Principal Financial Group Inc. Sells 2,097 Shares of Applied Digital Co. (NASDAQ:APLD)

Principal Financial Group Inc. trimmed its position in Applied Digital Co. (NASDAQ:APLD) by 17.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,083 shares of the company’s stock after selling 2,097 shares during the quarter. Principal Financial Group Inc.’s holdings in Applied Digital were worth $83,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its stake in shares of Applied Digital by 8.8% in the third quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock worth $309,000 after purchasing an additional 3,040 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Applied Digital by 14.4% during the third quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company’s stock valued at $355,000 after acquiring an additional 5,423 shares during the period. FMR LLC lifted its position in shares of Applied Digital by 99.1% in the third quarter. FMR LLC now owns 13,071 shares of the company’s stock valued at $108,000 after acquiring an additional 6,507 shares in the last quarter. ICA Group Wealth Management LLC boosted its stake in shares of Applied Digital by 56.8% in the second quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock worth $112,000 after acquiring an additional 6,795 shares during the period. Finally, Headlands Technologies LLC grew its position in shares of Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after purchasing an additional 6,933 shares in the last quarter. Institutional investors own 65.67% of the company’s stock.

Insider Activity at Applied Digital

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the transaction, the chief executive officer now owns 3,875,955 shares in the company, valued at $35,658,786. The trade was a 4.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total transaction of $80,100.00. Following the completion of the sale, the director now directly owns 208,506 shares in the company, valued at approximately $1,670,133.06. This represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 359,369 shares of company stock worth $3,115,161. Company insiders own 11.81% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Lake Street Capital boosted their price target on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Craig Hallum upped their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Roth Mkm reiterated a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a report on Thursday, October 10th. B. Riley increased their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a report on Friday, September 13th. Finally, Cantor Fitzgerald initiated coverage on Applied Digital in a report on Friday, December 20th. They issued an “overweight” rating and a $15.00 target price on the stock. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $11.14.

Applied Digital Stock Performance

Shares of NASDAQ:APLD opened at $9.42 on Wednesday. The firm has a fifty day simple moving average of $8.53 and a two-hundred day simple moving average of $6.83. Applied Digital Co. has a 52 week low of $2.36 and a 52 week high of $11.25. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $1.99 billion, a P/E ratio of -8.05 and a beta of 4.78.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.13. The business had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The company’s revenue for the quarter was up 67.2% on a year-over-year basis. During the same period last year, the company earned ($0.10) EPS. On average, analysts expect that Applied Digital Co. will post -0.4 earnings per share 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.