New York State Common Retirement Fund Has $332,000 Stock Position in Applied Digital Corporation (NASDAQ:APLD)

New York State Common Retirement Fund boosted its stake in Applied Digital Corporation (NASDAQ:APLD) by 44.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 59,119 shares of the company’s stock after acquiring an additional 18,300 shares during the quarter. New York State Common Retirement Fund’s holdings in Applied Digital were worth $332,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in APLD. Sentinel Trust Co. LBA acquired a new position in Applied Digital during the 1st quarter worth approximately $165,000. Hunter Associates Investment Management LLC increased its holdings in Applied Digital by 15.9% during the first quarter. Hunter Associates Investment Management LLC now owns 535,921 shares of the company’s stock worth $3,019,000 after buying an additional 73,718 shares during the last quarter. Stratos Wealth Partners LTD. acquired a new position in shares of Applied Digital during the 1st quarter worth about $189,000. Bank of New York Mellon Corp raised its holdings in shares of Applied Digital by 9.4% in the 1st quarter. Bank of New York Mellon Corp now owns 525,566 shares of the company’s stock valued at $2,954,000 after purchasing an additional 45,040 shares during the period. Finally, OneDigital Investment Advisors LLC boosted its stake in shares of Applied Digital by 26.5% during the 1st quarter. OneDigital Investment Advisors LLC now owns 29,934 shares of the company’s stock worth $168,000 after acquiring an additional 6,270 shares during the period. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Stock Down 4.0%

APLD stock opened at $10.75 on Friday. The stock has a market cap of $2.42 billion, a P/E ratio of -7.85 and a beta of 6.04. The stock’s fifty day simple moving average is $10.06 and its two-hundred day simple moving average is $7.90. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.56. Applied Digital Corporation has a 1-year low of $3.01 and a 1-year high of $15.42.

Analysts Set New Price Targets

APLD has been the topic of several research analyst reports. Compass Point raised shares of Applied Digital from a “neutral” rating to a “buy” rating and set a $13.00 price objective on the stock in a research report on Friday. Cantor Fitzgerald cut their price target on Applied Digital from $14.00 to $7.00 and set an “overweight” rating for the company in a research note on Tuesday, April 15th. JMP Securities upped their target price on Applied Digital from $12.00 to $18.00 and gave the stock a “market outperform” rating in a research note on Tuesday, June 3rd. HC Wainwright lifted their target price on Applied Digital from $7.00 to $12.00 and gave the company a “buy” rating in a research report on Tuesday, June 3rd. Finally, Citigroup restated an “outperform” rating on shares of Applied Digital in a research report on Tuesday, June 3rd. Twelve analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $12.73.

Insider Transactions at Applied Digital

In other news, Director Rachel H. Lee sold 24,212 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total transaction of $169,484.00. Following the completion of the transaction, the director directly owned 83,613 shares of the company’s stock, valued at $585,291. This represents a 22.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company 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.