Van ECK Associates Corp Sells 810,239 Shares of Applied Digital Co. (NASDAQ:APLD)

Van ECK Associates Corp lowered its position in Applied Digital Co. (NASDAQ:APLD) by 28.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,059,741 shares of the company’s stock after selling 810,239 shares during the quarter. Van ECK Associates Corp owned about 0.96% of Applied Digital worth $17,734,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. purchased a new stake in Applied Digital in the 1st quarter worth about $50,000. Headlands Technologies LLC raised its holdings in shares of Applied Digital by 381.8% in the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after buying an additional 6,933 shares during the period. ARS Investment Partners LLC purchased a new stake in shares of Applied Digital in the second quarter worth approximately $60,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Applied Digital during the 3rd quarter worth approximately $88,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Applied Digital by 15.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock valued at $103,000 after acquiring an additional 3,182 shares during the period. Institutional investors own 65.67% of the company’s stock.

Insider Transactions at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the transaction, the director now directly owns 218,506 shares in the company, valued at $1,201,783. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total value of $55,000.00. Following the completion of the sale, the director now directly owns 218,506 shares in the company, valued at $1,201,783. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Richard N. Nottenburg sold 80,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the transaction, the director now owns 433,686 shares in the company, valued at $3,196,265.82. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 100,000 shares of company stock valued at $724,700. Corporate insiders own 11.81% of the company’s stock.

Applied Digital Price Performance

NASDAQ APLD opened at $6.37 on Wednesday. The company has a market cap of $1.37 billion, a PE ratio of -5.44 and a beta of 4.65. The firm’s 50 day moving average price is $6.75 and its 200-day moving average price is $5.34. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. Applied Digital Co. has a 52-week low of $2.36 and a 52-week high of $9.48.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.13. The firm had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. Applied Digital’s revenue was up 67.2% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.10) EPS. Sell-side analysts forecast that Applied Digital Co. will post -0.4 EPS for the current fiscal year.

Wall Street Analyst Weigh In

APLD has been the topic of a number of recent analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research note on Friday, November 1st. Lake Street Capital lifted their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Roth Mkm restated a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. B. Riley lifted their price target on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Finally, HC Wainwright increased their price objective on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $10.50.

About Applied Digital

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.