Mitsubishi UFJ Asset Management Co. Ltd. Has $3.77 Million Stake in Applied Digital Corporation $APLD

Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Applied Digital Corporation (NASDAQ:APLD) by 13.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 164,191 shares of the company’s stock after purchasing an additional 19,198 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.06% of Applied Digital worth $3,767,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Voya Investment Management LLC lifted its stake in shares of Applied Digital by 403.4% during the third quarter. Voya Investment Management LLC now owns 1,464,909 shares of the company’s stock valued at $33,605,000 after acquiring an additional 1,173,929 shares during the period. Federated Hermes Inc. acquired a new stake in Applied Digital in the third quarter worth about $3,204,000. AlphaQuest LLC acquired a new stake in Applied Digital in the third quarter worth about $1,369,000. MRA Advisory Group bought a new stake in Applied Digital during the 3rd quarter worth about $978,000. Finally, Kovack Advisors Inc. bought a new position in shares of Applied Digital in the 2nd quarter valued at about $116,000. Institutional investors own 65.67% of the company’s stock.

Insiders Place Their Bets

In other Applied Digital news, 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 value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Chuck Hastings sold 45,987 shares of Applied Digital stock in a transaction dated Thursday, January 29th. The shares were 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 in the company, valued at $14,979,508.04. This trade represents a 10.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 244,593 shares of company stock valued at $9,003,278 in the last three months. Insiders own 9.50% of the company’s stock.

Applied Digital Trading Down 6.4%

Shares of NASDAQ APLD opened at $26.15 on Wednesday. Applied Digital Corporation has a twelve month low of $3.31 and a twelve month high of $42.27. The stock has a market cap of $7.31 billion, a price-to-earnings ratio of -48.43 and a beta of 7.20. The company has a quick ratio of 4.82, a current ratio of 4.82 and a debt-to-equity ratio of 1.79. The company’s fifty day moving average is $32.51 and its 200-day moving average is $27.80.

Analysts Set New Price Targets

Several brokerages have recently commented on APLD. Arete Research assumed coverage on shares of Applied Digital in a research report on Wednesday, January 7th. They set a “buy” rating for the company. Freedom Capital raised shares of Applied Digital to a “strong-buy” rating in a report on Tuesday, January 6th. Northland Securities set a $56.00 target price on shares of Applied Digital in a research report on Wednesday, January 28th. Needham & Company LLC restated a “buy” rating and issued a $41.00 price target on shares of Applied Digital in a research report on Thursday, January 8th. Finally, Lake Street Capital reiterated a “buy” rating and issued a $45.00 price objective on shares of Applied Digital in a report on Tuesday, December 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $37.00.

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.