Applied Digital Corporation $APLD Shares Bought by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky increased its holdings in Applied Digital Corporation (NASDAQ:APLD) by 68.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,963 shares of the company’s stock after purchasing an additional 19,980 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Applied Digital were worth $1,162,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Newbridge Financial Services Group Inc. grew its position in Applied Digital by 8.6% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 3,800 shares of the company’s stock worth $93,000 after buying an additional 300 shares during the last quarter. Concurrent Investment Advisors LLC lifted its position in shares of Applied Digital by 1.5% during the 4th quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company’s stock valued at $523,000 after acquiring an additional 318 shares during the last quarter. Brookstone Capital Management boosted its stake in shares of Applied Digital by 3.6% during the 4th quarter. Brookstone Capital Management now owns 9,275 shares of the company’s stock worth $227,000 after acquiring an additional 321 shares in the last quarter. Independent Advisor Alliance boosted its stake in shares of Applied Digital by 4.6% during the 4th quarter. Independent Advisor Alliance now owns 9,215 shares of the company’s stock worth $226,000 after acquiring an additional 407 shares in the last quarter. Finally, Vermillion Wealth Management Inc. grew its holdings in shares of Applied Digital by 29.4% in the 1st quarter. Vermillion Wealth Management Inc. now owns 2,563 shares of the company’s stock worth $61,000 after acquiring an additional 583 shares during the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

APLD has been the topic of a number of recent analyst reports. Craig Hallum boosted their target price on Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a research report on Tuesday, June 9th. Roth Capital reaffirmed a “buy” rating and set a $65.00 price objective on shares of Applied Digital in a research note on Thursday, April 23rd. Lake Street Capital raised their target price on shares of Applied Digital from $70.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Citigroup reissued a “market outperform” rating on shares of Applied Digital in a research report on Tuesday, June 9th. Finally, Citizens Jmp upped their price target 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. Three investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $70.56.

Insider Buying and Selling

In related news, Director Richard N. Nottenburg sold 12,500 shares of the business’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $34.59, for a total transaction of $432,375.00. Following the transaction, the director directly owned 208,378 shares of the company’s stock, valued at approximately $7,207,795.02. The trade was a 5.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction that occurred 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 owned 184,859 shares in the company, valued at approximately $6,466,367.82. This represents a 5.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 35,000 shares of company stock worth $1,182,175 over the last ninety days. 9.50% of the stock is currently owned by insiders.

Applied Digital Trading Up 2.0%

Shares of NASDAQ APLD opened at $29.03 on Thursday. 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 one year low of $9.75 and a one year high of $50.72. The business has a 50-day moving average price of $40.97 and a two-hundred day moving average price of $34.45. The firm has a market capitalization of $8.30 billion, a PE ratio of -39.23 and a beta of 5.67.

About Applied Digital

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.