Clearfield Capital Management LP Has $12.61 Million Position in Applied Digital Corporation $APLD

Clearfield Capital Management LP lowered its stake in shares of Applied Digital Corporation (NASDAQ:APLD) by 3.5% during the third quarter, HoldingsChannel reports. The firm owned 549,479 shares of the company’s stock after selling 19,700 shares during the quarter. Applied Digital makes up 7.5% of Clearfield Capital Management LP’s investment portfolio, making the stock its 7th largest position. Clearfield Capital Management LP’s holdings in Applied Digital were worth $12,605,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently made changes to their positions in the company. Teachers Retirement System of The State of Kentucky acquired a new position in Applied Digital during the third quarter worth $994,000. Voya Investment Management LLC lifted its stake in Applied Digital by 403.4% in 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 during the last quarter. Federated Hermes Inc. acquired a new stake in Applied Digital in the third quarter valued at $3,204,000. AlphaQuest LLC bought a new position in shares of Applied Digital in the 3rd quarter valued at about $1,369,000. Finally, MRA Advisory Group bought a new position in shares of Applied Digital in the 3rd quarter valued at about $978,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Stock Performance

NASDAQ APLD opened at $27.05 on Friday. The stock has a market cap of $7.56 billion, a PE ratio of -50.09 and a beta of 7.20. The company has a debt-to-equity ratio of 1.79, a quick ratio of 4.82 and a current ratio of 4.82. The firm has a 50-day moving average of $32.86 and a 200-day moving average of $28.36. Applied Digital Corporation has a 52-week low of $3.31 and a 52-week high of $42.27.

Insider Activity at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction that occurred 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 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Chuck Hastings sold 45,987 shares of the business’s stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $38.57, for a total value of $1,773,718.59. Following the sale, the director owned 388,372 shares of the company’s stock, valued at approximately $14,979,508.04. This represents a 10.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 244,593 shares of company stock valued at $9,003,278 in the last 90 days. Insiders own 9.50% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Arete Research assumed coverage on shares of Applied Digital in a report on Wednesday, January 7th. They issued a “buy” rating on the stock. B. Riley Financial lifted their price target on Applied Digital to $53.00 and gave the stock a “buy” rating in a report on Friday, January 9th. Citigroup reissued an “outperform” rating on shares of Applied Digital in a research report on Wednesday, January 28th. Northland Securities set a $56.00 price objective on Applied Digital in a research report on Wednesday, January 28th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $41.00 target price on shares of Applied Digital in a research note on Thursday, January 8th. Two equities 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 company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $37.00.

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.