Applied Digital Corporation $APLD Stake Raised by Vanguard Group Inc.

Key Points

• Vanguard Group increased its stake in Applied Digital by 23.2% in Q3, owning 17,722,174 shares (6.23% of the company) valued at about $406.5 million.
• Insider selling has been notable recently: CEO Wes Cummins sold 165,000 shares for roughly $6.01 million, and insiders sold 244,593 shares worth about $9.00 million over the past 90 days (insiders own 9.5%).
• Analysts are largely positive with a consensus "Buy" rating (2 Strong Buy, 12 Buy, 1 Sell) and an average target of $37, while the stock trades around $28.65 with a market cap of about $8.01 billion.

Vanguard Group Inc. boosted its holdings in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) by 23.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 17,722,174 shares of the company's stock after acquiring an additional 3,339,062 shares during the quarter. Vanguard Group Inc. owned 6.23% of Applied Digital worth $406,547,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Atlantic Union Bankshares Corp purchased a new stake in shares of Applied Digital in the second quarter worth approximately $25,000. Northwestern Mutual Wealth Management Co. acquired a new position in Applied Digital in the 2nd quarter valued at approximately $26,000. Dagco Inc. purchased a new stake in Applied Digital in the 3rd quarter worth approximately $27,000. Evolution Wealth Management Inc. lifted its position in Applied Digital by 101.8% in 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 in the last quarter. Finally, Geneos Wealth Management Inc. grew its holdings in shares of 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 acquiring an additional 3,542 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company's stock.

Applied Digital Trading Down 1.5%

Shares of APLD stock opened at $28.65 on Friday. Applied Digital Corporation has a 12 month low of $3.31 and a 12 month high of $42.27. The company has a market cap of $8.01 billion, a PE ratio of -53.06 and a beta of 7.25. The company has a quick ratio of 4.82, a current ratio of 4.82 and a debt-to-equity ratio of 1.79. The business's 50 day moving average is $32.51 and its two-hundred day moving average is $27.36.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Wall Street Zen raised Applied Digital from a "sell" rating to a "hold" rating in a research note on Saturday, January 10th. Needham & Company LLC restated a "buy" rating and issued a $41.00 price objective on shares of Applied Digital in a report on Thursday, January 8th. Citigroup reiterated an "outperform" rating on shares of Applied Digital in a research note on Wednesday, January 28th. Northland Securities set a $56.00 price target on shares of Applied Digital in a research note on Wednesday, January 28th. Finally, Lake Street Capital restated a "buy" rating and set a $45.00 price target on shares of Applied Digital in a report on Tuesday, December 30th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $37.00.

Insider Activity

In related news, CEO Wes Cummins sold 165,000 shares of Applied Digital stock in a transaction on 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 transaction, the chief executive officer owned 4,176,329 shares in the company, valued at $152,101,902.18. This trade represents a 3.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Douglas S. Miller sold 10,000 shares of the business's stock in a transaction 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 transaction, the director directly owned 200,859 shares of the company's stock, valued at approximately $7,741,105.86. This represents a 4.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 244,593 shares of company stock valued at $9,003,278. 9.50% of the stock is owned by corporate 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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