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

Portolan Capital Management LLC lowered its stake in Applied Digital Co. (NASDAQ:APLD) by 11.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 672,254 shares of the company’s stock after selling 84,302 shares during the period. Portolan Capital Management LLC’s holdings in Applied Digital were worth $5,546,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of APLD. Headlands Technologies LLC increased its stake in Applied Digital by 381.8% in the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after buying an additional 6,933 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Applied Digital in the third quarter valued at about $59,000. ARS Investment Partners LLC acquired a new position in shares of Applied Digital during the second quarter worth about $60,000. Beacon Harbor Wealth Advisors Inc. purchased a new position in Applied Digital during the third quarter worth about $83,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in Applied Digital during the third quarter worth about $88,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Price Performance

Applied Digital stock opened at $9.57 on Wednesday. The firm has a market capitalization of $2.02 billion, a PE ratio of -8.18 and a beta of 4.67. Applied Digital Co. has a 52 week low of $2.36 and a 52 week high of $10.94. The firm’s 50-day simple moving average is $8.08 and its 200 day simple moving average is $6.11. 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 (NASDAQ:APLD) last released 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. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The business had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. During the same period in the prior year, the business earned ($0.10) earnings per share. The company’s quarterly revenue was up 67.2% on a year-over-year basis. On average, equities research analysts predict that Applied Digital Co. will post -0.4 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. B. Riley boosted their target price on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. HC Wainwright raised their target price on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Craig Hallum upped their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Friday, November 1st. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $10.50.

Insiders Place Their Bets

In other news, Director Richard N. Nottenburg sold 80,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $7.37, for a total value of $589,600.00. Following the completion of the transaction, the director now owns 433,686 shares of the company’s stock, valued at $3,196,265.82. The trade was a 15.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Wes Cummins sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the transaction, the chief executive officer now directly owns 3,875,955 shares in the company, valued at $35,658,786. The trade was a 4.91 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 369,369 shares of company stock valued at $3,170,161. Corporate insiders own 11.81% of the company’s stock.

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.