Kestra Private Wealth Services LLC Raises Stake in Applied Digital Corporation $APLD

Kestra Private Wealth Services LLC increased its holdings in shares of Applied Digital Corporation (NASDAQ:APLD) by 25.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 69,423 shares of the company’s stock after acquiring an additional 13,961 shares during the period. Kestra Private Wealth Services LLC’s holdings in Applied Digital were worth $1,648,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Noble Wealth Management PBC bought a new stake in shares of Applied Digital in the 4th quarter worth approximately $25,000. Albion Financial Group UT bought a new position in Applied Digital during the 4th quarter valued at approximately $25,000. Activest Wealth Management purchased a new position in Applied Digital during the fourth quarter valued at $25,000. Ameriflex Group Inc. purchased a new position in Applied Digital during the fourth quarter valued at $25,000. Finally, McMillan Office Inc. purchased a new position in Applied Digital during the fourth quarter valued at $25,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Stock Down 3.5%

APLD stock opened at $37.77 on Tuesday. Applied Digital Corporation has a 1-year low of $9.02 and a 1-year high of $50.72. The business has a fifty day moving average price of $41.59 and a 200-day moving average price of $33.97. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.38 and a quick ratio of 2.38. The stock has a market capitalization of $10.79 billion, a P/E ratio of -51.04 and a beta of 5.69.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate 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 business had revenue of $108.55 million for the quarter, compared to analysts’ expectations of $78.47 million. During the same period last year, the business earned ($0.08) earnings per share. The company’s quarterly revenue was up 139.3% on a year-over-year basis. Equities analysts forecast that Applied Digital Corporation will post -0.68 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on APLD shares. Compass Point reissued a “buy” rating and issued a $70.00 target price on shares of Applied Digital in a research note on Friday, May 22nd. Wall Street Zen lowered Applied Digital from a “hold” rating to a “sell” rating in a research report on Saturday, April 11th. B. Riley Financial reiterated a “buy” rating and issued a $66.00 price target (up from $53.00) on shares of Applied Digital in a research note on Wednesday, May 27th. Needham & Company LLC increased their price objective on shares of Applied Digital from $66.00 to $83.00 and gave the company a “buy” rating in a research report on Tuesday, June 9th. Finally, Lake Street Capital lifted their target price on shares of Applied Digital from $70.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $70.56.

Insider Buying and Selling

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on 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 owned 184,859 shares of the company’s stock, valued at approximately $6,466,367.82. The trade was a 5.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Richard N. Nottenburg sold 12,500 shares of the company’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $34.59, for a total value of $432,375.00. Following the sale, the director 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 position. The SEC filing for this sale provides additional information. Insiders sold 35,000 shares of company stock valued at $1,182,175 over the last quarter. Company insiders own 9.50% of the company’s stock.

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.