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

New York State Common Retirement Fund increased its holdings in Applied Digital Corporation (NASDAQ:APLD) by 147.8% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor 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.

A number of other institutional investors and hedge funds have also bought and sold shares of APLD. Farther Finance Advisors LLC boosted its holdings in Applied Digital by 51.8% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,306 shares of the company’s stock valued at $53,000 after acquiring an additional 787 shares during the period. Evolution Wealth Management Inc. lifted its position in shares of Applied Digital by 101.8% in the 3rd 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 period. Flagship Harbor Advisors LLC boosted its position in Applied Digital by 6.0% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 15,930 shares of the company’s stock valued at $160,000 after acquiring an additional 900 shares in the last quarter. CoreCap Advisors LLC lifted its stake in shares of Applied Digital by 124.9% in the 3rd quarter. CoreCap Advisors LLC now owns 1,804 shares of the company’s stock valued at $41,000 after purchasing an additional 1,002 shares during the period. Finally, Compass Ion Advisors LLC grew its stake in Applied Digital by 9.9% in the third quarter. Compass Ion Advisors LLC now owns 11,434 shares of the company’s stock worth $262,000 after purchasing an additional 1,034 shares during the period. 65.67% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $38.54, for a total transaction of $385,400.00. Following the completion of the sale, the director directly owned 200,859 shares of the company’s stock, valued at approximately $7,741,105.86. This trade represents a 4.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard N. Nottenburg sold 12,000 shares of the stock in a transaction that occurred on 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 transaction, the director directly owned 233,378 shares in the company, valued at approximately $8,273,250.10. This trade represents a 4.89% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 244,593 shares of company stock worth $9,003,278. Corporate insiders own 9.50% of the company’s stock.

Analysts Set New Price Targets

APLD has been the topic of several analyst reports. Arete Research assumed coverage on shares of Applied Digital in a research note on Wednesday, January 7th. They issued a “buy” rating on the stock. Wall Street Zen upgraded Applied Digital from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Texas Capital raised Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 20th. Roth Mkm lifted their price target on shares of Applied Digital to $58.00 and gave the stock a “buy” rating in a research note on Thursday, January 8th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $41.00 price objective on shares of Applied Digital in a research report on Thursday, January 8th. Three research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $34.73.

Applied Digital Stock Up 25.5%

APLD opened at $34.95 on Friday. The company has a market capitalization of $9.77 billion, a PE ratio of -64.72 and a beta of 7.25. The firm has a 50-day simple moving average of $31.16 and a two-hundred day simple moving average of $25.43. The company has a quick ratio of 4.82, a current ratio of 4.82 and a debt-to-equity ratio of 1.79. Applied Digital Corporation has a 52 week low of $3.31 and a 52 week high of $42.27.

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

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.