Applied Digital Co. (NASDAQ:APLD) Shares Sold by Portolan Capital Management LLC

Portolan Capital Management LLC cut its position in Applied Digital Co. (NASDAQ:APLD) by 11.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 672,254 shares of the company’s stock after selling 84,302 shares during the quarter. Portolan Capital Management LLC owned 0.31% of Applied Digital worth $5,546,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of APLD. Vanguard Group Inc. grew its position in Applied Digital by 70.2% in the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after acquiring an additional 2,547,485 shares in the last quarter. Hood River Capital Management LLC grew its holdings in shares of Applied Digital by 8.7% in the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after purchasing an additional 771,699 shares in the last quarter. Alight Capital Management LP purchased a new stake in Applied Digital during the 2nd quarter worth approximately $3,570,000. Van ECK Associates Corp lifted its holdings in Applied Digital by 18.3% during the 2nd quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock worth $17,077,000 after buying an additional 443,699 shares in the last quarter. Finally, Thomist Capital Management LP purchased a new position in Applied Digital in the 2nd quarter valued at approximately $2,529,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Insider Activity at Applied Digital

In other news, Director Richard N. Nottenburg sold 50,000 shares of Applied Digital stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $460,000.00. Following the transaction, the director now directly owns 334,317 shares of the company’s stock, valued at $3,075,716.40. The trade was a 13.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Wes Cummins sold 200,000 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the sale, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. This represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 369,369 shares of company stock valued at $3,170,161 in the last ninety days. Insiders own 11.81% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on APLD. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. Craig Hallum increased their price target on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Lake Street Capital lifted their price objective on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Needham & Company LLC restated a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research note on Friday, November 1st. Finally, HC Wainwright raised their target price on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $10.50.

Applied Digital Trading Down 0.5 %

APLD opened at $9.57 on Wednesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. Applied Digital Co. has a one year low of $2.36 and a one year high of $10.94. The company has a market cap of $2.02 billion, a P/E ratio of -8.18 and a beta of 4.67. The business’s 50-day simple moving average is $8.08 and its 200-day simple moving average is $6.11.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.13. The company had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The firm’s revenue was up 67.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.10) earnings per share. As a group, equities research analysts expect that Applied Digital Co. will post -0.4 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.