FORA Capital LLC Invests $5.50 Million in Applied Digital Corporation $APLD

FORA Capital LLC purchased a new position in Applied Digital Corporation (NASDAQ:APLD) during the 2nd quarter, HoldingsChannel reports. The fund purchased 546,608 shares of the company’s stock, valued at approximately $5,504,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Headlands Technologies LLC raised its holdings in Applied Digital by 767.8% in the 2nd quarter. Headlands Technologies LLC now owns 378,451 shares of the company’s stock valued at $3,811,000 after acquiring an additional 334,841 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Applied Digital by 88.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 32,053 shares of the company’s stock worth $323,000 after purchasing an additional 15,002 shares during the last quarter. Sender Co & Partners Inc. purchased a new stake in shares of Applied Digital in the second quarter valued at approximately $218,000. Shellback Capital LP acquired a new stake in shares of Applied Digital in the second quarter valued at approximately $9,063,000. Finally, Situational Awareness LP lifted its position in Applied Digital by 63.3% during the second quarter. Situational Awareness LP now owns 6,591,800 shares of the company’s stock worth $66,379,000 after buying an additional 2,556,200 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on APLD shares. Lake Street Capital upped their target price on Applied Digital from $18.00 to $37.00 and gave the company a “buy” rating in a report on Friday, October 10th. B. Riley reissued a “buy” rating on shares of Applied Digital in a research report on Wednesday, October 22nd. Northland Securities upped their price objective on shares of Applied Digital to $40.00 and gave the company an “outperform” rating in a report on Friday, October 10th. Needham & Company LLC restated a “buy” rating and set a $41.00 price objective on shares of Applied Digital in a research report on Wednesday, October 29th. Finally, Compass Point initiated coverage on shares of Applied Digital in a report on Monday, September 15th. They issued a “buy” rating on the stock. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $26.20.

Insider Buying and Selling at Applied Digital

In related news, Director Richard N. Nottenburg sold 34,375 shares of the business’s stock in a transaction on Friday, October 24th. The stock was sold at an average price of $33.23, for a total value of $1,142,281.25. Following the sale, the director owned 263,612 shares in the company, valued at approximately $8,759,826.76. The trade was a 11.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mohammad Saidal Lavanw Mohmand sold 100,000 shares of the stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $34.08, for a total value of $3,408,000.00. Following the transaction, the chief financial officer directly owned 158,912 shares in the company, valued at approximately $5,415,720.96. The trade was a 38.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 328,035 shares of company stock valued at $11,376,479. Corporate insiders own 9.50% of the company’s stock.

Applied Digital Trading Down 9.4%

NASDAQ APLD opened at $27.86 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.65 and a quick ratio of 0.65. The stock has a market capitalization of $7.78 billion, a P/E ratio of -24.65 and a beta of 6.94. The firm’s 50-day moving average is $29.84 and its two-hundred day moving average is $19.59. Applied Digital Corporation has a 12 month low of $3.31 and a 12 month high of $40.20.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Thursday, October 9th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.08. The business had revenue of $64.22 million for 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 was up 84.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.15) EPS. On average, sell-side analysts anticipate 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.