Apollon Wealth Management LLC Invests $359,000 in Applied Digital Corporation $APLD

Apollon Wealth Management LLC acquired a new stake in Applied Digital Corporation (NASDAQ:APLD) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 15,142 shares of the company’s stock, valued at approximately $359,000.

A number of other institutional investors have also modified their holdings of the company. Noble Wealth Management PBC acquired a new position in Applied Digital during the 4th quarter worth about $25,000. Albion Financial Group UT purchased a new position in Applied Digital during the 4th quarter valued at about $25,000. Activest Wealth Management acquired a new position in Applied Digital in the 4th quarter valued at about $25,000. Ameriflex Group Inc. acquired a new position in Applied Digital in the 4th quarter valued at about $25,000. Finally, McMillan Office Inc. acquired a new position in Applied Digital in the 4th quarter valued at about $25,000. 65.67% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Roth Mkm reissued a “buy” rating and set a $65.00 price target on shares of Applied Digital in a research report on Thursday, April 23rd. Citizens Jmp lifted their price objective on shares of Applied Digital from $40.00 to $60.00 and gave the company a “market outperform” rating in a report on Thursday, May 21st. Northland Securities set a $82.00 target price on shares of Applied Digital and gave the stock an “outperform” rating in a research note on Wednesday, June 17th. B. Riley Financial reiterated a “buy” rating and set a $66.00 target price (up from $53.00) on shares of Applied Digital in a report on Wednesday, May 27th. Finally, Compass Point reissued a “buy” rating and issued a $70.00 price target on shares of Applied Digital in a research report on Friday, May 22nd. Three 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 company. According to data from MarketBeat, Applied Digital has a consensus rating of “Moderate Buy” and a consensus target price of $70.56.

Insider Activity at Applied Digital

In related news, Director Richard N. Nottenburg sold 12,500 shares of the firm’s stock in a transaction that occurred 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 $7,207,795.02. This trade represents a 5.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $34.98, for a total transaction of $349,800.00. Following the completion of the transaction, the director owned 184,859 shares of the company’s stock, valued at $6,466,367.82. This represents a 5.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 35,000 shares of company stock worth $1,182,175. 9.50% of the stock is owned by corporate insiders.

Applied Digital Trading Up 1.3%

Shares of NASDAQ APLD opened at $33.50 on Tuesday. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38. The stock’s 50-day moving average is $41.77 and its two-hundred day moving average is $34.22. Applied Digital Corporation has a 1-year low of $9.02 and a 1-year high of $50.72.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, April 8th. The company reported ($0.36) earnings per share (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 company had revenue of $108.55 million during the quarter, compared to analysts’ expectations of $78.47 million. During the same quarter in the previous year, the business posted ($0.08) EPS. The business’s quarterly revenue was up 139.3% compared to the same quarter last year. Analysts anticipate that Applied Digital Corporation will post -0.7 EPS for the current fiscal year.

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.