Baker Avenue Asset Management LP Buys 24,600 Shares of Applied Digital Corporation $APLD

Baker Avenue Asset Management LP increased its stake in shares of Applied Digital Corporation (NASDAQ:APLD) by 88.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 52,500 shares of the company’s stock after acquiring an additional 24,600 shares during the quarter. Baker Avenue Asset Management LP’s holdings in Applied Digital were worth $529,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Atlantic Union Bankshares Corp purchased a new stake in Applied Digital in the 2nd quarter worth $25,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Applied Digital in the second quarter worth about $26,000. PNC Financial Services Group Inc. purchased a new stake in shares of Applied Digital in the first quarter worth about $28,000. Geneos Wealth Management Inc. lifted its position 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 worth $37,000 after buying an additional 3,542 shares in the last quarter. Finally, Ameriflex Group Inc. bought a new position in Applied Digital during the second quarter valued at approximately $42,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

APLD has been the topic of a number of research reports. Northland Securities lifted their price objective on Applied Digital to $40.00 and gave the stock an “outperform” rating in a research note on Friday, October 10th. Lake Street Capital boosted their price target on shares of Applied Digital from $18.00 to $37.00 and gave the stock a “buy” rating in a research report on Friday, October 10th. HC Wainwright increased their price objective on shares of Applied Digital from $20.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, October 10th. Wall Street Zen cut shares of Applied Digital from a “hold” rating to a “sell” rating in a research note on Sunday, October 19th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Applied Digital in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $26.20.

Applied Digital Stock Performance

Shares of NASDAQ:APLD opened at $32.77 on Wednesday. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.29. Applied Digital Corporation has a 12 month low of $3.31 and a 12 month high of $40.20. The company has a market capitalization of $9.13 billion, a price-to-earnings ratio of -29.00 and a beta of 6.95. The firm’s 50-day moving average is $29.61 and its 200 day moving average is $19.21.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Thursday, October 9th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.08. Applied Digital had a negative return on equity of 37.14% and a negative net margin of 111.29%.The business had revenue of $64.22 million during the quarter, compared to analyst estimates of $52.25 million. During the same quarter in the previous year, the business earned ($0.15) earnings per share. The company’s revenue for the quarter was up 84.3% compared to the same quarter last year. Research analysts predict that Applied Digital Corporation will post -0.96 EPS for the current year.

Insider Activity at Applied Digital

In other Applied Digital news, Director Ella G. Benson sold 42,569 shares of the company’s 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 transaction, the director owned 69,256 shares of the company’s stock, valued at $2,444,736.80. This represents a 38.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Mohammad Saidal Lavanw Mohmand sold 100,000 shares of Applied Digital stock in a transaction on Friday, October 24th. The stock was sold at an average price of $34.08, for a total value of $3,408,000.00. Following the sale, the chief financial officer owned 158,912 shares of the company’s stock, valued at approximately $5,415,720.96. This trade represents a 38.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 328,035 shares of company stock worth $11,376,479 over the last quarter. 9.50% of the stock is owned by insiders.

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.