Alight Capital Management LP Buys 100,000 Shares of Applied Digital Corporation $APLD

Alight Capital Management LP raised its stake in Applied Digital Corporation (NASDAQ:APLD) by 200.0% during the fourth quarter, HoldingsChannel.com reports. The fund owned 150,000 shares of the company’s stock after purchasing an additional 100,000 shares during the quarter. Alight Capital Management LP’s holdings in Applied Digital were worth $3,678,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Noble Wealth Management PBC bought a new stake in shares of Applied Digital in the 4th quarter worth about $25,000. Albion Financial Group UT bought a new stake in shares of Applied Digital in the 4th quarter worth about $25,000. Activest Wealth Management bought a new stake in shares of Applied Digital in the 4th quarter worth about $25,000. McMillan Office Inc. bought a new stake in shares of Applied Digital in the 4th quarter worth about $25,000. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in shares of Applied Digital in the 2nd quarter worth about $26,000. 65.67% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on APLD shares. Roth Mkm restated a “buy” rating and issued a $65.00 target price on shares of Applied Digital in a report on Thursday, April 23rd. Compass Point restated a “buy” rating and issued a $70.00 target price on shares of Applied Digital in a report on Friday, May 22nd. Lucid Cap Mkts upgraded shares of Applied Digital to a “strong-buy” rating in a report on Wednesday, May 27th. Wall Street Zen downgraded shares of Applied Digital from a “hold” rating to a “sell” rating in a report on Saturday, April 11th. Finally, Citigroup restated a “market outperform” rating on shares of Applied Digital in a report on Tuesday, June 9th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $70.56.

Applied Digital Stock Performance

Shares of NASDAQ:APLD opened at $45.57 on Thursday. The company has a market capitalization of $13.02 billion, a price-to-earnings ratio of -61.58 and a beta of 5.69. Applied Digital Corporation has a 12 month low of $9.02 and a 12 month high of $50.72. The firm’s 50-day moving average is $39.22 and its 200 day moving average is $33.24. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.23). The firm had revenue of $108.55 million for the quarter, compared to the consensus estimate of $78.47 million. Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. The business’s revenue for the quarter was up 139.3% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.08) earnings per share. Research analysts predict that Applied Digital Corporation will post -0.68 EPS for the current year.

Insider Activity

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the business’s 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 completion of the sale, the director directly owned 184,859 shares of the company’s stock, valued at $6,466,367.82. The trade was a 5.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard N. Nottenburg sold 12,500 shares of the business’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $34.59, for a total transaction of $432,375.00. Following the completion of the sale, the director directly owned 208,378 shares of the company’s stock, valued at approximately $7,207,795.02. This trade represents a 5.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 35,000 shares of company stock valued at $1,182,175. 9.50% of the stock is owned by corporate insiders.

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.