Capstone Investment Advisors LLC Makes New Investment in Applied Digital Corporation $APLD

Capstone Investment Advisors LLC purchased a new stake in Applied Digital Corporation (NASDAQ:APLD) in the second quarter, HoldingsChannel reports. The institutional investor purchased 25,548 shares of the company’s stock, valued at approximately $953,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Activest Wealth Management acquired a new position in shares of Applied Digital during the 4th quarter worth about $25,000. FNY Investment Advisers LLC bought a new stake in shares of Applied Digital in the 2nd quarter valued at about $37,000. Ameriflex Group Inc. acquired a new stake in Applied Digital in the 4th quarter valued at about $25,000. McMillan Office Inc. acquired a new stake in Applied Digital in the 4th quarter valued at about $25,000. Finally, Mcguire Capital Advisors Inc. bought a new position in Applied Digital during the fourth quarter worth about $27,000. Institutional investors own 65.67% of the company’s stock.

Applied Digital Stock Up 2.1%

Shares of APLD opened at $27.44 on Friday. The firm has a market cap of $8.00 billion, a P/E ratio of -30.83 and a beta of 5.75. 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 Corporation has a 52 week low of $13.16 and a 52 week high of $50.72. The firm’s 50-day simple moving average is $31.29 and its 200 day simple moving average is $33.42.

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

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. 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 transaction, the director owned 133,378 shares in the company, valued at approximately $4,154,724.70. This trade 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 this link. Company insiders own 9.50% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on APLD. Citizens Jmp boosted their price target 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. B. Riley Financial reaffirmed a “buy” rating and issued a $75.00 price objective (up from $66.00) on shares of Applied Digital in a research report on Monday, August 3rd. 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. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a report on Tuesday, July 21st. Finally, Citigroup restated a “market outperform” rating on shares of Applied Digital in a research note on Monday, August 3rd. Three analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.15.

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.