Hsbc Holdings PLC Takes Position in Applied Digital Corporation $APLD

Hsbc Holdings PLC bought a new position in shares of Applied Digital Corporation (NASDAQ:APLD) in the fourth quarter, Holdings Channel reports. The firm bought 1,167,779 shares of the company’s stock, valued at approximately $29,510,000.

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

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 12,500 shares of the business’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 transaction, the director owned 208,378 shares in the company, valued at $7,207,795.02. The trade was a 5.66% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $34.98, for a total transaction of $349,800.00. Following the completion of the transaction, the director directly 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 35,000 shares of company stock worth $1,182,175 in the last ninety days. 9.50% of the stock is currently owned by insiders.

Applied Digital Stock Up 1.3%

Shares of NASDAQ:APLD opened at $33.50 on Tuesday. The company has a market capitalization of $9.57 billion, a price-to-earnings ratio of -45.27 and a beta of 5.67. The company has a 50 day moving average of $41.77 and a two-hundred day moving average of $34.22. Applied Digital Corporation has a 52-week low of $9.02 and a 52-week high of $50.72. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). The firm had revenue of $108.55 million for the quarter, compared to analyst estimates of $78.47 million. Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The company’s revenue for the quarter was up 139.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.08) earnings per share. As a group, analysts forecast that Applied Digital Corporation will post -0.7 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently weighed in on APLD. Weiss Ratings restated a “sell (d-)” rating on shares of Applied Digital in a report on Friday, April 24th. Northland Securities set a $82.00 price target on Applied Digital and gave the company an “outperform” rating in a report on Wednesday, June 17th. Compass Point reissued a “buy” rating and issued a $70.00 price objective on shares of Applied Digital in a research report on Friday, May 22nd. Zacks Research cut Applied Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, June 8th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $65.00 target price on shares of Applied Digital in a research report on Thursday, April 23rd. Three equities research 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $70.56.

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.