AlphaQuest LLC Acquires Shares of 59,658 Applied Digital Corporation $APLD

AlphaQuest LLC bought a new position in shares of Applied Digital Corporation (NASDAQ:APLD) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 59,658 shares of the company’s stock, valued at approximately $1,369,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in APLD. Voya Investment Management LLC lifted its position in Applied Digital by 403.4% during the 3rd quarter. Voya Investment Management LLC now owns 1,464,909 shares of the company’s stock worth $33,605,000 after acquiring an additional 1,173,929 shares during the period. KLP Kapitalforvaltning AS increased its holdings in shares of Applied Digital by 27.7% in the second quarter. KLP Kapitalforvaltning AS now owns 41,500 shares of the company’s stock valued at $418,000 after purchasing an additional 9,000 shares during the period. Kovack Advisors Inc. acquired a new position in shares of Applied Digital in the second quarter valued at approximately $116,000. Two Seas Capital LP purchased a new stake in shares of Applied Digital during the second quarter worth approximately $5,035,000. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of Applied Digital by 371.1% during the third quarter. Nisa Investment Advisors LLC now owns 56,629 shares of the company’s stock worth $1,299,000 after purchasing an additional 44,608 shares during the period. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Insider Transactions at Applied Digital

In related news, CEO Wes Cummins sold 165,000 shares of Applied Digital stock in a transaction on 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 completion of the transaction, the chief executive officer directly owned 4,176,329 shares of the company’s stock, valued at approximately $152,101,902.18. The trade was a 3.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Richard N. Nottenburg sold 12,000 shares of the business’s stock in a transaction 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 sale, the director owned 233,378 shares in the company, valued at approximately $8,273,250.10. The trade was a 4.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 244,593 shares of company stock worth $9,003,278 over the last quarter. Insiders own 9.50% of the company’s stock.

Applied Digital Stock Performance

Shares of APLD opened at $33.88 on Friday. 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. The company has a 50-day simple moving average of $30.33 and a 200-day simple moving average of $24.66. The company has a market capitalization of $9.47 billion, a PE ratio of -62.74 and a beta of 6.89.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data 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 company had revenue of $126.59 million for the quarter, compared to analysts’ expectations of $82.22 million. During the same period in the prior year, the firm posted ($0.06) EPS. The firm’s quarterly revenue was up 250.1% on a year-over-year basis. Equities research analysts predict that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently weighed in on APLD. HC Wainwright lifted their price objective on shares of Applied Digital from $20.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, October 10th. B. Riley lifted their target price on shares of Applied Digital to $53.00 and gave the company a “buy” rating in a report on Friday, January 9th. Wall Street Zen raised shares of Applied Digital from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. Texas Capital upgraded shares of Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 20th. Finally, Northland Securities set a $56.00 target price on Applied Digital in a research report on Wednesday. Three investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Applied Digital currently has a consensus rating of “Buy” and a consensus target price of $34.73.

Applied Digital 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.