Baker Avenue Asset Management LP Reduces Position in Applied Digital Corporation $APLD

Baker Avenue Asset Management LP lessened its stake in shares of Applied Digital Corporation (NASDAQ:APLD) by 31.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 30,375 shares of the company’s stock after selling 14,000 shares during the quarter. Baker Avenue Asset Management LP’s holdings in Applied Digital were worth $745,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in APLD. Vanguard Group Inc. lifted its stake in Applied Digital by 36.4% in the fourth quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock worth $592,601,000 after acquiring an additional 6,445,908 shares during the period. BNP Paribas Financial Markets lifted its position in Applied Digital by 24,356.8% during the second 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 period. Two Sigma Investments LP purchased a new position in Applied Digital during the third quarter valued at $69,535,000. 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 valued at $66,379,000 after buying an additional 2,556,200 shares during the period. Finally, HRT Financial LP purchased a new position in Applied Digital during the second quarter valued at $14,759,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Price Performance

NASDAQ APLD opened at $47.28 on Friday. Applied Digital Corporation has a one year low of $6.68 and a one year high of $50.72. The stock has a 50-day moving average of $34.40 and a 200 day moving average of $31.42. The company has a market capitalization of $13.51 billion, a price-to-earnings ratio of -63.89 and a beta of 5.69. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $108.55 million for the quarter, compared to the consensus estimate of $78.47 million. During the same quarter in the prior year, the firm earned ($0.08) earnings per share. The company’s revenue for the quarter was up 139.3% compared to the same quarter last year. On average, sell-side analysts forecast that Applied Digital Corporation will post -0.68 EPS for the current year.

Insider Transactions at Applied Digital

In other news, Director Richard N. Nottenburg sold 12,500 shares of Applied Digital stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $34.59, for a total transaction of $432,375.00. Following the transaction, the director directly owned 208,378 shares of the company’s stock, valued at $7,207,795.02. The trade was a 5.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $34.98, for a total value of $349,800.00. Following the transaction, the director directly owned 184,859 shares in the company, valued at approximately $6,466,367.82. The trade was a 5.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 35,000 shares of company stock worth $1,182,175. Insiders own 9.50% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Lake Street Capital reissued a “buy” rating and set a $70.00 price objective (up from $55.00) on shares of Applied Digital in a research report on Thursday, May 21st. Citizens Jmp raised their price objective on Applied Digital from $40.00 to $60.00 and gave the company a “market outperform” rating in a research report on Thursday, May 21st. B. Riley Financial reissued a “buy” rating and set a $66.00 price objective (up from $53.00) on shares of Applied Digital in a research report on Wednesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a research report on Friday, April 24th. Finally, Needham & Company LLC raised their price objective on Applied Digital from $51.00 to $66.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Three investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $59.11.

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.