Main Management ETF Advisors LLC Makes New Investment in Applied Digital Co. (NASDAQ:APLD)

Main Management ETF Advisors LLC acquired a new position in shares of Applied Digital Co. (NASDAQ:APLD) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 190,896 shares of the company’s stock, valued at approximately $1,575,000. Main Management ETF Advisors LLC owned approximately 0.09% of Applied Digital as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its holdings in shares of Applied Digital by 8.8% during the 3rd quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock valued at $309,000 after acquiring an additional 3,040 shares in the last quarter. State Street Corp lifted its position in Applied Digital by 14.0% during the 3rd quarter. State Street Corp now owns 2,337,267 shares of the company’s stock worth $19,282,000 after acquiring an additional 286,852 shares during the last quarter. Quadrature Capital Ltd acquired a new position in Applied Digital during the 3rd quarter worth $545,000. Janus Henderson Group PLC acquired a new position in shares of Applied Digital during the third quarter valued at about $375,000. Finally, HighTower Advisors LLC acquired a new position in shares of Applied Digital during the third quarter valued at about $99,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Applied Digital Price Performance

APLD opened at $10.67 on Friday. Applied Digital Co. has a one year low of $2.36 and a one year high of $11.25. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. The company’s 50 day simple moving average is $8.20 and its 200-day simple moving average is $6.20.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share 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 posted ($0.10) earnings per share. Applied Digital’s revenue was up 67.2% compared to the same quarter last year. Sell-side analysts anticipate that Applied Digital Co. will post -0.4 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on APLD. Craig Hallum increased their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Lake Street Capital increased their price target on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. HC Wainwright upped their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. B. Riley upped their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research note on Thursday, October 10th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $10.50.

Insider Activity at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total value of $80,100.00. Following the sale, the director now directly owns 208,506 shares in the company, valued at approximately $1,670,133.06. This trade represents a 4.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 completion of the sale, the chief executive officer now owns 3,875,955 shares in the company, valued at approximately $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. Insiders have sold 359,369 shares of company stock worth $3,115,161 over the last ninety days. Company 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.