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Jump Financial LLC bought a new position in shares of Applied Digital during the 2nd quarter worth $1,617,000. Ardmore Road Asset Management LP purchased a new stake in Applied Digital in the second quarter worth about $4,565,000. Two Seas Capital LP bought a new position in Applied Digital during the 2nd quarter worth about $5,035,000. Invesco Ltd. grew its holdings in Applied Digital by 14.0% during the 2nd quarter. Invesco Ltd. now owns 219,758 shares of the company’s stock worth $2,213,000 after acquiring an additional 26,969 shares in the last quarter. Finally, Beacon Pointe Advisors LLC increased its position in Applied Digital by 19.1% during the 2nd quarter. Beacon Pointe Advisors LLC now owns 30,000 shares of the company’s stock valued at $302,000 after purchasing an additional 4,820 shares during the period. 65.67% of the stock is owned by institutional investors.

Insider Activity at Applied Digital

In other news, CFO Mohammad Saidal Lavanw Mohmand sold 37,503 shares of the firm’s stock in a transaction dated Tuesday, October 28th. The stock was sold at an average price of $36.47, for a total value of $1,367,734.41. Following the completion of the transaction, the chief financial officer directly owned 121,409 shares in the company, valued at $4,427,786.23. This trade represents a 23.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ella G. Benson sold 42,569 shares of Applied Digital stock in a transaction dated Wednesday, October 29th. The stock was sold at an average price of $35.30, for a total value of $1,502,685.70. Following the sale, the director directly owned 69,256 shares of the company’s stock, valued at $2,444,736.80. This trade represents a 38.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 328,035 shares of company stock worth $11,376,479 in the last quarter. 9.50% of the stock is owned by insiders.

Applied Digital Stock Up 2.1%

NASDAQ:APLD opened at $32.77 on Wednesday. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.29. Applied Digital Corporation has a twelve month low of $3.31 and a twelve month high of $40.20. The company has a market cap of $9.13 billion, a PE ratio of -29.00 and a beta of 6.95. The company’s 50 day moving average is $29.61 and its two-hundred day moving average is $19.21.

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

Analysts Set New Price Targets

APLD has been the subject of several research reports. Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a research report on Thursday, October 9th. HC Wainwright upped their target price on Applied Digital from $20.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, October 10th. Wall Street Zen cut Applied Digital from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. B. Riley reissued a “buy” rating on shares of Applied Digital in a research report on Wednesday, October 22nd. Finally, Northland Securities raised their price objective on Applied Digital to $40.00 and gave the company an “outperform” rating in a research report on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Applied Digital currently has a consensus rating of “Moderate Buy” and an average target price of $26.20.

Applied Digital Profile

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.