TD Asset Management Inc Invests $902,000 in Applied Digital Corporation $APLD

TD Asset Management Inc bought a new stake in shares of Applied Digital Corporation (NASDAQ:APLD) in the third quarter, Holdings Channel.com reports. The fund bought 39,324 shares of the company’s stock, valued at approximately $902,000.

Other hedge funds have also recently made changes to their positions in the company. Voya Investment Management LLC raised 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 in the last quarter. Federated Hermes Inc. purchased a new stake in shares of Applied Digital in the third quarter valued at approximately $3,204,000. AlphaQuest LLC bought a new position in Applied Digital in the third quarter worth approximately $1,369,000. MRA Advisory Group bought a new position in Applied Digital in the third quarter worth approximately $978,000. Finally, Two Seas Capital LP purchased a new position in Applied Digital during the 2nd quarter worth $5,035,000. 65.67% of the stock is currently owned by institutional investors.

Applied Digital Stock Down 10.5%

Shares of NASDAQ APLD opened at $25.13 on Friday. Applied Digital Corporation has a 12-month low of $3.31 and a 12-month high of $42.27. The stock’s fifty day simple moving average is $32.64 and its two-hundred day simple moving average is $27.87. The stock has a market capitalization of $7.03 billion, a PE ratio of -46.54 and a beta of 7.20. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 1.79.

Wall Street Analyst Weigh In

APLD has been the subject of a number of research analyst reports. Wall Street Zen raised Applied Digital from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Lake Street Capital reissued a “buy” rating and set a $45.00 price target on shares of Applied Digital in a research report on Tuesday, December 30th. Roth Mkm restated a “buy” rating on shares of Applied Digital in a research note on Tuesday, February 17th. Needham & Company LLC reissued a “buy” rating and set a $41.00 target price on shares of Applied Digital in a research report on Thursday, January 8th. Finally, Freedom Capital upgraded shares of Applied Digital to a “strong-buy” rating in a report on Tuesday, January 6th. Two 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’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $37.00.

Insider Buying and Selling

In related news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction on 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 represents a 4.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, 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 transaction of $6,009,300.00. Following the completion of the transaction, the chief executive officer owned 4,176,329 shares of the company’s stock, valued at $152,101,902.18. This represents a 3.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 244,593 shares of company stock valued at $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.