Applied Digital Co. (NASDAQ:APLD) Shares Sold by 272 Capital LP

272 Capital LP cut its stake in Applied Digital Co. (NASDAQ:APLD) by 19.9% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,631,453 shares of the company’s stock after selling 404,233 shares during the period. Applied Digital makes up 4.9% of 272 Capital LP’s investment portfolio, making the stock its 4th largest position. 272 Capital LP owned about 1.19% of Applied Digital worth $9,707,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the stock. Principal Financial Group Inc. purchased a new stake in shares of Applied Digital during the 1st quarter worth about $50,000. Headlands Technologies LLC grew its stake in Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after purchasing an additional 6,933 shares in the last quarter. ARS Investment Partners LLC purchased a new stake in Applied Digital during the 2nd quarter worth approximately $60,000. Capstone Investment Advisors LLC acquired a new stake in Applied Digital in the fourth quarter valued at $78,000. Finally, ICA Group Wealth Management LLC acquired a new stake in shares of Applied Digital in the 4th quarter valued at about $81,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Insider Buying and Selling

In other news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $5.50, for a total transaction of $55,000.00. Following the completion of the transaction, the director now directly owns 218,506 shares in the company, valued at approximately $1,201,783. The transaction was disclosed in a document filed with the SEC, which is available at this link. 20.50% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently issued reports on the company. HC Wainwright reissued a “buy” rating and issued a $5.00 price target on shares of Applied Digital in a report on Thursday, August 29th. Roth Mkm reiterated a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a research report on Thursday, September 5th. B. Riley lifted their target price on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Finally, Needham & Company LLC restated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research report on Monday, September 9th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $8.40.

Applied Digital Price Performance

NASDAQ:APLD opened at $6.70 on Tuesday. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14. The firm has a market cap of $919.30 million, a PE ratio of -8.48 and a beta of 4.51. Applied Digital Co. has a 12 month low of $2.36 and a 12 month high of $8.65. The company’s 50-day moving average price is $4.79 and its two-hundred day moving average price is $4.47.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Wednesday, August 28th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.29). The company had revenue of $43.70 million for the quarter, compared to the consensus estimate of $42.70 million. Applied Digital had a negative return on equity of 111.80% and a negative net margin of 88.95%. During the same quarter last year, the business posted ($0.07) EPS. On average, equities analysts anticipate that Applied Digital Co. will post -1.02 EPS for the current fiscal year.

About Applied Digital

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.