Morse Asset Management Inc Invests $1.07 Million in Applied Digital Corporation $APLD

Morse Asset Management Inc bought a new stake in shares of Applied Digital Corporation (NASDAQ:APLD) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 46,519 shares of the company’s stock, valued at approximately $1,067,000.

Several other institutional investors also recently bought and sold shares of the company. Larson Financial Group LLC grew its holdings in Applied Digital by 56,450.0% in the third quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock worth $26,000 after purchasing an additional 1,129 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Applied Digital during the 2nd quarter valued at $26,000. Dagco Inc. acquired a new stake in shares of Applied Digital in the 3rd quarter worth $27,000. Evolution Wealth Management Inc. grew its stake in Applied Digital by 101.8% during the 3rd quarter. Evolution Wealth Management Inc. now owns 1,600 shares of the company’s stock worth $37,000 after buying an additional 807 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its position in Applied Digital by 113.3% during the 1st 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 in the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

APLD has been the subject of several recent analyst reports. Texas Capital raised Applied Digital to a “strong-buy” rating in a report on Tuesday, January 20th. Arete Research initiated coverage on shares of Applied Digital in a report on Wednesday, January 7th. They set a “buy” rating on the stock. Freedom Capital raised shares of Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 6th. Citigroup reissued an “outperform” rating on shares of Applied Digital in a research report on Wednesday, January 28th. Finally, 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. Two research 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’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $37.00.

Insider Transactions at Applied Digital

In related news, Director Richard N. Nottenburg sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $35.45, for a total value of $425,400.00. Following the sale, the director owned 233,378 shares in the company, valued at $8,273,250.10. This represents a 4.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 transaction of $385,400.00. Following the completion of the transaction, 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 position. The SEC filing for this sale provides additional information. Insiders have sold 244,593 shares of company stock worth $9,003,278 in the last ninety days. Corporate insiders own 9.50% of the company’s stock.

Applied Digital Stock Up 2.4%

Shares of APLD stock opened at $27.71 on Tuesday. Applied Digital Corporation has a fifty-two week low of $3.31 and a fifty-two week high of $42.27. The firm has a market capitalization of $7.75 billion, a PE ratio of -51.31 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 stock’s 50-day simple moving average is $32.81 and its 200-day simple moving average is $28.52.

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.