Caitong International Asset Management Co. Ltd Grows Position in Applied Digital Corporation $APLD

Caitong International Asset Management Co. Ltd grew its stake in Applied Digital Corporation (NASDAQ:APLD) by 48,991.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 35,346 shares of the company’s stock after purchasing an additional 35,274 shares during the period. Caitong International Asset Management Co. Ltd’s holdings in Applied Digital were worth $356,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Teacher Retirement System of Texas purchased a new stake in Applied Digital in the 1st quarter worth approximately $139,000. Scientech Research LLC purchased a new stake in Applied Digital in the 1st quarter worth approximately $806,000. Chelsea Counsel Co. purchased a new stake in Applied Digital in the 2nd quarter worth approximately $582,000. Lake Hills Wealth Management LLC purchased a new stake in Applied Digital in the 2nd quarter worth approximately $184,000. Finally, Hunter Associates Investment Management LLC boosted its position in Applied Digital by 15.9% in the 1st quarter. Hunter Associates Investment Management LLC now owns 535,921 shares of the company’s stock worth $3,019,000 after purchasing an additional 73,718 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, CFO Mohammad Saidal Lavanw Mohmand sold 75,000 shares of the firm’s stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total value of $1,144,500.00. Following the completion of the sale, the chief financial officer directly owned 201,800 shares of the company’s stock, valued at $3,079,468. This trade represents a 27.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard N. Nottenburg sold 20,000 shares of the firm’s stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total value of $305,200.00. Following the completion of the sale, the director directly owned 297,987 shares of the company’s stock, valued at $4,547,281.62. This trade represents a 6.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 506,250 shares of company stock worth $7,713,675. Corporate insiders own 9.50% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Lake Street Capital upped their price objective on Applied Digital from $18.00 to $37.00 and gave the stock a “buy” rating in a research report on Friday, October 10th. B. Riley reiterated a “buy” rating on shares of Applied Digital in a research report on Wednesday. Needham & Company LLC increased their target price on Applied Digital from $12.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, July 31st. Wall Street Zen lowered Applied Digital from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. Finally, HC Wainwright increased their target price on Applied Digital from $20.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $23.70.

Applied Digital Trading Up 9.0%

Shares of APLD stock opened at $33.38 on Friday. The stock’s fifty day moving average is $22.53 and its two-hundred day moving average is $13.59. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.65 and a current ratio of 0.65. The firm has a market capitalization of $9.34 billion, a P/E ratio of -29.54 and a beta of 6.77. Applied Digital Corporation has a fifty-two week low of $3.31 and a fifty-two week high of $40.20.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Thursday, October 9th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.08. The company had revenue of $38.01 million for the quarter, compared to analyst estimates of $52.25 million. Applied Digital had a negative return on equity of 37.14% and a negative net margin of 111.29%.The firm’s revenue for the quarter was up 84.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.15) EPS. Research analysts expect that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

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.