Royal Bank of Canada Reduces Stake in Applied Digital Corporation $APLD

Royal Bank of Canada lessened its holdings in shares of Applied Digital Corporation (NASDAQ:APLD) by 22.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 85,974 shares of the company’s stock after selling 25,352 shares during the period. Royal Bank of Canada’s holdings in Applied Digital were worth $2,041,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Applied Digital by 36.4% in the fourth quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock valued at $592,601,000 after purchasing an additional 6,445,908 shares during the last quarter. Value Aligned Research Advisors LLC purchased a new stake in Applied Digital in the fourth quarter valued at $138,380,000. Situational Awareness LP lifted its position in Applied Digital by 87.0% in the fourth quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock valued at $278,034,000 after acquiring an additional 5,274,905 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in Applied Digital by 24,356.8% in the second quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock valued at $52,561,000 after acquiring an additional 5,198,223 shares in the last quarter. Finally, Marex Group plc boosted its stake in Applied Digital by 38,484.6% in the fourth quarter. Marex Group plc now owns 3,904,759 shares of the company’s stock valued at $95,745,000 after acquiring an additional 3,894,639 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Stock Performance

Shares of APLD opened at $31.18 on Tuesday. The company has a 50-day simple moving average of $33.83 and a 200-day simple moving average of $33.81. Applied Digital Corporation has a 52-week low of $13.16 and a 52-week high of $50.72. The company has a quick ratio of 4.01, a current ratio of 4.01 and a debt-to-equity ratio of 2.88. The company has a market capitalization of $9.09 billion, a PE ratio of -35.03 and a beta of 5.75.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Monday, July 27th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.30). The business had revenue of $240.35 million during the quarter, compared to analysts’ expectations of $96.85 million. Applied Digital had a negative return on equity of 16.42% and a negative net margin of 37.78%.Applied Digital’s quarterly revenue was up 406.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.24) earnings per share. Equities research analysts predict that Applied Digital Corporation will post -1.09 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 75,000 shares of the company’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $31.15, for a total value of $2,336,250.00. Following the sale, the director owned 133,378 shares of the company’s stock, valued at $4,154,724.70. This represents a 35.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 9.50% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on APLD shares. Wall Street Zen cut Applied Digital from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Craig Hallum lifted their price target on Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a research report on Tuesday, June 9th. Northland Securities set a $82.00 price objective on Applied Digital and gave the company an “outperform” rating in a research note on Wednesday, June 17th. Citizens Jmp increased their price objective on Applied Digital from $40.00 to $60.00 and gave the company a “market outperform” rating in a report on Thursday, May 21st. Finally, Zacks Research upgraded shares of Applied Digital from a “strong sell” rating to a “hold” rating in a research report on Monday, July 27th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Applied Digital presently has an average rating of “Moderate Buy” and an average target price of $68.15.

Applied Digital Company 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.