Caprock Group LLC Makes New $3.16 Million Investment in Applied Digital Corporation $APLD

Key Points

• Caprock Group LLC established a new position in Applied Digital (NASDAQ:APLD), purchasing 137,765 shares valued at about $3.16 million in the third quarter.
• Wall Street is broadly positive on APLD, with a consensus Buy rating and an average price target of roughly $34.73, and several analysts issuing "Buy"/"Strong Buy" ratings (top targets up to $53).
• Notably, insiders sold 244,593 shares (~$9.0 million) in the last quarter, though insiders still own 9.5% of the company and institutional investors hold 65.67% of the stock.

Caprock Group LLC bought a new position in Applied Digital Corporation (NASDAQ:APLD - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 137,765 shares of the company's stock, valued at approximately $3,160,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Atlantic Union Bankshares Corp bought a new stake in Applied Digital during the 2nd quarter worth approximately $25,000. Northwestern Mutual Wealth Management Co. bought a new stake in Applied Digital in the second quarter valued at about $26,000. Dagco Inc. bought a new stake in Applied Digital in the third quarter valued at about $27,000. Evolution Wealth Management Inc. lifted its stake in Applied Digital by 101.8% in the third quarter. Evolution Wealth Management Inc. now owns 1,600 shares of the company's stock valued at $37,000 after buying an additional 807 shares during the period. Finally, Geneos Wealth Management Inc. boosted its holdings in Applied Digital by 113.3% during the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock worth $37,000 after buying an additional 3,542 shares during the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Lake Street Capital reiterated a "buy" rating and issued a $45.00 price target on shares of Applied Digital in a research report on Tuesday, December 30th. Needham & Company LLC reissued a "buy" rating and issued a $41.00 price target 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 report on Wednesday, January 28th. Freedom Capital upgraded shares of Applied Digital to a "strong-buy" rating in a report on Tuesday, January 6th. Finally, B. Riley Financial upped their target price on shares of Applied Digital to $53.00 and gave the stock a "buy" rating in a research note on Friday, January 9th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Applied Digital has a consensus rating of "Buy" and an average target price of $34.73.

Applied Digital Stock Down 1.2%

Applied Digital stock opened at $36.17 on Friday. The company has a debt-to-equity ratio of 1.79, a current ratio of 4.82 and a quick ratio of 4.82. The company's 50-day moving average is $31.79 and its 200-day moving average is $26.06. The firm has a market capitalization of $10.11 billion, a PE ratio of -66.98 and a beta of 7.25. Applied Digital Corporation has a fifty-two week low of $3.31 and a fifty-two week high of $42.27.

Insider Buying and Selling

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the company's stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $38.54, for a total value of $385,400.00. Following the sale, the director owned 200,859 shares in the company, valued at approximately $7,741,105.86. The trade was a 4.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Richard N. Nottenburg sold 12,000 shares of Applied Digital stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $35.45, for a total value of $425,400.00. Following the completion of the transaction, the director directly owned 233,378 shares in the company, valued at approximately $8,273,250.10. This represents a 4.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 244,593 shares of company stock worth $9,003,278 in the last quarter. Insiders own 9.50% of the company's stock.

Applied Digital 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.