Kennedy Capital Management LLC Makes New Investment in Applied Digital Corporation $APLD

Kennedy Capital Management LLC bought a new position in shares of Applied Digital Corporation (NASDAQ:APLD) during the 4th quarter, Holdings Channel.com reports. The firm bought 235,422 shares of the company’s stock, valued at approximately $5,773,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. AQR Capital Management LLC boosted its position in shares of Applied Digital by 84.8% during the 1st quarter. AQR Capital Management LLC now owns 18,945 shares of the company’s stock valued at $106,000 after purchasing an additional 8,692 shares in the last quarter. NewEdge Advisors LLC boosted its position in shares of Applied Digital by 239.1% during the 1st quarter. NewEdge Advisors LLC now owns 33,267 shares of the company’s stock valued at $187,000 after purchasing an additional 23,457 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in shares of Applied Digital by 113.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock valued at $37,000 after purchasing an additional 3,542 shares in the last quarter. Strs Ohio bought a new stake in shares of Applied Digital during the 1st quarter valued at about $71,000. Finally, Cetera Investment Advisers boosted its position in shares of Applied Digital by 61.0% during the 2nd quarter. Cetera Investment Advisers now owns 61,656 shares of the company’s stock valued at $621,000 after purchasing an additional 23,360 shares in the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research 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 report on Tuesday, June 9th. Citizens Jmp upped their target price on Applied Digital from $40.00 to $60.00 and gave the company a “market outperform” rating in a research report on Thursday, May 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Applied Digital in a research report on Friday, April 24th. Zacks Research lowered Applied Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, June 8th. Finally, B. Riley Financial restated a “buy” rating and set a $66.00 target price (up from $53.00) on shares of Applied Digital in a research report on Wednesday, May 27th. Three analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.67.

Applied Digital Stock Up 8.8%

Shares of NASDAQ:APLD opened at $46.47 on Tuesday. The business’s 50 day simple moving average is $38.38 and its two-hundred day simple moving average is $32.94. The firm has a market cap of $13.28 billion, a P/E ratio of -62.80 and a beta of 5.69. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38. Applied Digital Corporation has a 52-week low of $9.02 and a 52-week high of $50.72.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.23). The firm had revenue of $108.55 million during the quarter, compared to the consensus estimate of $78.47 million. Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The firm’s revenue was up 139.3% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.08) EPS. As a group, research analysts forecast that Applied Digital Corporation will post -0.68 EPS for the current fiscal year.

Insider Activity at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the transaction, the director owned 184,859 shares in the company, valued at approximately $6,466,367.82. This represents a 5.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard N. Nottenburg sold 12,500 shares of the stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $34.59, for a total value of $432,375.00. Following the completion of the transaction, the director owned 208,378 shares in the company, valued at approximately $7,207,795.02. The trade was a 5.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 35,000 shares of company stock worth $1,182,175. Corporate insiders own 9.50% of the company’s stock.

About Applied Digital

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.