Steamboat Capital Partners LLC Invests $7.20 Million in Applied Digital Corporation $APLD

Steamboat Capital Partners LLC purchased a new position in Applied Digital Corporation (NASDAQ:APLD) during the 2nd quarter, HoldingsChannel reports. The firm purchased 193,105 shares of the company’s stock, valued at approximately $7,203,000.

A number of other large investors also recently modified their holdings of the business. Situational Awareness LP increased its position in Applied Digital by 14.1% during the second quarter. Situational Awareness LP now owns 15,384,616 shares of the company’s stock worth $574,000 after acquiring an additional 1,906,178 shares during the period. California State Teachers Retirement System grew its position in Applied Digital by 3,718.0% in the 2nd quarter. California State Teachers Retirement System now owns 11,121,928 shares of the company’s stock worth $414,848,000 after purchasing an additional 10,830,623 shares during the last quarter. Equitec Proprietary Markets LLC acquired a new stake in Applied Digital in the 2nd quarter worth $312,349,000. Geode Capital Management LLC increased its holdings in shares of Applied Digital by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company’s stock worth $154,151,000 after purchasing an additional 304,228 shares during the period. Finally, Value Aligned Research Advisors LLC bought a new position in shares of Applied Digital during the 4th quarter worth about $138,380,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Applied Digital Stock Up 7.4%

NASDAQ:APLD opened at $28.31 on Wednesday. The stock’s fifty day moving average price is $28.74 and its two-hundred day moving average price is $32.87. The company has a market cap of $8.25 billion, a price-to-earnings ratio of -31.81 and a beta of 5.72. Applied Digital Corporation has a 52-week low of $13.91 and a 52-week high of $50.72. The company has a debt-to-equity ratio of 2.88, a quick ratio of 4.01 and a current ratio of 4.01.

Applied Digital (NASDAQ:APLD) last posted its quarterly 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). The company had revenue of $240.35 million during the quarter, compared to analyst estimates of $96.85 million. Applied Digital had a negative net margin of 37.78% and a negative return on equity of 16.42%. The business’s revenue for the quarter was up 406.3% compared to the same quarter last year. During the same period last year, the company earned ($0.24) EPS. On average, analysts anticipate that Applied Digital Corporation will post -1.09 EPS for the current year.

Insider Activity at Applied Digital

In related news, Director Richard Nottenburg sold 75,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total transaction of $2,336,250.00. Following the completion of the sale, the director directly owned 133,378 shares of the company’s stock, valued at approximately $4,154,724.70. This represents a 35.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 9.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have commented on APLD. Zacks Research cut Applied Digital from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 26th. Needham & Company LLC restated a “buy” rating and set a $83.00 price objective on shares of Applied Digital in a research report on Tuesday, July 28th. Lucid Cap Mkts upgraded Applied Digital to a “strong-buy” rating in a research note on Wednesday, May 27th. Citigroup restated a “market outperform” rating on shares of Applied Digital in a research note on Monday, August 3rd. Finally, Craig Hallum lifted their target price on shares of Applied Digital from $75.00 to $79.00 and gave the company a “buy” rating in a research report on Tuesday, June 9th. Three research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $68.15.

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.