FORA Capital LLC Takes $5.50 Million Position in Applied Digital Corporation $APLD

FORA Capital LLC bought a new position in shares of Applied Digital Corporation (NASDAQ:APLD) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 546,608 shares of the company’s stock, valued at approximately $5,504,000. FORA Capital LLC owned 0.21% of Applied Digital as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Flagship Harbor Advisors LLC raised its position in Applied Digital by 6.0% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 15,930 shares of the company’s stock worth $160,000 after buying an additional 900 shares during the last quarter. Quantinno Capital Management LP raised its holdings in shares of Applied Digital by 1.6% during the second quarter. Quantinno Capital Management LP now owns 68,417 shares of the company’s stock worth $689,000 after purchasing an additional 1,063 shares during the last quarter. Corebridge Financial Inc. lifted its position in Applied Digital by 2.0% during the first quarter. Corebridge Financial Inc. now owns 97,224 shares of the company’s stock valued at $546,000 after purchasing an additional 1,899 shares during the period. Wellington Management Group LLP boosted its holdings in Applied Digital by 11.7% in the first quarter. Wellington Management Group LLP now owns 19,056 shares of the company’s stock valued at $107,000 after purchasing an additional 2,001 shares during the last quarter. Finally, Ensign Peak Advisors Inc boosted its holdings in Applied Digital by 3.7% in the second quarter. Ensign Peak Advisors Inc now owns 60,700 shares of the company’s stock valued at $611,000 after purchasing an additional 2,150 shares during the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Craig Hallum lifted their price objective on Applied Digital to $39.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. Wall Street Zen lowered Applied Digital from a “hold” rating to a “sell” rating in a report on Sunday, October 19th. Lake Street Capital boosted their price target on Applied Digital from $18.00 to $37.00 and gave the company a “buy” rating in a report on Friday, October 10th. B. Riley restated a “buy” rating on shares of Applied Digital in a research report on Wednesday, October 22nd. Finally, Compass Point initiated coverage on shares of Applied Digital in a research note on Monday, September 15th. They set a “buy” rating on the stock. One equities 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 company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $26.20.

Insider Buying and Selling

In related news, Director Richard N. Nottenburg sold 9,375 shares of Applied Digital stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $35.91, for a total value of $336,656.25. Following the sale, the director directly owned 249,237 shares in the company, valued at approximately $8,950,100.67. The trade was a 3.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Ella G. Benson sold 42,569 shares of the business’s stock in a transaction that occurred 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 sale, the director owned 69,256 shares of the company’s stock, valued at approximately $2,444,736.80. This trade represents a 38.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 328,035 shares of company stock worth $11,376,479 in the last 90 days. 9.50% of the stock is owned by insiders.

Applied Digital Stock Performance

NASDAQ APLD opened at $27.86 on Friday. The stock has a market capitalization of $7.78 billion, a price-to-earnings ratio of -24.65 and a beta of 6.94. The stock has a 50-day moving average of $29.84 and a 200 day moving average of $19.59. 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 twelve month low of $3.31 and a twelve month high of $40.20.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Thursday, October 9th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.08. The company had revenue of $64.22 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 84.3% compared to the same quarter last year. During the same period last year, the company earned ($0.15) earnings per share. Sell-side analysts anticipate that Applied Digital Corporation will post -0.96 EPS for the current fiscal year.

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.