Wesbanco Bank Inc. Purchases Shares of 25,000 Applied Digital Corporation $APLD

Wesbanco Bank Inc. acquired a new stake in shares of Applied Digital Corporation (NASDAQ:APLD) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 25,000 shares of the company’s stock, valued at approximately $574,000.

A number of other hedge funds have also modified their holdings of APLD. BNP Paribas Financial Markets boosted its position in shares of Applied Digital by 24,356.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock valued at $52,561,000 after purchasing an additional 5,198,223 shares during the period. Situational Awareness LP raised its holdings in shares of Applied Digital by 63.3% during the second quarter. Situational Awareness LP now owns 6,591,800 shares of the company’s stock valued at $66,379,000 after acquiring an additional 2,556,200 shares during the period. HRT Financial LP purchased a new stake in shares of Applied Digital in the 2nd quarter valued at approximately $14,759,000. Voya Investment Management LLC boosted its stake in Applied Digital by 403.4% in the 3rd quarter. Voya Investment Management LLC now owns 1,464,909 shares of the company’s stock worth $33,605,000 after purchasing an additional 1,173,929 shares during the period. Finally, Shellback Capital LP acquired a new stake in Applied Digital during the 2nd quarter valued at $9,063,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Applied Digital Trading Down 2.3%

Shares of APLD stock opened at $36.60 on Thursday. The business’s 50 day moving average is $31.69 and its two-hundred day moving average is $25.99. 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 12 month low of $3.31 and a 12 month high of $42.27. The company has a market cap of $10.23 billion, a PE ratio of -67.78 and a beta of 7.25.

Insiders Place Their Bets

In related news, CEO Wes Cummins sold 165,000 shares of the stock in a transaction that occurred 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 sale, the chief executive officer owned 4,176,329 shares in the company, valued at $152,101,902.18. This represents a 3.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Chuck Hastings sold 45,987 shares of the company’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 value of $1,773,718.59. Following the transaction, the director owned 388,372 shares of the company’s stock, valued at approximately $14,979,508.04. This trade represents a 10.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 244,593 shares of company stock worth $9,003,278 over the last quarter. 9.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on APLD shares. B. Riley Financial lifted their price target on Applied Digital to $53.00 and gave the company a “buy” rating in a report on Friday, January 9th. Roth Mkm boosted their price target on shares of Applied Digital to $58.00 and gave the company a “buy” rating in a report on Thursday, January 8th. Northland Securities set a $56.00 price objective on Applied Digital in a research report on Wednesday, January 28th. Arete Research started coverage on Applied Digital in a research report on Wednesday, January 7th. They issued a “buy” rating on the stock. Finally, Freedom Capital raised Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 6th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Applied Digital has a consensus rating of “Buy” and an average 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.