Westfield Capital Management Co. LP Acquires Shares of 1,034,397 Applied Digital Corporation $APLD

Key Points

• Westfield Capital Management disclosed a new fourth-quarter stake in Applied Digital, buying 1,034,397 shares worth about $25.4 million, or roughly 0.37% of the company.
• Several institutional investors have recently adjusted their positions in APLD, and hedge funds and other institutions now own about 65.67% of the stock.
• Applied Digital shares were down 10.3% to $39.62, even as analysts remain mostly bullish with an average rating of Buy and a consensus price target of $59.11.

Westfield Capital Management Co. LP acquired a new stake in Applied Digital Corporation (NASDAQ:APLD - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 1,034,397 shares of the company's stock, valued at approximately $25,363,000. Westfield Capital Management Co. LP owned about 0.37% of Applied Digital at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Noble Wealth Management PBC purchased a new stake in shares of Applied Digital in the 4th quarter valued at approximately $25,000. Albion Financial Group UT purchased a new stake in shares of Applied Digital in the 4th quarter valued at approximately $25,000. Activest Wealth Management purchased a new stake in shares of Applied Digital in the 4th quarter valued at approximately $25,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Applied Digital in the 2nd quarter valued at approximately $26,000. Finally, Larson Financial Group LLC increased its position in shares of Applied Digital by 56,450.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,131 shares of the company's stock valued at $26,000 after purchasing an additional 1,129 shares during the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Applied Digital news, Director Richard N. Nottenburg sold 12,500 shares of the 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 approximately $7,207,795.02. This trade represents a 5.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the sale, the director directly owned 184,859 shares of the company's stock, valued at $6,466,367.82. The trade was a 5.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 35,000 shares of company stock valued at $1,182,175. 9.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on APLD. Compass Point reissued a "buy" rating and issued a $70.00 price objective on shares of Applied Digital in a research report on Friday, May 22nd. Weiss Ratings reissued a "sell (d-)" rating on shares of Applied Digital in a research report on Friday, April 24th. Citizens Jmp increased their price objective on shares of Applied Digital from $40.00 to $60.00 and gave the company a "market outperform" rating in a research report on Thursday, May 21st. Wall Street Zen downgraded shares of Applied Digital from a "hold" rating to a "sell" rating in a research report on Saturday, April 11th. Finally, Lucid Cap Mkts upgraded shares of Applied Digital to a "strong-buy" rating in a report on Wednesday, May 27th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $59.11.

Applied Digital Trading Down 10.3%

Shares of Applied Digital stock opened at $39.62 on Friday. The stock has a market cap of $11.32 billion, a price-to-earnings ratio of -53.54 and a beta of 5.69. The company has a fifty day simple moving average of $36.19 and a 200-day simple moving average of $32.06. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65. Applied Digital Corporation has a 12-month low of $9.02 and a 12-month high of $50.72.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued 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 business had revenue of $108.55 million for the quarter, compared to analyst estimates 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 quarter in the prior year, the company earned ($0.08) EPS. On average, equities analysts forecast that Applied Digital Corporation will post -0.68 EPS for the current fiscal year.

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.

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