Applied Digital Corporation $APLD Shares Bought by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Applied Digital Corporation (NASDAQ:APLD) by 26.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 144,993 shares of the company’s stock after buying an additional 30,507 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.06% of Applied Digital worth $1,460,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Flagship Harbor Advisors LLC grew its holdings in Applied Digital by 6.0% during the second quarter. Flagship Harbor Advisors LLC now owns 15,930 shares of the company’s stock worth $160,000 after acquiring an additional 900 shares during the period. Corebridge Financial Inc. lifted its holdings in Applied Digital by 2.0% in the first quarter. Corebridge Financial Inc. now owns 97,224 shares of the company’s stock valued at $546,000 after acquiring an additional 1,899 shares during the period. Wedbush Securities Inc. boosted its position in shares of Applied Digital by 14.8% during the 1st quarter. Wedbush Securities Inc. now owns 15,500 shares of the company’s stock worth $87,000 after purchasing an additional 2,000 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Applied Digital by 11.7% during the 1st quarter. Wellington Management Group LLP now owns 19,056 shares of the company’s stock worth $107,000 after purchasing an additional 2,001 shares during the period. Finally, Teacher Retirement System of Texas grew its stake in shares of Applied Digital by 10.2% during the 2nd quarter. Teacher Retirement System of Texas now owns 27,252 shares of the company’s stock worth $274,000 after purchasing an additional 2,515 shares during the period. 65.67% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on APLD shares. Northland Securities raised their price objective on shares of Applied Digital to $40.00 and gave the company an “outperform” rating in a research note on Friday, October 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a report on Wednesday, October 8th. Compass Point assumed coverage on shares of Applied Digital in a research report on Monday, September 15th. They set a “buy” rating for the company. Wall Street Zen cut Applied Digital from a “hold” rating to a “sell” rating in a report on Sunday, October 19th. Finally, HC Wainwright raised their price objective on Applied Digital from $20.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Applied Digital currently has a consensus rating of “Moderate Buy” and an average price target of $26.20.

Applied Digital Stock Performance

Shares of APLD opened at $23.06 on Friday. Applied Digital Corporation has a 12-month low of $3.31 and a 12-month high of $40.20. The stock has a market cap of $6.56 billion, a P/E ratio of -20.41 and a beta of 6.77. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.29. The company has a 50-day moving average of $27.30 and a two-hundred day moving average of $16.46.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Thursday, October 9th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.08. Applied Digital had a negative net margin of 111.29% and a negative return on equity of 37.14%. The business had revenue of $64.22 million for the quarter, compared to analyst estimates of $52.25 million. During the same period in the prior year, the business earned ($0.15) earnings per share. The company’s quarterly revenue was up 84.3% on a year-over-year basis. As a group, research analysts predict that Applied Digital Corporation will post -0.96 EPS for the current fiscal year.

Insider Activity at Applied Digital

In related news, Director Chuck Hastings sold 50,000 shares of the stock in a transaction on Wednesday, October 29th. The stock was sold at an average price of $35.69, for a total transaction of $1,784,500.00. Following the sale, the director owned 451,612 shares of the company’s stock, valued at $16,118,032.28. This trade represents a 9.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mohammad Saidal Lavanw Mohmand sold 100,000 shares of Applied Digital stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $34.08, for a total value of $3,408,000.00. Following the sale, the chief financial officer owned 158,912 shares of the company’s stock, valued at approximately $5,415,720.96. This represents a 38.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 823,035 shares of company stock valued at $18,930,179 in the last ninety days. 9.50% of the stock is owned by insiders.

Applied Digital Profile

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.