Swiss National Bank Trims Position in Applied Digital Corporation $APLD

Swiss National Bank lessened its stake in shares of Applied Digital Corporation (NASDAQ:APLD) by 3.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 327,400 shares of the company’s stock after selling 11,400 shares during the quarter. Swiss National Bank owned about 0.15% of Applied Digital worth $1,840,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. PNC Financial Services Group Inc. purchased a new position in Applied Digital during the 1st quarter valued at about $28,000. CWM LLC grew its holdings in Applied Digital by 116.5% during the 1st quarter. CWM LLC now owns 9,506 shares of the company’s stock valued at $53,000 after buying an additional 5,116 shares in the last quarter. GAMMA Investing LLC grew its holdings in Applied Digital by 1,237.4% during the 1st quarter. GAMMA Investing LLC now owns 9,576 shares of the company’s stock valued at $540,000 after buying an additional 8,860 shares in the last quarter. NewEdge Advisors LLC grew its holdings in Applied Digital by 143.1% during the 4th quarter. NewEdge Advisors LLC now owns 9,810 shares of the company’s stock valued at $75,000 after buying an additional 5,775 shares in the last quarter. Finally, Semus Wealth Partners LLC purchased a new position in Applied Digital during the 1st quarter valued at about $56,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on APLD shares. Lake Street Capital lifted their target price on Applied Digital from $14.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, July 31st. Needham & Company LLC upped their price objective on shares of Applied Digital from $12.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, July 31st. Roth Capital restated a “buy” rating on shares of Applied Digital in a research report on Monday, June 2nd. Citigroup restated an “outperform” rating on shares of Applied Digital in a research report on Tuesday, June 3rd. Finally, Compass Point upgraded shares of Applied Digital from a “neutral” rating to a “buy” rating and set a $13.00 price objective on the stock in a research report on Friday, July 25th. One analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $15.18.

Applied Digital Stock Up 1.8%

APLD stock opened at $16.05 on Friday. The stock has a market cap of $4.20 billion, a price-to-earnings ratio of -14.72 and a beta of 6.17. The company’s 50 day moving average is $11.81 and its 200 day moving average is $8.72. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.36. Applied Digital Corporation has a 1-year low of $3.01 and a 1-year high of $16.92.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Wednesday, July 30th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.12). The business had revenue of $38.01 million during the quarter, compared to analyst estimates of $42.86 million. Applied Digital had a negative return on equity of 50.03% and a negative net margin of 107.22%.Applied Digital’s revenue for the quarter was up 41.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.14) earnings per share. Sell-side analysts predict that Applied Digital Corporation will post -0.96 EPS for the current fiscal year.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 11,250 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $14.22, for a total value of $159,975.00. Following the completion of the sale, the director owned 317,987 shares of the company’s stock, valued at $4,521,775.14. This represents a 3.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 11.81% of the stock is currently owned by corporate insiders.

Applied Digital 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.