Wealthfront Advisers LLC Has $887,000 Holdings in Applied Digital Corporation $APLD

Wealthfront Advisers LLC lifted its stake in shares of Applied Digital Corporation (NASDAQ:APLD) by 215.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 38,678 shares of the company’s stock after purchasing an additional 26,422 shares during the period. Wealthfront Advisers LLC’s holdings in Applied Digital were worth $887,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of APLD. BNP Paribas Financial Markets increased its stake in shares of Applied Digital by 24,356.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock valued at $52,561,000 after buying an additional 5,198,223 shares during the period. Situational Awareness LP lifted its stake in shares of Applied Digital by 63.3% during the second quarter. Situational Awareness LP now owns 6,591,800 shares of the company’s stock valued at $66,379,000 after acquiring an additional 2,556,200 shares during the period. HRT Financial LP bought a new position in Applied Digital in the second quarter valued at about $14,759,000. Voya Investment Management LLC increased its position in Applied Digital by 403.4% in the third 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. Finally, Shellback Capital LP acquired a new stake in Applied Digital in the second quarter worth about $9,063,000. 65.67% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on APLD. Northland Securities set a $56.00 target price on shares of Applied Digital in a research note on Wednesday, January 28th. B. Riley Financial increased their price objective on shares of Applied Digital to $53.00 and gave the company a “buy” rating in a report on Friday, January 9th. Craig Hallum raised their price objective on shares of Applied Digital to $39.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. Needham & Company LLC reiterated a “buy” rating and set a $41.00 target price on shares of Applied Digital in a research report on Thursday, January 8th. Finally, Lake Street Capital reissued a “buy” rating and issued a $45.00 price target on shares of Applied Digital in a research note on Tuesday, December 30th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $34.73.

Applied Digital Trading Down 2.5%

APLD opened at $35.28 on Monday. The firm’s fifty day moving average is $31.87 and its two-hundred day moving average is $26.46. The firm has a market cap of $9.86 billion, a PE ratio of -65.33 and a beta of 7.25. Applied Digital Corporation has a twelve month low of $3.31 and a twelve month high of $42.27. The company has a debt-to-equity ratio of 1.79, a quick ratio of 4.82 and a current ratio of 4.82.

Insiders Place Their Bets

In other news, CEO Wes Cummins sold 165,000 shares of the firm’s stock in a transaction dated Friday, January 16th. The stock was sold at an average price of $36.42, for a total transaction of $6,009,300.00. Following the sale, the chief executive officer owned 4,176,329 shares of the company’s stock, valued at $152,101,902.18. This trade represents a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Chuck Hastings sold 45,987 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director owned 388,372 shares of the company’s stock, valued at $14,979,508.04. This represents a 10.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 244,593 shares of company stock valued at $9,003,278 in the last three months. Insiders own 9.50% of the company’s stock.

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.