Caprock Group LLC Invests $3.16 Million in Applied Digital Corporation $APLD

Caprock Group LLC bought a new position in shares of Applied Digital Corporation (NASDAQ:APLD) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 137,765 shares of the company’s stock, valued at approximately $3,160,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of APLD. Atlantic Union Bankshares Corp acquired a new stake in shares of Applied Digital in the 2nd quarter valued at about $25,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Applied Digital in the second quarter valued at $26,000. Dagco Inc. acquired a new stake in shares of Applied Digital in the 3rd quarter worth about $27,000. Evolution Wealth Management Inc. raised its stake in shares of Applied Digital by 101.8% in the third quarter. Evolution Wealth Management Inc. now owns 1,600 shares of the company’s stock worth $37,000 after purchasing an additional 807 shares during the last quarter. Finally, Geneos Wealth Management Inc. raised its position in Applied Digital by 113.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock valued at $37,000 after buying an additional 3,542 shares during the last quarter. 65.67% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Richard N. Nottenburg sold 12,000 shares of the business’s stock in a transaction dated Thursday, January 15th. The stock was sold at an average price of $35.45, for a total value of $425,400.00. Following the completion of the sale, the director owned 233,378 shares of the company’s stock, valued at approximately $8,273,250.10. The trade was a 4.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Chuck Hastings sold 45,987 shares of the firm’s stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $38.57, for a total transaction of $1,773,718.59. Following the completion of the transaction, the director owned 388,372 shares in the company, valued at $14,979,508.04. This represents a 10.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 244,593 shares of company stock worth $9,003,278 in the last ninety days. Corporate insiders own 9.50% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on APLD. Craig Hallum upped their price objective on Applied Digital to $39.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. B. Riley Financial upped their price target on Applied Digital to $53.00 and gave the company a “buy” rating in a research report on Friday, January 9th. Northland Securities set a $56.00 price objective on shares of Applied Digital in a research note on Wednesday, January 28th. Citigroup restated an “outperform” rating on shares of Applied Digital in a research report on Wednesday, January 28th. Finally, Lake Street Capital restated a “buy” rating and set a $45.00 target price on shares of Applied Digital in a research report on Tuesday, December 30th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $34.73.

Applied Digital Trading Down 1.2%

Shares of APLD opened at $36.17 on Friday. Applied Digital Corporation has a fifty-two week low of $3.31 and a fifty-two week high of $42.27. The firm has a market cap of $10.11 billion, a price-to-earnings ratio of -66.98 and a beta of 7.25. The firm has a 50 day moving average price of $31.79 and a 200-day moving average price of $26.06. The company has a debt-to-equity ratio of 1.79, a quick ratio of 4.82 and a current ratio of 4.82.

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.