Caitong International Asset Management Co. Ltd Takes $4.33 Million Position in Applied Digital Corporation $APLD

by · The Markets Daily

Caitong International Asset Management Co. Ltd purchased a new stake in Applied Digital Corporation (NASDAQ:APLD – Free Report) in the 4th quarter, HoldingsChannel reports. The fund purchased 176,515 shares of the company’s stock, valued at approximately $4,328,000. Applied Digital comprises approximately 1.1% of Caitong International Asset Management Co. Ltd’s holdings, making the stock its 13th largest position.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. grew its position in Applied Digital by 8.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 3,800 shares of the company’s stock worth $93,000 after purchasing an additional 300 shares in the last quarter. Concurrent Investment Advisors LLC lifted its holdings in shares of Applied Digital by 1.5% in the fourth quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company’s stock valued at $523,000 after purchasing an additional 318 shares in the last quarter. Brookstone Capital Management boosted its position in shares of Applied Digital by 3.6% in the fourth quarter. Brookstone Capital Management now owns 9,275 shares of the company’s stock worth $227,000 after buying an additional 321 shares during the period. Independent Advisor Alliance boosted its position in shares of Applied Digital by 4.6% in the fourth quarter. Independent Advisor Alliance now owns 9,215 shares of the company’s stock worth $226,000 after buying an additional 407 shares during the period. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Applied Digital by 7.4% during the third quarter. PNC Financial Services Group Inc. now owns 5,951 shares of the company’s stock valued at $137,000 after buying an additional 408 shares in the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Stock Performance

Shares of NASDAQ APLD opened at $46.59 on Friday. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.38 and a quick ratio of 2.38. Applied Digital Corporation has a one year low of $9.02 and a one year high of $50.72. The business’s 50-day moving average price is $40.02 and its two-hundred day moving average price is $33.47. The company has a market capitalization of $13.31 billion, a P/E ratio of -62.96 and a beta of 5.69.

Applied Digital (NASDAQ:APLD – Get Free Report) last posted its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). The firm had revenue of $108.55 million for the quarter, compared to analysts’ expectations of $78.47 million. Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The firm’s revenue for the quarter was up 139.3% on a year-over-year basis. During the same period last year, the business earned ($0.08) earnings per share. Analysts anticipate that Applied Digital Corporation will post -0.68 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $34.98, for a total value of $349,800.00. Following the completion of the sale, the director directly owned 184,859 shares in the company, valued at $6,466,367.82. The trade was a 5.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard N. Nottenburg sold 12,500 shares of the business’s stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $34.59, for a total transaction of $432,375.00. Following the completion of the sale, the director directly owned 208,378 shares of the company’s stock, valued at $7,207,795.02. This represents a 5.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 35,000 shares of company stock worth $1,182,175 in the last 90 days. 9.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. B. Riley Financial reissued a “buy” rating and set a $66.00 price target (up from $53.00) on shares of Applied Digital in a research report on Wednesday, May 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Applied Digital in a research report on Friday, April 24th. Citigroup reaffirmed a “market outperform” rating on shares of Applied Digital in a research note on Tuesday, June 9th. Lake Street Capital upped their target price on Applied Digital from $70.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. Finally, Lucid Cap Mkts raised shares of Applied Digital to a “strong-buy” rating in a research report on Wednesday, May 27th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $70.56.

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Applied Digital Company Profile

(Free Report)

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.

Further Reading

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