Applied Digital Corporation $APLD Shares Purchased by Uniting Wealth Partners LLC

Uniting Wealth Partners LLC increased its stake in Applied Digital Corporation (NASDAQ:APLD) by 15.2% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 110,133 shares of the company’s stock after acquiring an additional 14,533 shares during the quarter. Uniting Wealth Partners LLC’s holdings in Applied Digital were worth $2,526,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Voya Investment Management LLC lifted its stake in Applied Digital by 403.4% in the 3rd quarter. Voya Investment Management LLC now owns 1,464,909 shares of the company’s stock worth $33,605,000 after purchasing an additional 1,173,929 shares in the last quarter. KLP Kapitalforvaltning AS grew its holdings in shares of Applied Digital by 27.7% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 41,500 shares of the company’s stock worth $418,000 after purchasing an additional 9,000 shares during the period. Federated Hermes Inc. acquired a new stake in shares of Applied Digital during the third quarter valued at about $3,204,000. AlphaQuest LLC acquired a new stake in Applied Digital in the 3rd quarter valued at approximately $1,369,000. Finally, Kovack Advisors Inc. purchased a new stake in shares of Applied Digital in the 2nd quarter valued at $116,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

Applied Digital Trading Down 2.5%

Shares of Applied Digital stock opened at $35.28 on Friday. The company has a 50-day moving average of $31.87 and a two-hundred day moving average of $26.34. The stock has a market cap of $9.86 billion, a PE ratio of -65.33 and a beta of 7.25. Applied Digital Corporation has a 12-month low of $3.31 and a 12-month high of $42.27. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 1.79.

Insiders Place Their Bets

In related news, Director Richard N. Nottenburg sold 12,000 shares of the company’s stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $35.45, for a total transaction of $425,400.00. Following the completion of the sale, the director directly owned 233,378 shares of the company’s stock, valued at approximately $8,273,250.10. This represents a 4.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Wes Cummins sold 165,000 shares of the firm’s stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $36.42, for a total value of $6,009,300.00. Following the completion of the transaction, the chief executive officer directly owned 4,176,329 shares in the company, valued at $152,101,902.18. This trade represents a 3.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 244,593 shares of company stock worth $9,003,278 over the last 90 days. Corporate insiders own 9.50% of the company’s stock.

Analyst Upgrades and Downgrades

APLD has been the topic of several recent research reports. Roth Mkm upped their target price on shares of Applied Digital to $58.00 and gave the stock a “buy” rating in a research note on Thursday, January 8th. B. Riley Financial boosted their target price on Applied Digital to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 9th. Citigroup restated an “outperform” rating on shares of Applied Digital in a research note on Wednesday, January 28th. Craig Hallum raised their target price on shares of Applied Digital to $39.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd. Finally, Arete Research began coverage on Applied Digital in a research report on Wednesday, January 7th. They issued a “buy” rating on the stock. Three investment 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. According to MarketBeat, Applied Digital presently has an average rating of “Buy” and a consensus target price of $34.73.

About Applied Digital

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.