PFG Investments LLC Makes New Investment in Applied Digital Corporation (NASDAQ:APLD)

PFG Investments LLC purchased a new position in Applied Digital Corporation (NASDAQ:APLD) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,030 shares of the company’s stock, valued at approximately $79,000.

Other hedge funds have also modified their holdings of the company. US Bancorp DE bought a new position in Applied Digital during the fourth quarter valued at $37,000. Jones Financial Companies Lllp purchased a new position in Applied Digital during the 4th quarter valued at about $39,000. Amalgamated Bank increased its position in Applied Digital by 113.3% during the 4th quarter. Amalgamated Bank now owns 6,538 shares of the company’s stock valued at $50,000 after purchasing an additional 3,473 shares during the period. Lbmc Investment Advisors LLC bought a new stake in shares of Applied Digital in the 1st quarter valued at about $67,000. Finally, Mayfair Advisory Group LLC bought a new stake in shares of Applied Digital in the 1st quarter valued at about $68,000. 65.67% of the stock is currently owned by institutional investors.

Applied Digital Trading Up 7.5%

NASDAQ APLD opened at $10.56 on Friday. The firm’s 50-day moving average is $7.85 and its two-hundred day moving average is $7.68. Applied Digital Corporation has a 12 month low of $3.01 and a 12 month high of $15.42. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.70 and a quick ratio of 0.70. The stock has a market capitalization of $2.38 billion, a P/E ratio of -7.71 and a beta of 6.08.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.05). The company had revenue of $52.92 million during the quarter, compared to analyst estimates of $62.91 million. Applied Digital had a negative net margin of 109.99% and a negative return on equity of 77.49%. During the same period in the previous year, the company earned ($0.24) EPS. On average, sell-side analysts anticipate that Applied Digital Corporation will post -0.96 earnings per share for the current year.

Analyst Ratings Changes

APLD has been the subject of a number of recent analyst reports. Compass Point reiterated a “neutral” rating and issued a $13.00 target price (up from $10.00) on shares of Applied Digital in a research note on Monday, June 9th. Craig Hallum lifted their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Tuesday, June 3rd. HC Wainwright boosted their price target on shares of Applied Digital from $7.00 to $12.00 and gave the stock a “buy” rating in a report on Tuesday, June 3rd. Roth Capital reissued a “buy” rating on shares of Applied Digital in a research note on Monday, June 2nd. Finally, Citizens Jmp raised shares of Applied Digital to a “strong-buy” rating and set a $12.00 price target on the stock in a research report on Thursday, May 22nd. One investment analyst has rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Applied Digital has an average rating of “Buy” and an average target price of $12.73.

Insiders Place Their Bets

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the business’s stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total transaction of $169,484.00. Following the sale, the director now directly owns 83,613 shares in the company, valued at $585,291. This represents a 22.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 11.81% of the company’s stock.

Applied Digital Company Profile

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.