CastleKnight Management LP Buys New Position in Applied Digital Corporation $APLD

CastleKnight Management LP bought a new stake in Applied Digital Corporation (NASDAQ:APLD) in the fourth quarter, HoldingsChannel reports. The fund bought 111,300 shares of the company’s stock, valued at approximately $2,729,000.

A number of other large investors have also recently made changes to their positions in APLD. Vanguard Group Inc. lifted its position in Applied Digital by 36.4% during the 4th 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 period. Value Aligned Research Advisors LLC acquired a new stake in Applied Digital during the 4th quarter worth approximately $138,380,000. Situational Awareness LP lifted its position in 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 acquiring an additional 5,274,905 shares during the period. BNP Paribas Financial Markets lifted its position in 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 acquiring an additional 5,198,223 shares during the period. Finally, Marex Group plc lifted its position in Applied Digital by 38,484.6% during the 4th quarter. Marex Group plc now owns 3,904,759 shares of the company’s stock worth $95,745,000 after acquiring an additional 3,894,639 shares during the period. 65.67% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on APLD shares. Craig Hallum increased their price objective on Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a research report on Tuesday, June 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a research report on Friday, April 24th. Citigroup reaffirmed a “market outperform” rating on shares of Applied Digital in a research report on Tuesday, June 9th. Lake Street Capital increased their price objective on Applied Digital from $70.00 to $90.00 and gave the stock a “buy” rating in a research report on Tuesday, June 9th. Finally, Citizens Jmp increased their price objective on Applied Digital from $40.00 to $60.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 21st. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $70.56.

Insider Buying and Selling

In other 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 transaction of $349,800.00. Following the completion of the transaction, the director directly owned 184,859 shares of the company’s stock, valued at approximately $6,466,367.82. This represents a 5.13% decrease in their position. The sale was disclosed in a filing with the SEC, 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 transaction, the director directly owned 208,378 shares of the company’s stock, valued at approximately $7,207,795.02. This trade represents a 5.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 35,000 shares of company stock valued at $1,182,175. Company insiders own 9.50% of the company’s stock.

Applied Digital Stock Performance

Shares of APLD stock opened at $45.57 on Thursday. The company has a market cap of $13.02 billion, a price-to-earnings ratio of -61.58 and a beta of 5.69. The stock has a 50 day simple moving average of $39.22 and a 200-day simple moving average of $33.24. Applied Digital Corporation has a 12-month low of $9.02 and a 12-month high of $50.72. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). The business had revenue of $108.55 million for the quarter, compared to analysts’ expectations of $78.47 million. Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The business’s quarterly revenue was up 139.3% on a year-over-year basis. During the same period last year, the company posted ($0.08) earnings per share. On average, equities analysts forecast that Applied Digital Corporation will post -0.68 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.