Ardmore Road Asset Management LP Invests $4.57 Million in Applied Digital Corporation $APLD

Ardmore Road Asset Management LP bought a new stake in Applied Digital Corporation (NASDAQ:APLD) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 453,365 shares of the company’s stock, valued at approximately $4,565,000. Ardmore Road Asset Management LP owned about 0.17% of Applied Digital as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Atlantic Union Bankshares Corp acquired a new position in Applied Digital during the second quarter valued at approximately $25,000. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Applied Digital during the 2nd quarter worth approximately $26,000. Ameriflex Group Inc. acquired a new stake in shares of Applied Digital in the 2nd quarter valued at approximately $42,000. PNC Financial Services Group Inc. bought a new position in shares of Applied Digital in the first quarter valued at $28,000. Finally, Geneos Wealth Management Inc. grew its stake in shares of Applied Digital by 113.3% in the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock valued at $37,000 after buying an additional 3,542 shares in the last quarter. Institutional investors own 65.67% of the company’s stock.

Insider Buying and Selling at Applied Digital

In related news, CFO Mohammad Saidal Lavanw Mohmand sold 37,503 shares of the business’s stock in a transaction on Tuesday, October 28th. The stock was sold at an average price of $36.47, for a total value of $1,367,734.41. Following the completion of the sale, the chief financial officer directly owned 121,409 shares in the company, valued at $4,427,786.23. The trade was a 23.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Rachel H. Lee sold 24,213 shares of the company’s stock in a transaction on Friday, October 24th. The shares were sold at an average price of $33.20, for a total value of $803,871.60. Following the completion of the transaction, the director directly owned 59,400 shares in the company, valued at approximately $1,972,080. This represents a 28.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 328,035 shares of company stock worth $11,376,479 in the last 90 days. Company insiders own 9.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on APLD shares. Compass Point began coverage on shares of Applied Digital in a research report on Monday, September 15th. They set a “buy” rating on the stock. B. Riley restated a “buy” rating on shares of Applied Digital in a research note on Wednesday, October 22nd. Lake Street Capital upped their target price on shares of Applied Digital from $18.00 to $37.00 and gave the company a “buy” rating in a report on Friday, October 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a report on Wednesday, October 8th. Finally, Citigroup reissued an “outperform” rating on shares of Applied Digital in a research report on Thursday, October 9th. One equities research 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 company. According to data from MarketBeat, Applied Digital presently has a consensus rating of “Moderate Buy” and an average price target of $26.20.

Applied Digital Stock Performance

Shares of APLD stock opened at $31.22 on Friday. Applied Digital Corporation has a 52 week low of $3.31 and a 52 week high of $40.20. The company has a market capitalization of $8.70 billion, a price-to-earnings ratio of -27.63 and a beta of 6.94. The company has a 50-day simple moving average of $29.22 and a 200 day simple moving average of $18.77. 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 (NASDAQ:APLD) last released its quarterly earnings results on Thursday, October 9th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.08. Applied Digital had a negative net margin of 111.29% and a negative return on equity of 37.14%. The firm had revenue of $64.22 million for the quarter, compared to analysts’ expectations of $52.25 million. During the same period in the prior year, the firm earned ($0.15) EPS. The business’s revenue was up 84.3% on a year-over-year basis. On average, sell-side analysts predict that Applied Digital Corporation will post -0.96 earnings per share for the current year.

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.