Applied Digital Corporation $APLD Stake Boosted by Corebridge Financial Inc.

Corebridge Financial Inc. grew its stake in shares of Applied Digital Corporation (NASDAQ:APLD) by 2.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 97,224 shares of the company’s stock after purchasing an additional 1,899 shares during the quarter. Corebridge Financial Inc.’s holdings in Applied Digital were worth $546,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. PNC Financial Services Group Inc. acquired a new position in shares of Applied Digital during the first quarter worth approximately $28,000. CWM LLC boosted its position in shares of Applied Digital by 116.5% during the first quarter. CWM LLC now owns 9,506 shares of the company’s stock worth $53,000 after buying an additional 5,116 shares during the period. Semus Wealth Partners LLC acquired a new position in shares of Applied Digital during the first quarter worth approximately $56,000. Lbmc Investment Advisors LLC acquired a new position in shares of Applied Digital during the first quarter worth approximately $67,000. Finally, Mayfair Advisory Group LLC acquired a new position in shares of Applied Digital during the first quarter worth approximately $68,000. 65.67% of the stock is owned by institutional investors.

Applied Digital Stock Performance

APLD opened at $13.89 on Monday. Applied Digital Corporation has a 1-year low of $3.31 and a 1-year high of $17.60. The business has a 50 day moving average price of $12.82 and a two-hundred day moving average price of $9.20. The company has a market capitalization of $3.63 billion, a price-to-earnings ratio of -12.74 and a beta of 6.65. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.77 and a quick ratio of 0.77.

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

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Roth Capital reiterated a “buy” rating on shares of Applied Digital in a research report on Monday, June 2nd. JMP Securities increased their price objective on shares of Applied Digital from $12.00 to $18.00 and gave the company a “market outperform” rating in a report on Tuesday, June 3rd. Compass Point upgraded shares of Applied Digital from a “neutral” rating to a “buy” rating and set a $13.00 price objective for the company in a report on Friday, July 25th. Craig Hallum upped their target price on Applied Digital from $12.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, August 18th. Finally, Needham & Company LLC upped their target price on Applied Digital from $12.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $15.64.

Insider Activity

In other news, CEO Wes Cummins sold 400,000 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total value of $6,104,000.00. Following the completion of the sale, the chief executive officer owned 2,659,379 shares in the company, valued at $40,582,123.54. This represents a 13.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Richard N. Nottenburg sold 20,000 shares of the company’s stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total transaction of $305,200.00. Following the completion of the transaction, the director directly owned 297,987 shares in the company, valued at $4,547,281.62. This trade represents a 6.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 506,250 shares of company stock worth $7,713,675 over the last quarter. Corporate insiders own 11.81% of the company’s stock.

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.