Flagship Harbor Advisors LLC Takes Position in Applied Digital Co. (NASDAQ:APLD)

Flagship Harbor Advisors LLC purchased a new position in shares of Applied Digital Co. (NASDAQ:APLD) during the 4th quarter, HoldingsChannel reports. The institutional investor purchased 13,550 shares of the company’s stock, valued at approximately $104,000.

Other institutional investors have also added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Applied Digital in the third quarter valued at approximately $59,000. Beacon Harbor Wealth Advisors Inc. purchased a new position in Applied Digital in the third quarter worth $83,000. Gunderson Capital Management Inc. bought a new position in Applied Digital in the 4th quarter valued at $83,000. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Applied Digital during the 3rd quarter valued at $88,000. Finally, Nisa Investment Advisors LLC raised its stake in shares of Applied Digital by 16.8% during the 4th quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company’s stock worth $90,000 after purchasing an additional 1,692 shares during the period. 65.67% of the stock is owned by institutional investors.

Applied Digital Price Performance

Applied Digital stock opened at $7.38 on Friday. The firm has a market capitalization of $1.65 billion, a P/E ratio of -4.27 and a beta of 4.78. Applied Digital Co. has a one year low of $2.36 and a one year high of $11.25. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The business has a fifty day moving average price of $8.89 and a 200-day moving average price of $7.09.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.08. The business had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The firm’s revenue was up 51.3% compared to the same quarter last year. During the same quarter last year, the company earned ($0.05) EPS. As a group, equities research analysts forecast that Applied Digital Co. will post -0.8 EPS for the current year.

Insider Buying and Selling

In other Applied Digital news, Director Richard N. Nottenburg sold 19,369 shares of Applied Digital stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total transaction of $145,461.19. Following the completion of the sale, the director now directly owns 384,317 shares in the company, valued at $2,886,220.67. The trade was a 4.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the transaction, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. This represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 289,369 shares of company stock worth $2,622,461. Corporate insiders own 11.81% of the company’s stock.

Analysts Set New Price Targets

APLD has been the subject of a number of research analyst reports. Compass Point began coverage on shares of Applied Digital in a report on Tuesday. They set a “buy” rating and a $10.00 price objective for the company. Craig Hallum raised their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Lake Street Capital upped their price objective on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Roth Mkm reissued a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Finally, Cantor Fitzgerald dropped their price target on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $11.13.

Applied Digital Company 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.