Teachers Retirement System of The State of Kentucky Invests $994,000 in Applied Digital Corporation $APLD

Teachers Retirement System of The State of Kentucky acquired a new stake in Applied Digital Corporation (NASDAQ:APLD) in the 3rd quarter, Holdings Channel.com reports. The institutional investor acquired 43,342 shares of the company’s stock, valued at approximately $994,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. BNP Paribas Financial Markets lifted its stake in Applied Digital by 24,356.8% in the second quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock worth $52,561,000 after acquiring an additional 5,198,223 shares during the period. Vanguard Group Inc. increased its position in Applied Digital by 23.2% during the 3rd quarter. Vanguard Group Inc. now owns 17,722,174 shares of the company’s stock valued at $406,547,000 after purchasing an additional 3,339,062 shares during the period. Situational Awareness LP raised its holdings in shares of Applied Digital by 63.3% in the 2nd quarter. Situational Awareness LP now owns 6,591,800 shares of the company’s stock valued at $66,379,000 after purchasing an additional 2,556,200 shares in the last quarter. HRT Financial LP bought a new stake in shares of Applied Digital in the 2nd quarter valued at about $14,759,000. Finally, Voya Investment Management LLC lifted its position in shares of Applied Digital by 403.4% in the 3rd quarter. Voya Investment Management LLC now owns 1,464,909 shares of the company’s stock worth $33,605,000 after purchasing an additional 1,173,929 shares during the period. 65.67% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Richard N. Nottenburg sold 12,000 shares of the company’s stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $35.45, for a total transaction of $425,400.00. Following the transaction, the director directly owned 233,378 shares of the company’s stock, valued at approximately $8,273,250.10. This represents a 4.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Chuck Hastings sold 45,987 shares of the stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $38.57, for a total value of $1,773,718.59. Following the sale, the director owned 388,372 shares of the company’s stock, valued at approximately $14,979,508.04. This represents a 10.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 244,593 shares of company stock worth $9,003,278. 9.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on APLD. B. Riley Financial increased their price objective on shares of Applied Digital to $53.00 and gave the company a “buy” rating in a research note on Friday, January 9th. Arete Research assumed coverage on Applied Digital in a report on Wednesday, January 7th. They set a “buy” rating for the company. Texas Capital raised Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 20th. Lake Street Capital reiterated a “buy” rating and issued a $45.00 price target on shares of Applied Digital in a report on Tuesday, December 30th. Finally, Freedom Capital raised Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 6th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $37.00.

Applied Digital Stock Down 10.5%

NASDAQ:APLD opened at $25.13 on Friday. The company’s 50-day simple moving average is $32.64 and its 200-day simple moving average is $27.87. The company has a debt-to-equity ratio of 1.79, a quick ratio of 4.82 and a current ratio of 4.82. Applied Digital Corporation has a fifty-two week low of $3.31 and a fifty-two week high of $42.27. The stock has a market capitalization of $7.03 billion, a P/E ratio of -46.54 and a beta of 7.20.

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.