D.A. Davidson & CO. Trims Stock Position in Applied Digital Corporation $APLD

D.A. Davidson & CO. lessened its stake in shares of Applied Digital Corporation (NASDAQ:APLD) by 13.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,750 shares of the company’s stock after selling 1,800 shares during the quarter. D.A. Davidson & CO.’s holdings in Applied Digital were worth $118,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Mountain Capital Investment Advisors Inc. purchased a new stake in shares of Applied Digital during the 2nd quarter worth approximately $114,000. Vanguard Personalized Indexing Management LLC purchased a new stake in Applied Digital in the second quarter valued at approximately $102,000. Sovereign Financial Group Inc. purchased a new stake in Applied Digital in the second quarter valued at approximately $194,000. SLT Holdings LLC purchased a new stake in Applied Digital in the second quarter valued at approximately $176,000. Finally, Blair William & Co. IL lifted its stake in Applied Digital by 42.6% in the second quarter. Blair William & Co. IL now owns 138,163 shares of the company’s stock valued at $1,391,000 after buying an additional 41,253 shares during the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on APLD. Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a research note on Wednesday, October 8th. B. Riley reiterated a “buy” rating on shares of Applied Digital in a research note on Wednesday, October 22nd. Citigroup reiterated an “outperform” rating on shares of Applied Digital in a research note on Thursday, October 9th. Northland Securities boosted their price objective on Applied Digital to $40.00 and gave the company an “outperform” rating in a research note on Friday, October 10th. Finally, HC Wainwright boosted their price objective on Applied Digital from $20.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $26.20.

Applied Digital Trading Up 2.1%

NASDAQ:APLD opened at $34.66 on Friday. The stock has a fifty day moving average price of $24.76 and a two-hundred day moving average price of $14.85. The stock has a market capitalization of $9.69 billion, a price-to-earnings ratio of -30.67 and a beta of 6.77. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.65 and a current ratio of 0.65. Applied Digital Corporation has a 1 year low of $3.31 and a 1 year high of $40.20.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Thursday, October 9th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.08. The firm had revenue of $38.01 million during the quarter, compared to analysts’ expectations of $52.25 million. Applied Digital had a negative return on equity of 37.14% and a negative net margin of 111.29%.Applied Digital’s revenue was up 84.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.15) earnings per share. As a group, sell-side analysts anticipate that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Ella G. Benson sold 42,569 shares of the stock in a transaction on Wednesday, October 29th. The stock was sold at an average price of $35.30, for a total value of $1,502,685.70. Following the completion of the transaction, the director owned 69,256 shares in the company, valued at approximately $2,444,736.80. This represents a 38.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard N. Nottenburg sold 34,375 shares of the stock in a transaction on Friday, October 24th. The stock was sold at an average price of $33.23, for a total value of $1,142,281.25. Following the completion of the transaction, the director owned 263,612 shares of the company’s stock, valued at $8,759,826.76. The trade was a 11.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 834,285 shares of company stock valued at $19,090,154 in the last three months. Insiders own 9.50% 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.