Northern Trust Corp Lowers Holdings in Applied Digital Corporation $APLD

Northern Trust Corp decreased its holdings in Applied Digital Corporation (NASDAQ:APLD) by 0.3% in the 1st quarter, HoldingsChannel reports. The firm owned 1,787,595 shares of the company’s stock after selling 6,105 shares during the quarter. Northern Trust Corp’s holdings in Applied Digital were worth $10,046,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Russell Investments Group Ltd. boosted its stake in shares of Applied Digital by 29.3% in the first quarter. Russell Investments Group Ltd. now owns 122,570 shares of the company’s stock valued at $689,000 after purchasing an additional 27,782 shares during the period. Bulltick Wealth Management LLC increased its stake in shares of Applied Digital by 21.1% during the first quarter. Bulltick Wealth Management LLC now owns 107,900 shares of the company’s stock worth $606,000 after buying an additional 18,775 shares during the period. Nuveen LLC purchased a new stake in shares of Applied Digital during the first quarter worth approximately $2,481,000. Virtu Financial LLC purchased a new position in Applied Digital in the first quarter worth approximately $859,000. Finally, Invesco Ltd. lifted its stake in Applied Digital by 76.1% in the first quarter. Invesco Ltd. now owns 192,789 shares of the company’s stock worth $1,083,000 after acquiring an additional 83,333 shares during the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Insider Activity at Applied Digital

In related news, CEO Wes Cummins sold 400,000 shares of the company’s stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total value of $6,104,000.00. Following the completion of the sale, the chief executive officer owned 2,659,379 shares in the company, valued at $40,582,123.54. This represents a 13.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard N. Nottenburg sold 20,000 shares of the company’s stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total transaction of $305,200.00. Following the completion of the sale, the director owned 297,987 shares of the company’s stock, valued at approximately $4,547,281.62. This trade represents a 6.29% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 506,250 shares of company stock worth $7,713,675 in the last 90 days. 11.81% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Needham & Company LLC lifted their price target on shares of Applied Digital from $12.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, July 31st. Compass Point upgraded shares of Applied Digital from a “neutral” rating to a “buy” rating and set a $13.00 price target for the company in a research note on Friday, July 25th. Lake Street Capital lifted their price target on shares of Applied Digital from $14.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, July 31st. JMP Securities lifted their price target on shares of Applied Digital from $12.00 to $18.00 and gave the stock a “market outperform” rating in a research note on Tuesday, June 3rd. Finally, Roth Capital reiterated a “buy” rating on shares of Applied Digital in a research note on Monday, June 2nd. One research analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $15.64.

Applied Digital Stock Down 3.1%

Shares of NASDAQ:APLD opened at $13.89 on Friday. The company has a market capitalization of $3.63 billion, a PE ratio of -12.74 and a beta of 6.64. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.36. Applied Digital Corporation has a twelve month low of $3.31 and a twelve month high of $17.60. The firm has a 50 day simple moving average of $12.82 and a 200-day simple moving average of $9.21.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Wednesday, July 30th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.12). The business had revenue of $38.01 million for the quarter, compared to analyst estimates of $42.86 million. Applied Digital had a negative net margin of 107.22% and a negative return on equity of 50.03%. The company’s revenue for the quarter was up 41.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.14) earnings per share. On average, equities analysts predict that Applied Digital Corporation will post -0.96 EPS for the current fiscal year.

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.