Van ECK Associates Corp Reduces Stake in Applied Digital Co. (NASDAQ:APLD)

Van ECK Associates Corp cut its holdings in shares of Applied Digital Co. (NASDAQ:APLD) by 28.2% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 2,059,741 shares of the company’s stock after selling 810,239 shares during the quarter. Van ECK Associates Corp’s holdings in Applied Digital were worth $17,734,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the business. B. Riley Wealth Advisors Inc. grew its holdings in Applied Digital by 66.1% during the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock worth $4,609,000 after acquiring an additional 308,223 shares during the period. Alight Capital Management LP acquired a new stake in shares of Applied Digital during the 2nd quarter worth approximately $3,570,000. Marshall Wace LLP purchased a new position in shares of Applied Digital during the 2nd quarter valued at approximately $720,000. Vanguard Group Inc. lifted its stake in shares of Applied Digital by 70.2% in the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after purchasing an additional 2,547,485 shares during the period. Finally, Point72 Asset Management L.P. purchased a new stake in Applied Digital during the second quarter worth $1,451,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Applied Digital Stock Performance

NASDAQ APLD opened at $6.37 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. The stock’s 50 day simple moving average is $6.75 and its 200-day simple moving average is $5.34. The company has a market cap of $1.37 billion, a PE ratio of -5.44 and a beta of 4.65. Applied Digital Co. has a 1-year low of $2.36 and a 1-year high of $9.48.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The company had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. During the same quarter last year, the firm posted ($0.10) EPS. The firm’s revenue for the quarter was up 67.2% on a year-over-year basis. As a group, equities research analysts anticipate that Applied Digital Co. will post -0.4 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on APLD shares. B. Riley increased their target price on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research report on Friday, November 1st. Roth Mkm restated a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. HC Wainwright increased their target price on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Finally, Lake Street Capital boosted their price target on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $10.50.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $8.01, for a total value of $80,100.00. Following the completion of the sale, the director now owns 208,506 shares in the company, valued at approximately $1,670,133.06. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total transaction of $80,100.00. Following the transaction, the director now owns 208,506 shares of the company’s stock, valued at approximately $1,670,133.06. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Richard N. Nottenburg sold 80,000 shares of the company’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $7.37, for a total value of $589,600.00. Following the completion of the sale, the director now owns 433,686 shares of the company’s stock, valued at approximately $3,196,265.82. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 100,000 shares of company stock valued at $724,700. Corporate insiders own 11.81% of the company’s stock.

Applied Digital Profile

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.