Mitsubishi UFJ Asset Management Co. Ltd. Sells 86,108 Shares of Applied Digital Corporation $APLD

Mitsubishi UFJ Asset Management Co. Ltd. reduced its holdings in shares of Applied Digital Corporation (NASDAQ:APLD) by 52.4% in the 4th quarter, Holdings Channel.com reports. The fund owned 78,083 shares of the company’s stock after selling 86,108 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Applied Digital were worth $1,915,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Noble Wealth Management PBC bought a new position in shares of Applied Digital in the fourth quarter valued at $25,000. Albion Financial Group UT bought a new position in shares of Applied Digital in the fourth quarter valued at $25,000. Activest Wealth Management bought a new position in shares of Applied Digital in the fourth quarter valued at $25,000. Larson Financial Group LLC grew its stake in shares of Applied Digital by 56,450.0% in the third quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock valued at $26,000 after buying an additional 1,129 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. bought a new position in shares of Applied Digital in the second quarter valued at $26,000. 65.67% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Wall Street Zen cut shares of Applied Digital from a “hold” rating to a “sell” rating in a research note on Saturday, April 11th. Northland Securities set a $56.00 target price on shares of Applied Digital in a research note on Wednesday, January 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a research note on Friday, April 24th. Citizens Jmp reissued a “market outperform” rating and issued a $40.00 target price on shares of Applied Digital in a research note on Thursday, April 9th. Finally, Citigroup reissued an “outperform” rating on shares of Applied Digital in a research note on Wednesday, January 28th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Applied Digital currently has a consensus rating of “Moderate Buy” and an average price target of $44.33.

Insiders Place Their Bets

In other Applied Digital news, Director Richard N. Nottenburg sold 12,500 shares of Applied Digital stock in a transaction 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 completion of the transaction, the director directly owned 208,378 shares of the company’s stock, valued at $7,207,795.02. The trade was a 5.66% 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 Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction on Monday, April 27th. The stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the sale, the director directly owned 184,859 shares of the company’s stock, valued at $6,466,367.82. This represents a 5.13% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 35,000 shares of company stock valued at $1,182,175. Company insiders own 9.50% of the company’s stock.

Applied Digital Trading Up 8.1%

APLD stock opened at $44.59 on Tuesday. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.38 and a quick ratio of 2.38. The company has a fifty day moving average price of $29.56 and a two-hundred day moving average price of $30.26. Applied Digital Corporation has a one year low of $5.24 and a one year high of $46.64. The stock has a market cap of $12.74 billion, a price-to-earnings ratio of -60.26 and a beta of 5.69.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The company had revenue of $108.55 million for the quarter, compared to the consensus estimate of $78.47 million. During the same period last year, the firm earned ($0.08) earnings per share. The company’s revenue for the quarter was up 139.3% compared to the same quarter last year. Equities analysts anticipate that Applied Digital Corporation will post -0.61 EPS 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.