Westfield Capital Management Co. LP Invests $25.36 Million in Applied Digital Corporation $APLD

Westfield Capital Management Co. LP bought a new position in Applied Digital Corporation (NASDAQ:APLD) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,034,397 shares of the company’s stock, valued at approximately $25,363,000.

Other hedge funds also recently made changes to their positions in the company. Teachers Retirement System of The State of Kentucky acquired a new position in shares of Applied Digital in the 3rd quarter valued at about $994,000. MRA Advisory Group bought a new stake in Applied Digital during the 3rd quarter worth approximately $978,000. Vanguard Group Inc. boosted its position in shares of Applied Digital by 23.2% during the third quarter. Vanguard Group Inc. now owns 17,722,174 shares of the company’s stock valued at $406,547,000 after buying an additional 3,339,062 shares during the last quarter. Cannon Capital Management Inc. purchased a new position in shares of Applied Digital during the fourth quarter valued at approximately $3,635,000. Finally, Mandatum Life Insurance Co Ltd purchased a new position in shares of Applied Digital during the third quarter valued at approximately $924,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Insider Activity

In related news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction on Monday, April 27th. The shares were sold at an average price of $34.98, for a total value of $349,800.00. Following the transaction, the director directly owned 184,859 shares of the company’s stock, valued at $6,466,367.82. The trade was a 5.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Richard N. Nottenburg sold 12,500 shares of Applied Digital stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $34.59, for a total transaction of $432,375.00. Following the completion of the transaction, the director directly owned 208,378 shares in the company, valued at approximately $7,207,795.02. The trade was a 5.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 35,000 shares of company stock worth $1,182,175. Company insiders own 9.50% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on APLD shares. Compass Point reaffirmed a “buy” rating and issued a $70.00 target price on shares of Applied Digital in a report on Friday, May 22nd. Citizens Jmp raised their price target on Applied Digital from $40.00 to $60.00 and gave the stock a “market outperform” rating in a report on Thursday, May 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a report on Friday, April 24th. Citigroup reissued an “outperform” rating on shares of Applied Digital in a research note on Thursday, May 21st. Finally, B. Riley Financial reissued a “buy” rating and set a $66.00 price objective (up from $53.00) on shares of Applied Digital in a research note on Wednesday, May 27th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Applied Digital currently has a consensus rating of “Buy” and a consensus target price of $59.11.

Applied Digital Trading Down 10.3%

NASDAQ APLD opened at $39.62 on Friday. The stock’s 50-day simple moving average is $36.19 and its two-hundred day simple moving average is $32.06. Applied Digital Corporation has a twelve month low of $9.02 and a twelve month high of $50.72. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65. The company has a market capitalization of $11.32 billion, a price-to-earnings ratio of -53.54 and a beta of 5.69.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.23). The company had revenue of $108.55 million during the quarter, compared to analysts’ expectations of $78.47 million. Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The firm’s quarterly revenue was up 139.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.08) EPS. Research analysts forecast that Applied Digital Corporation will post -0.68 EPS 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.