Wealthfront Advisers LLC Acquires 26,422 Shares of Applied Digital Corporation $APLD

Wealthfront Advisers LLC grew its holdings in Applied Digital Corporation (NASDAQ:APLD) by 215.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,678 shares of the company’s stock after acquiring an additional 26,422 shares during the quarter. Wealthfront Advisers LLC’s holdings in Applied Digital were worth $887,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. AQR Capital Management LLC boosted its holdings in Applied Digital by 84.8% in the 1st quarter. AQR Capital Management LLC now owns 18,945 shares of the company’s stock valued at $106,000 after purchasing an additional 8,692 shares during the period. NewEdge Advisors LLC raised its position in shares of Applied Digital by 239.1% during the first quarter. NewEdge Advisors LLC now owns 33,267 shares of the company’s stock valued at $187,000 after buying an additional 23,457 shares during the last quarter. Geneos Wealth Management Inc. raised its position in shares of Applied Digital by 113.3% during the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock valued at $37,000 after buying an additional 3,542 shares during the last quarter. Strs Ohio bought a new stake in shares of Applied Digital in the first quarter valued at about $71,000. Finally, KLP Kapitalforvaltning AS grew its position in Applied Digital by 27.7% during the second quarter. KLP Kapitalforvaltning AS now owns 41,500 shares of the company’s stock worth $418,000 after buying an additional 9,000 shares in the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the company. Roth Mkm upped their price target on 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 target price on Applied Digital in a research note on Wednesday, January 28th. Lake Street Capital reaffirmed a “buy” rating and issued a $45.00 target price on shares of Applied Digital in a research report on Tuesday, December 30th. Wall Street Zen upgraded shares of Applied Digital from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, Craig Hallum increased their price objective on shares of Applied Digital to $39.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. Three investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $34.73.

Applied Digital Stock Down 2.5%

Shares of NASDAQ:APLD opened at $35.28 on Monday. The company’s fifty day moving average is $31.87 and its 200-day moving average is $26.46. The company has a debt-to-equity ratio of 1.79, a quick ratio of 4.82 and a current ratio of 4.82. Applied Digital Corporation has a 52 week low of $3.31 and a 52 week high of $42.27. The company has a market capitalization of $9.86 billion, a PE ratio of -65.33 and a beta of 7.25.

Insider Activity

In other news, CEO Wes Cummins sold 165,000 shares of Applied Digital stock in a transaction that occurred on Friday, January 16th. The shares were 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 owned 4,176,329 shares in the company, 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 SEC, which is accessible through this link. Also, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $38.54, for a total value of $385,400.00. Following the sale, the director owned 200,859 shares in the company, valued at approximately $7,741,105.86. This trade represents a 4.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 244,593 shares of company stock valued at $9,003,278 over the last three months. 9.50% of the stock is owned by corporate insiders.

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.