New York State Common Retirement Fund Raises Holdings in Applied Digital Corporation $APLD

New York State Common Retirement Fund increased its stake in shares of Applied Digital Corporation (NASDAQ:APLD) by 147.8% in the third quarter, HoldingsChannel reports. The firm owned 122,960 shares of the company’s stock after buying an additional 73,341 shares during the period. New York State Common Retirement Fund’s holdings in Applied Digital were worth $2,821,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Dagco Inc. purchased a new position in shares of Applied Digital in the 3rd quarter worth approximately $27,000. Evolution Wealth Management Inc. grew its stake in Applied Digital by 101.8% during the 3rd quarter. Evolution Wealth Management Inc. now owns 1,600 shares of the company’s stock worth $37,000 after buying an additional 807 shares during the last quarter. CoreCap Advisors LLC increased its position in Applied Digital by 124.9% during the 3rd quarter. CoreCap Advisors LLC now owns 1,804 shares of the company’s stock valued at $41,000 after buying an additional 1,002 shares in the last quarter. Farther Finance Advisors LLC raised its stake in Applied Digital by 51.8% in the third quarter. Farther Finance Advisors LLC now owns 2,306 shares of the company’s stock valued at $53,000 after buying an additional 787 shares during the last quarter. Finally, Atlantic Union Bankshares Corp acquired a new position in shares of Applied Digital during the second quarter valued at about $25,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Chuck Hastings sold 45,987 shares of Applied Digital stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $38.57, for a total transaction of $1,773,718.59. Following the sale, the director owned 388,372 shares of the company’s stock, valued at $14,979,508.04. The trade was a 10.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Wes Cummins sold 165,000 shares of the business’s stock in a transaction dated Friday, January 16th. The stock was sold at an average price of $36.42, for a total transaction of $6,009,300.00. Following the transaction, the chief executive officer owned 4,176,329 shares in the company, valued at $152,101,902.18. The trade was a 3.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 244,593 shares of company stock valued at $9,003,278. 9.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. B. Riley Financial upped their price target on shares of Applied Digital to $53.00 and gave the company a “buy” rating in a research note on Friday, January 9th. Needham & Company LLC reaffirmed a “buy” rating and set a $41.00 price target on shares of Applied Digital in a research report on Thursday, January 8th. Roth Mkm increased their price objective on Applied Digital to $58.00 and gave the company a “buy” rating in a report on Thursday, January 8th. Lake Street Capital reiterated a “buy” rating and issued a $45.00 target price on shares of Applied Digital in a research report on Tuesday, December 30th. Finally, Citigroup restated an “outperform” rating on shares of Applied Digital in a research note on Wednesday, January 28th. Three research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $34.73.

Applied Digital Stock Up 25.5%

APLD stock opened at $34.95 on Friday. Applied Digital Corporation has a one year low of $3.31 and a one year high of $42.27. The company has a debt-to-equity ratio of 1.79, a quick ratio of 4.82 and a current ratio of 4.82. The firm has a market cap of $9.77 billion, a PE ratio of -64.72 and a beta of 7.25. The firm’s fifty day moving average is $31.16 and its 200 day moving average is $25.43.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, January 7th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The business had revenue of $126.59 million during the quarter, compared to analysts’ expectations of $82.22 million. Applied Digital had a negative net margin of 43.49% and a negative return on equity of 13.53%. Applied Digital’s revenue for the quarter was up 250.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.06) EPS. On average, research analysts forecast that Applied Digital Corporation will post -0.96 EPS for the current year.

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.