TD Asset Management Inc Purchases New Position in Applied Digital Corporation $APLD

TD Asset Management Inc purchased a new stake in shares of Applied Digital Corporation (NASDAQ:APLD) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 39,324 shares of the company’s stock, valued at approximately $902,000.

A number of other large investors have also added to or reduced their stakes in APLD. AQR Capital Management LLC raised its holdings in shares of Applied Digital by 84.8% during the 1st quarter. AQR Capital Management LLC now owns 18,945 shares of the company’s stock worth $106,000 after acquiring an additional 8,692 shares in the last quarter. NewEdge Advisors LLC grew its holdings in shares of Applied Digital by 239.1% in the first quarter. NewEdge Advisors LLC now owns 33,267 shares of the company’s stock valued at $187,000 after purchasing an additional 23,457 shares in the last quarter. Geneos Wealth Management Inc. increased its position in Applied Digital by 113.3% in the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock worth $37,000 after purchasing an additional 3,542 shares during the last quarter. Strs Ohio bought a new stake in Applied Digital in the first quarter worth $71,000. Finally, Teacher Retirement System of Texas raised its stake in Applied Digital by 10.2% during the second quarter. Teacher Retirement System of Texas now owns 27,252 shares of the company’s stock valued at $274,000 after purchasing an additional 2,515 shares in the last quarter. Institutional investors own 65.67% of the company’s stock.

Insider Activity

In related news, CEO Wes Cummins sold 165,000 shares of Applied Digital stock in a transaction dated Friday, January 16th. The shares were 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction dated 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 in the company, valued at $7,741,105.86. This trade represents a 4.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 244,593 shares of company stock valued at $9,003,278 in the last quarter. 9.50% of the stock is currently owned by company insiders.

Applied Digital Trading Down 10.5%

APLD stock opened at $25.13 on Friday. Applied Digital Corporation has a twelve month low of $3.31 and a twelve month high of $42.27. The stock has a market capitalization of $7.03 billion, a price-to-earnings ratio of -46.54 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 firm’s fifty day simple moving average is $32.64 and its two-hundred day simple moving average is $27.87.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Applied Digital from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. Freedom Capital raised shares of Applied Digital to a “strong-buy” rating in a report on Tuesday, January 6th. Needham & Company LLC reissued a “buy” rating and set a $41.00 price objective on shares of Applied Digital in a research note on Thursday, January 8th. Arete Research began coverage on Applied Digital in a research report on Wednesday, January 7th. They set a “buy” rating on the stock. Finally, B. Riley Financial raised their price objective on Applied Digital to $53.00 and gave the company a “buy” rating in a research note on Friday, January 9th. Two 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 company. Based on data from MarketBeat.com, Applied Digital currently has a consensus rating of “Buy” and a consensus price target of $37.00.

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.