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

Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Applied Digital Corporation (NASDAQ:APLD) by 26.6% in the 2nd quarter, Holdings Channel reports. The fund owned 144,993 shares of the company’s stock after purchasing an additional 30,507 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Applied Digital were worth $1,460,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in APLD. Teacher Retirement System of Texas purchased a new stake in shares of Applied Digital in the first quarter valued at $139,000. Scientech Research LLC purchased a new position in Applied Digital during the first quarter worth about $806,000. Chelsea Counsel Co. acquired a new stake in Applied Digital in the 2nd quarter worth about $582,000. Lake Hills Wealth Management LLC purchased a new stake in Applied Digital in the 2nd quarter valued at about $184,000. Finally, KLP Kapitalforvaltning AS grew its holdings in Applied Digital by 27.7% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 41,500 shares of the company’s stock valued at $418,000 after buying an additional 9,000 shares during the period. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Craig Hallum increased their price objective on shares of Applied Digital to $39.00 and gave the stock a “buy” rating in a report on Thursday, October 23rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a research note on Wednesday, October 8th. Lake Street Capital lifted their price target on shares of Applied Digital from $18.00 to $37.00 and gave the company a “buy” rating in a report on Friday, October 10th. HC Wainwright upped their price objective on Applied Digital from $20.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, October 10th. Finally, Wall Street Zen cut Applied Digital from a “hold” rating to a “sell” rating in a report on Sunday, October 19th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Applied Digital currently has an average rating of “Moderate Buy” and an average price target of $26.20.

Insiders Place Their Bets

In other Applied Digital news, Director Chuck Hastings sold 25,000 shares of the stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $34.27, for a total value of $856,750.00. Following the completion of the sale, the director owned 426,612 shares of the company’s stock, valued at $14,619,993.24. This trade represents a 5.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard N. Nottenburg sold 9,375 shares of Applied Digital stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $35.91, for a total transaction of $336,656.25. Following the sale, the director owned 249,237 shares in the company, valued at $8,950,100.67. This represents a 3.63% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 823,035 shares of company stock valued at $18,930,179. Company insiders own 9.50% of the company’s stock.

Applied Digital Stock Performance

Shares of APLD stock opened at $23.06 on Friday. 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 market cap of $6.56 billion, a PE ratio of -20.41 and a beta of 6.77. The company’s fifty day simple moving average is $27.30 and its 200-day simple moving average is $16.46. Applied Digital Corporation has a 52 week low of $3.31 and a 52 week high of $40.20.

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

About Applied Digital

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.