AlphaQuest LLC Acquires New Holdings in Applied Digital Corporation $APLD

AlphaQuest LLC bought a new position in shares of Applied Digital Corporation (NASDAQ:APLD) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 59,658 shares of the company’s stock, valued at approximately $1,369,000.

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

Analysts Set New Price Targets

APLD has been the topic of several recent research reports. Freedom Capital upgraded Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 6th. Roth Mkm boosted their target price on shares of Applied Digital to $58.00 and gave the company a “buy” rating in a research note on Thursday, January 8th. HC Wainwright upped their target price on shares of Applied Digital from $20.00 to $40.00 and gave the company a “buy” rating in a report on Friday, October 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a report on Wednesday, October 8th. Finally, B. Riley boosted their price objective on shares of Applied Digital to $53.00 and gave the company a “buy” rating in a research report on Friday, January 9th. Three research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $34.73.

Applied Digital Stock Down 11.0%

Shares of NASDAQ:APLD opened at $33.88 on Friday. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 1.79. The firm has a market cap of $9.47 billion, a price-to-earnings ratio of -62.74 and a beta of 6.89. The stock’s 50-day moving average price is $30.33 and its two-hundred day moving average price is $24.66. Applied Digital Corporation has a 12-month low of $3.31 and a 12-month high of $42.27.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, January 7th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). Applied Digital had a negative return on equity of 13.53% and a negative net margin of 43.49%.The company had revenue of $126.59 million for the quarter, compared to analysts’ expectations of $82.22 million. During the same quarter in the previous year, the company earned ($0.06) earnings per share. The company’s revenue was up 250.1% on a year-over-year basis. On average, research analysts forecast that Applied Digital Corporation will post -0.96 EPS for the current year.

Insider Activity at Applied Digital

In other Applied Digital news, Director Chuck Hastings sold 45,987 shares of the stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of $38.57, for a total transaction of $1,773,718.59. Following the transaction, the director owned 388,372 shares of the company’s stock, valued at $14,979,508.04. This trade represents a 10.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction on Monday, January 12th. The shares were sold at an average price of $38.54, for a total transaction of $385,400.00. Following the sale, the director directly owned 200,859 shares of the company’s stock, valued at $7,741,105.86. This represents a 4.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 244,593 shares of company stock worth $9,003,278. Company insiders own 9.50% of the company’s stock.

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.