Morse Asset Management Inc Purchases Shares of 46,519 Applied Digital Corporation $APLD

Morse Asset Management Inc acquired a new stake in shares of Applied Digital Corporation (NASDAQ:APLD) in the third quarter, Holdings Channel.com reports. The firm acquired 46,519 shares of the company’s stock, valued at approximately $1,067,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Larson Financial Group LLC boosted its stake in shares of 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 buying an additional 1,129 shares during the last quarter. Dagco Inc. purchased a new position in Applied Digital during the third quarter valued at approximately $27,000. Evolution Wealth Management Inc. raised its position in Applied Digital by 101.8% during the third quarter. Evolution Wealth Management Inc. now owns 1,600 shares of the company’s stock valued at $37,000 after acquiring an additional 807 shares in the last quarter. CoreCap Advisors LLC lifted its holdings in Applied Digital by 124.9% in the third quarter. CoreCap Advisors LLC now owns 1,804 shares of the company’s stock valued at $41,000 after acquiring an additional 1,002 shares during the period. Finally, RiverPark Advisors LLC acquired a new position in Applied Digital in the third quarter valued at approximately $51,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Analyst Ratings Changes

APLD has been the topic of a number of analyst reports. Texas Capital raised shares of Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 20th. Needham & Company LLC reissued a “buy” rating and set a $41.00 price target on shares of Applied Digital in a report on Thursday, January 8th. Freedom Capital upgraded shares of Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 6th. B. Riley Financial lifted their price objective on shares of Applied Digital to $53.00 and gave the company a “buy” rating in a report on Friday, January 9th. Finally, Lake Street Capital reiterated a “buy” rating and issued a $45.00 price objective on shares of Applied Digital in a research report on Tuesday, December 30th. 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 stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $37.00.

Insider Activity at Applied Digital

In related news, Director Richard N. Nottenburg sold 12,000 shares of the business’s stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $35.45, for a total value of $425,400.00. Following the completion of the sale, the director owned 233,378 shares of the company’s stock, valued at approximately $8,273,250.10. The trade was a 4.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Wes Cummins sold 165,000 shares of the company’s stock in a transaction on 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 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 disclosure for this sale is available in the SEC filing. Insiders sold a total of 244,593 shares of company stock worth $9,003,278 in the last quarter. 9.50% of the stock is owned by insiders.

Applied Digital Trading Up 2.4%

Shares of APLD stock opened at $27.71 on Tuesday. Applied Digital Corporation has a 1-year low of $3.31 and a 1-year high of $42.27. The company has a market cap of $7.75 billion, a price-to-earnings ratio of -51.31 and a beta of 7.20. The company has a debt-to-equity ratio of 1.79, a current ratio of 4.82 and a quick ratio of 4.82. The stock has a 50 day simple moving average of $32.81 and a 200-day simple moving average of $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.