Alight Capital Management LP Purchases New Holdings in Applied Digital Co. (NASDAQ:APLD)

Alight Capital Management LP acquired a new position in Applied Digital Co. (NASDAQ:APLD - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 600,000 shares of the company's stock, valued at approximately $3,570,000. Alight Capital Management LP owned about 0.44% of Applied Digital as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the company. Marshall Wace LLP purchased a new position in Applied Digital in the 2nd quarter worth approximately $720,000. Hood River Capital Management LLC raised its holdings in Applied Digital by 8.7% in the 2nd quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company's stock worth $57,098,000 after acquiring an additional 771,699 shares during the last quarter. MRP Capital Investments LLC raised its holdings in Applied Digital by 91.7% in the 2nd quarter. MRP Capital Investments LLC now owns 119,875 shares of the company's stock worth $713,000 after acquiring an additional 57,350 shares during the last quarter. Thomist Capital Management LP purchased a new position in Applied Digital in the 2nd quarter worth approximately $2,529,000. Finally, L & S Advisors Inc purchased a new position in Applied Digital in the 2nd quarter worth approximately $122,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

APLD has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a "buy" rating and issued a $11.00 target price on shares of Applied Digital in a research report on Monday, September 9th. 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 research report on Friday, September 13th. HC Wainwright reaffirmed a "buy" rating and issued a $5.00 target price on shares of Applied Digital in a research report on Thursday, August 29th. Finally, Roth Mkm reaffirmed a "buy" rating and issued a $10.00 target price on shares of Applied Digital in a research report on Thursday, September 5th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $8.40.

Insider Activity at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total transaction of $55,000.00. Following the transaction, the director now owns 218,506 shares in the company, valued at approximately $1,201,783. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 20.50% of the stock is owned by corporate insiders.

Applied Digital Stock Performance

Shares of APLD stock traded up $0.59 during mid-day trading on Wednesday, reaching $7.67. 19,608,136 shares of the company's stock traded hands, compared to its average volume of 6,280,185. Applied Digital Co. has a 12 month low of $2.36 and a 12 month high of $8.65. The firm has a 50 day moving average price of $4.82 and a two-hundred day moving average price of $4.51. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.08 and a current ratio of 0.08. The firm has a market capitalization of $1.65 billion, a PE ratio of -9.71 and a beta of 4.51.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings data on Wednesday, August 28th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.29). Applied Digital had a negative net margin of 88.95% and a negative return on equity of 111.80%. The business had revenue of $43.70 million for the quarter, compared to the consensus estimate of $42.70 million. During the same period in the previous year, the firm earned ($0.07) EPS. On average, research analysts forecast that Applied Digital Co. will post -1.12 EPS for the current year.

About Applied Digital

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.