272 Capital LP Has $6 Million Position in Applied Digital Co. (NASDAQ:APLD)

272 Capital LP cut its holdings in Applied Digital Co. (NASDAQ:APLD - Free Report) by 55.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 727,483 shares of the company's stock after selling 903,970 shares during the quarter. Applied Digital comprises approximately 6.6% of 272 Capital LP's holdings, making the stock its 2nd largest position. 272 Capital LP owned about 0.34% of Applied Digital worth $6,002,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in APLD. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Applied Digital during the 3rd quarter valued at about $59,000. Headlands Technologies LLC grew its holdings in Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company's stock valued at $52,000 after purchasing an additional 6,933 shares during the last quarter. ARS Investment Partners LLC bought a new position in shares of Applied Digital in the second quarter valued at approximately $60,000. Beacon Harbor Wealth Advisors Inc. acquired a new stake in shares of Applied Digital in the third quarter worth $83,000. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in shares of Applied Digital during the 3rd quarter worth $88,000. 65.67% of the stock is owned by institutional investors.

Insider Transactions at Applied Digital

In related news, Director Richard N. Nottenburg sold 80,000 shares of the firm's stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the transaction, the director now owns 433,686 shares in the company, valued at $3,196,265.82. This trade represents a 15.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Wes Cummins sold 200,000 shares of the company's stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the sale, the chief executive officer now owns 3,875,955 shares in the company, valued at $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 369,369 shares of company stock valued at $3,170,161. Company insiders own 11.81% of the company's stock.

Analyst Ratings Changes

Several brokerages recently commented on APLD. B. Riley lifted their target price on shares of Applied Digital from $8.00 to $9.00 and gave the stock a "buy" rating in a report on Friday, September 13th. Needham & Company LLC reissued a "buy" rating and set a $11.00 price objective on shares of Applied Digital in a research report on Friday, November 1st. Roth Mkm restated a "buy" rating and set a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Lake Street Capital lifted their price target on Applied Digital from $7.00 to $11.00 and gave the stock a "buy" rating in a research report on Thursday, October 10th. Finally, HC Wainwright increased their price objective on Applied Digital from $5.00 to $10.00 and gave the company a "buy" rating in a research report on Wednesday, October 16th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $10.50.

Applied Digital Stock Performance

Applied Digital stock traded up $0.44 during trading hours on Friday, hitting $10.10. The stock had a trading volume of 11,660,358 shares, compared to its average volume of 16,165,282. The company has a 50-day moving average of $7.97 and a two-hundred day moving average of $6.03. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. Applied Digital Co. has a fifty-two week low of $2.36 and a fifty-two week high of $10.94. The company has a market cap of $2.18 billion, a PE ratio of -8.63 and a beta of 4.65.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating analysts' consensus estimates of ($0.28) by $0.13. The business had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. Applied Digital's revenue was up 67.2% on a year-over-year basis. During the same period in the prior year, the company posted ($0.10) earnings per share. On average, equities research analysts anticipate that Applied Digital Co. will post -0.4 EPS for the current fiscal 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.