State of New Jersey Common Pension Fund D Decreases Stock Holdings in Applied Digital Corporation $APLD

State of New Jersey Common Pension Fund D reduced its position in shares of Applied Digital Corporation (NASDAQ:APLD) by 30.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 94,433 shares of the company’s stock after selling 40,447 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Applied Digital were worth $2,315,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of APLD. Noble Wealth Management PBC purchased a new stake in shares of Applied Digital during the 4th quarter worth $25,000. Albion Financial Group UT purchased a new stake in shares of Applied Digital during the 4th quarter worth $25,000. Larson Financial Group LLC lifted its position in shares of Applied Digital by 56,450.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock worth $26,000 after purchasing an additional 1,129 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Applied Digital during the 2nd quarter worth $26,000. Finally, Dagco Inc. purchased a new stake in shares of Applied Digital during the 3rd quarter worth $27,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Roth Mkm reaffirmed a “buy” rating and set a $65.00 price objective on shares of Applied Digital in a research report on Thursday, April 23rd. Northland Securities set a $56.00 price objective on shares of Applied Digital in a research report on Wednesday, January 28th. Texas Capital raised shares of Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 20th. Zacks Research cut shares of Applied Digital from a “hold” rating to a “strong sell” rating in a research report on Wednesday, April 8th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a research report on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.33.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction on Monday, April 27th. The shares were sold at an average price of $34.98, for a total transaction of $349,800.00. Following the completion of the transaction, the director directly owned 184,859 shares of the company’s stock, valued at $6,466,367.82. This trade represents a 5.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard N. Nottenburg sold 12,500 shares of the firm’s stock in a transaction dated 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 transaction, the director owned 208,378 shares in the company, valued at approximately $7,207,795.02. The trade was a 5.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 35,000 shares of company stock valued at $1,182,175 in the last three months. Company insiders own 9.50% of the company’s stock.

Applied Digital Trading Down 6.1%

Shares of Applied Digital stock opened at $41.53 on Friday. Applied Digital Corporation has a 52-week low of $5.13 and a 52-week high of $44.25. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65. The company’s 50-day simple moving average is $28.99 and its 200-day simple moving average is $30.13. The firm has a market cap of $11.87 billion, a price-to-earnings ratio of -56.12 and a beta of 5.69.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.23). The company 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 company’s quarterly revenue was up 139.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.08) earnings per share. As a group, equities research analysts anticipate that Applied Digital Corporation will post -0.52 earnings per share for the current 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.