Applied Digital Corporation $APLD Shares Sold by Royal Bank of Canada

Royal Bank of Canada cut its position in shares of Applied Digital Corporation (NASDAQ:APLD) by 22.8% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 85,974 shares of the company’s stock after selling 25,352 shares during the quarter. Royal Bank of Canada’s holdings in Applied Digital were worth $2,041,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of APLD. Vanguard Group Inc. boosted its position in Applied Digital by 36.4% during the fourth quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock worth $592,601,000 after acquiring an additional 6,445,908 shares during the last quarter. Value Aligned Research Advisors LLC acquired a new position in Applied Digital in the 4th quarter valued at $138,380,000. Situational Awareness LP lifted its stake in shares of Applied Digital by 87.0% during the 4th quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock worth $278,034,000 after purchasing an additional 5,274,905 shares during the period. BNP Paribas Financial Markets lifted its stake in shares of Applied Digital by 24,356.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock worth $52,561,000 after purchasing an additional 5,198,223 shares during the period. Finally, Marex Group plc boosted its holdings in shares of Applied Digital by 38,484.6% during the fourth quarter. Marex Group plc now owns 3,904,759 shares of the company’s stock worth $95,745,000 after purchasing an additional 3,894,639 shares during the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Craig Hallum upped their target price on Applied Digital from $75.00 to $79.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Compass Point reissued a “buy” rating and issued a $70.00 price target on shares of Applied Digital in a research note on Friday, May 22nd. Lake Street Capital lifted their price target on Applied Digital from $70.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. Roth Capital reaffirmed a “buy” rating and set a $65.00 price objective on shares of Applied Digital in a research note on Thursday, April 23rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a report on Tuesday, July 21st. Three investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $68.15.

Insider Activity at Applied Digital

In other news, Director Richard N. Nottenburg sold 75,000 shares of Applied Digital stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total value of $2,336,250.00. Following the transaction, the director directly owned 133,378 shares of the company’s stock, valued at $4,154,724.70. The trade was a 35.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 9.50% of the stock is currently owned by company insiders.

Applied Digital Trading Down 0.1%

APLD stock opened at $31.18 on Tuesday. The company has a market cap of $9.09 billion, a price-to-earnings ratio of -35.03 and a beta of 5.75. The company has a quick ratio of 4.01, a current ratio of 4.01 and a debt-to-equity ratio of 2.88. The business has a fifty day simple moving average of $33.83 and a 200-day simple moving average of $33.81. Applied Digital Corporation has a 52 week low of $13.16 and a 52 week high of $50.72.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Monday, July 27th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.30). Applied Digital had a negative net margin of 37.78% and a negative return on equity of 16.42%. The firm had revenue of $240.35 million during the quarter, compared to analyst estimates of $96.85 million. During the same quarter in the previous year, the business posted ($0.24) EPS. Applied Digital’s revenue was up 406.3% compared to the same quarter last year. On average, equities research analysts expect that Applied Digital Corporation will post -1.09 EPS for the current year.

Applied Digital Profile

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.