California State Teachers Retirement System Grows Position in Applied Digital Corporation $APLD

Key Points

• California State Teachers Retirement System increased its Applied Digital stake by 22.3% in the first quarter to 291,305 shares valued at approximately $6.9 million. Institutional investors collectively own 65.67% of the company.
• Analysts remain broadly bullish, with a consensus “Buy” rating and an average price target of $68.05; recent targets range from $36.50 to $83.00.
• Applied Digital’s quarterly revenue surged 406.3% year over year to $240.35 million, but the company reported an adjusted loss of $0.39 per share versus the $0.09 expected loss.

California State Teachers Retirement System raised its holdings in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) by 22.3% during the first quarter, according to its most recent filing with the SEC. The firm owned 291,305 shares of the company's stock after purchasing an additional 53,208 shares during the period. California State Teachers Retirement System owned 0.10% of Applied Digital worth $6,916,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of APLD. Cannon Capital Management Inc. acquired a new stake in Applied Digital in the fourth quarter worth about $3,635,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Applied Digital during the fourth quarter valued at about $2,674,000. Prime Capital Investment Advisors LLC acquired a new position in shares of Applied Digital during the fourth quarter valued at about $1,284,000. M&T Bank Corp purchased a new position in shares of Applied Digital in the 4th quarter valued at approximately $2,232,000. Finally, TFR Capital LLC. purchased a new position in shares of Applied Digital in the 4th quarter valued at approximately $1,741,000. Institutional investors own 65.67% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Morgan Stanley initiated coverage on shares of Applied Digital in a research note on Thursday, July 23rd. They issued a "buy" rating and a $36.50 target price for the company. Lucid Cap Mkts upgraded shares of Applied Digital to a "strong-buy" rating in a research note on Wednesday, May 27th. Roth Capital reaffirmed a "buy" rating and issued a $65.00 price target on shares of Applied Digital in a report on Thursday, April 23rd. B. Riley Financial reiterated a "buy" rating and set a $75.00 price objective (up from $66.00) on shares of Applied Digital in a research note on Monday. Finally, Needham & Company LLC reissued a "buy" rating and set a $83.00 price objective on shares of Applied Digital in a report on Tuesday, July 28th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $68.05.

Applied Digital Stock Performance

Shares of NASDAQ APLD opened at $29.87 on Thursday. The company has a current ratio of 4.01, a quick ratio of 4.01 and a debt-to-equity ratio of 2.88. Applied Digital Corporation has a 12 month low of $13.16 and a 12 month high of $50.72. The company has a 50 day simple moving average of $36.26 and a two-hundred day simple moving average of $34.19. The stock has a market cap of $8.71 billion, a price-to-earnings ratio of -33.56 and a beta of 5.75.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings data on Monday, July 27th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.30). The business had revenue of $240.35 million during the quarter, compared to analysts' expectations of $96.85 million. Applied Digital had a negative net margin of 37.78% and a negative return on equity of 16.42%. The firm's revenue was up 406.3% on a year-over-year basis. During the same period last year, the company earned ($0.24) earnings per share. As a group, analysts predict that Applied Digital Corporation will post -0.98 earnings per share for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source