Legato Capital Management LLC Decreases Stake in Applied Digital Corporation $APLD

Legato Capital Management LLC lessened its stake in Applied Digital Corporation (NASDAQ:APLD) by 51.2% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 17,720 shares of the company’s stock after selling 18,619 shares during the quarter. Legato Capital Management LLC’s holdings in Applied Digital were worth $434,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Noble Wealth Management PBC purchased a new position in shares of Applied Digital in the 4th quarter valued at about $25,000. Albion Financial Group UT purchased a new position in shares of Applied Digital in the 4th quarter valued at about $25,000. Activest Wealth Management purchased a new position in shares of Applied Digital in the 4th quarter valued at about $25,000. Larson Financial Group LLC boosted its stake in shares of Applied Digital by 56,450.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock valued at $26,000 after buying an additional 1,129 shares during the period. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in shares of Applied Digital in the 2nd quarter valued at about $26,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on APLD. Lake Street Capital reiterated a “buy” rating and issued a $70.00 price objective (up from $55.00) on shares of Applied Digital in a research note on Thursday, May 21st. B. Riley Financial reiterated a “buy” rating and issued a $66.00 price objective (up from $53.00) on shares of Applied Digital in a research note on Wednesday. Compass Point reiterated a “buy” rating and issued a $70.00 price objective on shares of Applied Digital in a research note on Friday, May 22nd. Zacks Research upgraded Applied Digital from a “strong sell” rating to a “hold” rating in a research note on Thursday, May 7th. Finally, Wall Street Zen lowered Applied Digital from a “hold” rating to a “sell” rating in a research report on Saturday, April 11th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Applied Digital has a consensus rating of “Moderate Buy” and a consensus price target of $59.11.

Insider Activity

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of Applied Digital 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 transaction, the director owned 184,859 shares of the company’s stock, valued at $6,466,367.82. The trade was a 5.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Richard N. Nottenburg sold 12,500 shares of Applied Digital 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 in the company, valued at approximately $7,207,795.02. This trade represents a 5.66% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 35,000 shares of company stock worth $1,182,175 in the last three months. Corporate insiders own 9.50% of the company’s stock.

Applied Digital Price Performance

Shares of NASDAQ APLD opened at $48.98 on Thursday. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38. Applied Digital Corporation has a fifty-two week low of $6.68 and a fifty-two week high of $49.35. The firm has a market capitalization of $14.00 billion, a PE ratio of -66.19 and a beta of 5.69. The stock’s 50-day simple moving average is $33.54 and its 200-day simple moving average is $31.18.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.23). Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The business had revenue of $108.55 million for the quarter, compared to analyst estimates of $78.47 million. During the same period last year, the business posted ($0.08) EPS. Applied Digital’s revenue was up 139.3% on a year-over-year basis. As a group, equities research analysts forecast that Applied Digital Corporation will post -0.61 EPS for the current fiscal year.

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.