116,610 Shares in Applied Digital Corporation $APLD Bought by Engineers Gate Manager LP

Engineers Gate Manager LP purchased a new position in shares of Applied Digital Corporation (NASDAQ:APLD) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 116,610 shares of the company’s stock, valued at approximately $4,350,000.

A number of other large investors have also recently added to or reduced their stakes in the company. FNY Investment Advisers LLC bought a new position in shares of Applied Digital in the 2nd quarter valued at about $37,000. Ameriflex Group Inc. bought a new stake in shares of Applied Digital in the 4th quarter valued at about $25,000. McMillan Office Inc. bought a new stake in shares of Applied Digital in the 4th quarter valued at about $25,000. Mcguire Capital Advisors Inc. bought a new stake in shares of Applied Digital in the 4th quarter valued at about $27,000. Finally, Larson Financial Group LLC lifted its stake in Applied Digital by 56,450.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock valued at $26,000 after purchasing an additional 1,129 shares during the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on APLD shares. Lake Street Capital lifted their price target on Applied Digital from $70.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Zacks Research lowered Applied Digital from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 26th. Morgan Stanley raised their price objective on Applied Digital from $36.50 to $37.50 and gave the company an “equal weight” rating in a research report on Thursday, August 6th. Compass Point reiterated a “buy” rating and set a $70.00 target price on shares of Applied Digital in a research note on Friday, May 22nd. Finally, Needham & Company LLC reissued a “buy” rating and set a $83.00 target price on shares of Applied Digital in a report on Tuesday, July 28th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Applied Digital currently has an average rating of “Moderate Buy” and an average target price of $68.15.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Richard Nottenburg sold 75,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $31.15, for a total transaction of $2,336,250.00. Following the transaction, the director owned 133,378 shares in the company, valued at $4,154,724.70. This represents a 35.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 9.50% of the stock is owned by corporate insiders.

Applied Digital Price Performance

Applied Digital stock opened at $26.42 on Friday. The company has a current ratio of 4.01, a quick ratio of 4.01 and a debt-to-equity ratio of 2.88. The stock’s 50 day moving average is $28.30 and its 200-day moving average is $32.77. Applied Digital Corporation has a 12 month low of $17.25 and a 12 month high of $50.72. The company has a market capitalization of $7.70 billion, a price-to-earnings ratio of -29.69 and a beta of 5.72.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Monday, July 27th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate 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 business had revenue of $240.35 million during the quarter, compared to analyst estimates of $96.85 million. During the same quarter last year, the company posted ($0.24) earnings per share. The company’s revenue was up 406.3% on a year-over-year basis. Equities research analysts expect that Applied Digital Corporation will post -1.09 EPS for the current year.

Applied Digital Profile

Applied Digital Corporation (NASDAQ:APLD) develops and operates digital infrastructure designed to support high-performance computing (HPC), artificial intelligence (AI) and other compute-intensive applications. The company provides data center capacity and related services to customers that require substantial computing power, connectivity and energy resources.

The company’s facilities are designed to support advanced computing workloads, including AI model development, cloud computing and digital asset-related applications.