World Investment Advisors Makes New $598,000 Investment in Applied Digital Corporation $APLD

World Investment Advisors bought a new position in shares of Applied Digital Corporation (NASDAQ:APLD) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 25,169 shares of the company’s stock, valued at approximately $598,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Cannon Capital Management Inc. bought a new position in Applied Digital during the 4th quarter worth $3,635,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Applied Digital during the 4th quarter worth $2,674,000. Azora Capital LP acquired a new stake in shares of Applied Digital during the 3rd quarter worth $3,000,000. Prime Capital Investment Advisors LLC bought a new position in shares of Applied Digital in the fourth quarter worth $1,284,000. Finally, M&T Bank Corp bought a new position in shares of Applied Digital in the fourth quarter worth $2,232,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $34.98, for a total transaction of $349,800.00. Following the sale, the director directly 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 position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Richard N. Nottenburg sold 12,500 shares of the stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $34.59, for a total transaction of $432,375.00. Following the completion of the transaction, the director directly owned 208,378 shares of the company’s stock, valued at approximately $7,207,795.02. The trade was a 5.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 35,000 shares of company stock worth $1,182,175 over the last ninety days. 9.50% of the stock is currently owned by insiders.

Applied Digital Price Performance

NASDAQ:APLD traded down $1.14 during trading hours on Friday, hitting $31.15. The company’s stock had a trading volume of 12,334,934 shares, compared to its average volume of 17,969,796. The stock has a fifty day simple moving average of $41.61 and a 200-day simple moving average of $34.34. The company has a market capitalization of $8.90 billion, a P/E ratio of -42.09 and a beta of 5.67. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.38 and a quick ratio of 2.38. Applied Digital Corporation has a twelve month low of $9.02 and a twelve month high of $50.72.

Applied Digital (NASDAQ:APLD) last released its 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 business had revenue of $108.55 million during the quarter, compared to the consensus estimate of $78.47 million. Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. The business’s revenue was up 139.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.08) EPS. On average, analysts anticipate that Applied Digital Corporation will post -0.7 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on APLD. Citizens Jmp upped their price objective on shares of Applied Digital from $40.00 to $60.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 21st. Citigroup reissued a “market outperform” rating on shares of Applied Digital in a report on Tuesday, June 9th. Roth Capital reaffirmed a “buy” rating and set a $65.00 price target on shares of Applied Digital in a report on Thursday, April 23rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a research report on Friday, April 24th. Finally, Wall Street Zen cut shares of Applied Digital from a “hold” rating to a “sell” rating in a research note on Saturday, April 11th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $70.56.

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.