Patten Group Inc. Takes $360,000 Position in Applied Digital Corporation $APLD

Patten Group Inc. acquired a new stake in shares of Applied Digital Corporation (NASDAQ:APLD) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 15,157 shares of the company’s stock, valued at approximately $360,000.

A number of other hedge funds also recently bought and sold shares of the company. Teachers Retirement System of The State of Kentucky bought a new stake in shares of Applied Digital in the 3rd quarter valued at about $994,000. Cannon Capital Management Inc. bought a new position in Applied Digital during the 4th quarter worth approximately $3,635,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Applied Digital in the 4th quarter worth approximately $2,674,000. Azora Capital LP purchased a new position in Applied Digital in the 3rd quarter worth approximately $3,000,000. Finally, Prime Capital Investment Advisors LLC bought a new stake in Applied Digital in the fourth quarter valued at approximately $1,284,000. Institutional investors own 65.67% of the company’s stock.

Insider Buying and Selling

In other news, Director Richard N. Nottenburg sold 12,500 shares of the company’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $34.59, for a total value of $432,375.00. Following the sale, the director directly owned 208,378 shares of the company’s stock, valued at $7,207,795.02. This represents a 5.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $34.98, for a total transaction of $349,800.00. Following the completion of the transaction, the director owned 184,859 shares of the company’s stock, valued at approximately $6,466,367.82. The trade was a 5.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 35,000 shares of company stock valued at $1,182,175. 9.50% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on APLD. Craig Hallum raised their target price on shares of Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Zacks Research lowered shares of Applied Digital from a “hold” rating to a “strong sell” rating in a report on Monday, June 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a research report on Friday, April 24th. Roth Mkm reissued a “buy” rating and issued a $65.00 price target on shares of Applied Digital in a report on Thursday, April 23rd. Finally, Citizens Jmp upped their price objective on shares of Applied Digital from $40.00 to $60.00 and gave the company a “market outperform” rating in a research note on Thursday, May 21st. Three research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $70.56.

Applied Digital Stock Performance

Shares of APLD opened at $33.06 on Friday. Applied Digital Corporation has a 1-year low of $9.02 and a 1-year high of $50.72. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65. The firm’s 50-day moving average price is $41.82 and its 200-day moving average price is $34.07. The firm has a market capitalization of $9.45 billion, a price-to-earnings ratio of -44.68 and a beta of 5.67.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). The company had revenue of $108.55 million during the quarter, compared to the consensus estimate of $78.47 million. Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.Applied Digital’s quarterly revenue was up 139.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.08) earnings per share. Sell-side analysts anticipate that Applied Digital Corporation will post -0.7 EPS for the current year.

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.