Public Employees Retirement System of Ohio Invests $2.71 Million in Applied Digital Corporation $APLD

Public Employees Retirement System of Ohio bought a new stake in shares of Applied Digital Corporation (NASDAQ:APLD) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 72,610 shares of the company’s stock, valued at approximately $2,708,000.

Other institutional investors have also recently made changes to their positions in the company. Situational Awareness LP increased its stake in Applied Digital by 18.9% during the first quarter. Situational Awareness LP now owns 13,478,438 shares of the company’s stock worth $319,978,000 after acquiring an additional 2,139,378 shares during the last quarter. Geode Capital Management LLC boosted its stake in Applied Digital by 5.1% during the fourth quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company’s stock worth $154,151,000 after buying an additional 304,228 shares during the period. Value Aligned Research Advisors LLC bought a new position in Applied Digital during the fourth quarter valued at $138,380,000. BNP Paribas Financial Markets raised its stake in shares of Applied Digital by 24,356.8% in the second quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock valued at $52,561,000 after acquiring an additional 5,198,223 shares during the period. Finally, T. Rowe Price Investment Management Inc. raised its stake in shares of Applied Digital by 104.8% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,209,702 shares of the company’s stock valued at $103,222,000 after acquiring an additional 2,154,213 shares during the period. Institutional investors own 65.67% of the company’s stock.

Insider Activity at Applied Digital

In other news, Director Richard Nottenburg sold 75,000 shares of Applied Digital stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $31.15, for a total transaction of $2,336,250.00. Following the completion of the sale, the director owned 133,378 shares of the company’s stock, valued at approximately $4,154,724.70. The trade was a 35.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 9.50% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Craig Hallum lifted their price target on shares of Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. Lake Street Capital increased their price objective on shares of Applied Digital from $70.00 to $90.00 and gave the stock a “buy” rating in a research report on Tuesday, June 9th. Compass Point reissued a “buy” rating and issued a $70.00 price objective on shares of Applied Digital in a research note on Friday, May 22nd. Lucid Cap Mkts upgraded Applied Digital to a “strong-buy” rating in a research report on Wednesday, May 27th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $83.00 target price on shares of Applied Digital in a research note on Tuesday, July 28th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Applied Digital currently has a consensus rating of “Moderate Buy” and an average price target of $68.15.

Applied Digital Trading Up 1.8%

NASDAQ APLD opened at $26.37 on Friday. The company’s 50-day moving average price is $29.15 and its 200-day moving average price is $32.97. The company has a current ratio of 4.01, a quick ratio of 4.01 and a debt-to-equity ratio of 2.88. The stock has a market cap of $7.69 billion, a PE ratio of -29.63 and a beta of 5.72. Applied Digital Corporation has a 12 month low of $13.16 and a 12 month high of $50.72.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Monday, July 27th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.30). The company had revenue of $240.35 million for the quarter, compared to the consensus estimate of $96.85 million. Applied Digital had a negative net margin of 37.78% and a negative return on equity of 16.42%. The company’s quarterly revenue was up 406.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.24) EPS. Equities research analysts forecast that Applied Digital Corporation will post -1.09 earnings per share for the current year.

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.