Applied Digital Corporation $APLD Shares Purchased by Hsbc Holdings PLC

Key Points

• HSBC Holdings PLC increased its stake in Applied Digital by 6.2% in the first quarter, buying an additional 72,460 shares to bring its total holdings to 1,240,239 shares valued at about $28.4 million.
• Institutional ownership remains high, with hedge funds and other institutions owning about 65.67% of the stock after several firms initiated new positions in recent quarters.
• Analyst sentiment is mixed but broadly positive: the stock carries a “Moderate Buy” consensus with an average price target of $70.56, though some firms have recently cut ratings while others raised targets as high as $82.

Hsbc Holdings PLC boosted its holdings in Applied Digital Corporation (NASDAQ:APLD - Free Report) by 6.2% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 1,240,239 shares of the company's stock after buying an additional 72,460 shares during the period. Hsbc Holdings PLC owned approximately 0.43% of Applied Digital worth $28,377,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of APLD. Cannon Capital Management Inc. purchased a new stake in Applied Digital during the 4th quarter worth $3,635,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Applied Digital in the 4th quarter valued at $2,674,000. Prime Capital Investment Advisors LLC acquired a new stake in Applied Digital in the 4th quarter valued at $1,284,000. M&T Bank Corp purchased a new position in Applied Digital in the fourth quarter valued at about $2,232,000. Finally, TFR Capital LLC. purchased a new position in Applied Digital in the fourth quarter valued at about $1,741,000. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Stock Up 7.9%

APLD stock opened at $30.05 on Wednesday. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65. The firm has a 50 day simple moving average of $39.75 and a 200-day simple moving average of $34.54. The company has a market capitalization of $8.59 billion, a P/E ratio of -40.61 and a beta of 5.67. Applied Digital Corporation has a twelve month low of $9.79 and a twelve month high of $50.72.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on APLD shares. Northland Securities set a $82.00 target price on Applied Digital and gave the stock an "outperform" rating in a research report on Wednesday, June 17th. Citigroup reiterated a "market outperform" rating on shares of Applied Digital in a report on Tuesday, June 9th. Zacks Research lowered Applied Digital from a "hold" rating to a "strong sell" rating in a research report on Monday, June 8th. Citizens Jmp boosted their price target on Applied Digital from $40.00 to $60.00 and gave the stock a "market outperform" rating in a research report on Thursday, May 21st. Finally, Wall Street Zen cut Applied Digital from a "hold" rating to a "sell" rating in a report on Saturday, April 11th. Three analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $70.56.

Insiders Place Their Bets

In other news, Director Douglas S. Miller sold 10,000 shares of the company's stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $34.98, for a total value of $349,800.00. Following the sale, the director owned 184,859 shares in the company, valued at approximately $6,466,367.82. This represents a 5.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Richard N. Nottenburg sold 12,500 shares of the stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $34.59, for a total transaction of $432,375.00. Following the transaction, the director directly owned 208,378 shares in the company, valued at $7,207,795.02. The trade was a 5.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 35,000 shares of company stock worth $1,182,175 over the last quarter. 9.50% of the stock is currently owned by insiders.

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.

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