New York State Common Retirement Fund reduced its stake in Applied Digital Co. (OTCMKTS:APLD – Get Rating) by 62.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 34,166 shares of the company's stock after selling 57,634 shares during the period. New York State Common Retirement Fund's holdings in Applied Digital were worth $58,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently modified their holdings of the stock. Advisory Services Network LLC bought a new stake in Applied Digital during the 2nd quarter worth approximately $26,000. Renaissance Technologies LLC bought a new stake in Applied Digital during the 2nd quarter worth approximately $30,000. Virtu Financial LLC grew its position in Applied Digital by 89.4% during the 3rd quarter. Virtu Financial LLC now owns 20,516 shares of the company's stock worth $35,000 after acquiring an additional 9,682 shares during the last quarter. KCL Capital L.P. bought a new stake in Applied Digital during the 2nd quarter worth approximately $42,000. Finally, Northern Trust Corp bought a new stake in Applied Digital during the 2nd quarter worth approximately $47,000. 48.42% of the stock is currently owned by institutional investors.
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Insiders Place Their Bets
In related news, CEO Wes Cummins acquired 25,000 shares of the company's stock in a transaction dated Wednesday, February 15th. The shares were bought at an average price of $3.06 per share, for a total transaction of $76,500.00. Following the purchase, the chief executive officer now directly owns 1,945,686 shares in the company, valued at approximately $5,953,799.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders bought a total of 405,000 shares of company stock valued at $997,150 in the last quarter. 28.90% of the stock is currently owned by insiders.
Applied Digital Price Performance
Shares of APLD opened at $2.62 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.30 and a current ratio of 0.30. The stock has a 50 day simple moving average of $2.49 and a 200 day simple moving average of $2.18. Applied Digital Co. has a 52-week low of $0.85 and a 52-week high of $27.12. The firm has a market capitalization of $247.51 million, a PE ratio of -5.24 and a beta of 5.11.
Applied Digital (OTCMKTS:APLD – Get Rating) last released its quarterly earnings results on Monday, January 9th. The company reported ($0.05) earnings per share for the quarter, topping analysts' consensus estimates of ($0.06) by $0.01. Applied Digital had a negative return on equity of 24.36% and a negative net margin of 145.35%. The firm had revenue of $12.34 million during the quarter, compared to the consensus estimate of $12.36 million. Sell-side analysts predict that Applied Digital Co. will post -0.38 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Several research firms have issued reports on APLD. B. Riley reduced their price objective on Applied Digital from $8.00 to $7.00 in a report on Tuesday, January 10th. Needham & Company LLC reduced their price objective on Applied Digital from $5.50 to $3.70 and set a "buy" rating on the stock in a report on Friday, January 13th. Finally, HC Wainwright began coverage on Applied Digital in a report on Thursday, December 22nd. They set a "buy" rating and a $4.00 price objective on the stock. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $6.31.
About Applied Digital
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Applied Digital Corp. operates as a technology company, which engages in the development and operation of data centers which provide computing power. The company was founded in May 2001 and is headquartered in Dallas, TX.
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