Principal Financial Group Inc. Sells 2,097 Shares of Applied Digital Co. (NASDAQ:APLD)

Principal Financial Group Inc. decreased its holdings in Applied Digital Co. (NASDAQ:APLD) by 17.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 10,083 shares of the company’s stock after selling 2,097 shares during the quarter. Principal Financial Group Inc.’s holdings in Applied Digital were worth $83,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Applied Digital by 70.2% during the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock worth $26,434,000 after acquiring an additional 2,547,485 shares during the last quarter. Hood River Capital Management LLC lifted its position in shares of Applied Digital by 8.7% during the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after purchasing an additional 771,699 shares in the last quarter. Alight Capital Management LP purchased a new position in Applied Digital during the second quarter worth about $3,570,000. Van ECK Associates Corp grew its position in Applied Digital by 18.3% in the 2nd quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock worth $17,077,000 after purchasing an additional 443,699 shares in the last quarter. Finally, Thomist Capital Management LP purchased a new stake in Applied Digital in the 2nd quarter valued at about $2,529,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Price Performance

NASDAQ APLD opened at $9.74 on Wednesday. The company has a market cap of $2.10 billion, a PE ratio of -8.32 and a beta of 4.65. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. The firm’s 50-day simple moving average is $7.74 and its two-hundred day simple moving average is $5.89. Applied Digital Co. has a 52 week low of $2.36 and a 52 week high of $10.94.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The company had revenue of $60.70 million for the quarter, compared to analysts’ expectations of $54.85 million. During the same period in the prior year, the company posted ($0.10) EPS. Applied Digital’s revenue was up 67.2% compared to the same quarter last year. Research analysts predict that Applied Digital Co. will post -0.4 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on APLD. Craig Hallum boosted their target price on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research report on Friday, November 1st. Lake Street Capital boosted their price target on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. HC Wainwright lifted their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Finally, B. Riley increased their target price on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Digital currently has a consensus rating of “Buy” and an average price target of $10.50.

Insiders Place Their Bets

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $8.01, for a total transaction of $80,100.00. Following the completion of the transaction, the director now owns 208,506 shares of the company’s stock, valued at $1,670,133.06. The trade was a 4.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Richard N. Nottenburg sold 19,369 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $7.51, for a total value of $145,461.19. Following the sale, the director now owns 384,317 shares in the company, valued at approximately $2,886,220.67. This represents a 4.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 119,369 shares of company stock worth $870,161 over the last 90 days. Corporate insiders own 11.81% of the company’s stock.

Applied Digital 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.