According to the most recent 13F filing that Van ECK Associates Corp. submitted to the Securities and Exchange Commission, the company increased its stake in Applied Digital Co. (OTCMKTS: APLD) by 3,298.8% during the third quarter of this year. After making additional purchases of 677,709 shares of the company’s stock during the period covered by the report, the institutional investor now holds a total of 698,253 shares of the stock within their investment portfolio. At the end of the most recent fiscal quarter, Van ECK Associates Corp. owned Applied Digital shares with a combined value of $1,180,000, corresponding to approximately 0.74 percent of the company.
Other hedge funds have also recently changed the size of their holdings in the company’s stock by either increasing or decreasing the total value of their holdings. These changes have been made in recent times. Deep Field Asset Management LLC acquired the additional stake in Applied Digital during the year’s second quarter. At the time of the transaction, the stake was estimated to be worth approximately $2,451,000. Equitec Proprietary Markets LLC spent approximately $1,670,000 purchasing additional Applied Digital shares during the year’s second quarter. During the second quarter, Granite Point Capital Management L.P. made a brand-new investment in Applied Digital for $1,545,000. In the second quarter, B. Riley Asset Management LLC invested an additional $809,00 in Applied Digital to expand its holdings in that company. A new investment in Applied Digital was made during the second quarter by Verition Fund Management LLC, which brings us to our last and final point. This transaction amounted to roughly 621 thousand dollars in total value. Institutional investors hold the company shares to the extent that these investors hold 48.42% of the total.
David Rench, the Chief Financial Officer of Applied Digital, sold 25,000 shares of the company’s stock on Monday, November 28. Another piece of Applied Digital news divulged this information to the public. The number of shares was acquired for a total cost of $49,000.00, which works out to an average price of $1.96 per share. The chief financial officer has gained direct ownership of 145,631 shares of the company as a direct result of the transaction. These shares have an approximate value of $285,436.76. You can find a copy of the filing that disclosed the transaction on the Securities and Exchange Commission (SEC) website. The filing described the transaction. David Rench, the Chief Financial Officer of Applied Digital, sold 25,000 shares of the company’s stock on Monday, November 28. Another piece of Applied Digital news divulged this information to the public. The number of shares was acquired for a total cost of $49,000.00, which works out to an average price of $1.96 per share. The chief financial officer has gained direct ownership of 145,631 shares of the company as a direct result of the transaction. These shares have an approximate value of $285,436.76.
You can find a copy of the filing that disclosed the transaction on the Securities and Exchange Commission (SEC) website. The filing described the transaction. In addition, Applied Digital CEO Wes Cummins purchased 20,000 shares of the company’s stock on Wednesday, October 26. The price of the shares, which were purchased for an average of $2.23 each, came to a total of $44,600.00 when they were purchased. After the acquisition completion, the company’s CEO now has direct control over 930,686 shares of the company’s stock, which are worth $2,075,429.78. You should look in this location if you are looking for the disclosure that pertains to this transaction. Over the last three months, company insiders have purchased 435,000 shares of company stock using a combined total of $941,250 that they have spent. Individuals employed by the company hold 28.90% of the company’s shares.
The APLD has attracted the interest of many different research institutions. HC Wainwright started providing coverage of Applied Digital in the form of a research report on December 22, a Thursday. They suggested that investors purchase the stock and establish a $4.00 price objective for the stock right to start coverage of Applied Digital in the form of a research report on December 22, a Thursday. They suggested that investors purchase the stock and establish a $4.00 price objective. B. Riley stated that they would be lowering their price target for Applied Digital shares from $8.00 to $7.00 in a research note published on Tuesday, January 10. Lake Street Capital stated its intention to reduce its target price for the shares of Applied Digital from $10.00 to $6.00 in a research note published on October 12. Needham & Company LLC decreased their price objective on shares of Applied Digital from $5.50 to $3.70 while maintaining their “buy” rating on the stock. The report was published on Friday. The recommendation to buy the stock has been backed by the opinions of seven different financial analysts. The information provided by Bloomberg indicates that the current recommendation for Applied Digital is “buy” and that the price objective for the company is set at $6.31.
When the market opened on Monday, the price of an APLD share was $2.14 per share. Applied Digital Co. hit a low point over the past 52 weeks of $0.85, while the company reached a high point over the past 52 weeks of $27.12. The quick ratio is 0.87, the current ratio is 0.30, and the debt-to-equity ratio is 0.35. All of these numbers are relative to the total amount of debt. All these figures should be interpreted in light of the overall sum owed. The current P/E ratio for the company is -4.28, and it has a beta value of 5.06 and a market capitalization of $202.17 million. The stock has traded at an average moving price of $1.97 over the past 50 trading days, while its moving average price over the past 200 trading days has been $1.92.
Applied Digital Corporation is an industry leader in the planning, building, and management of data centers located all over the continent of North America. The high-performance computing industry can benefit from the data center’s ability to provide solutions for digital infrastructure issues. Applied Blockchain, Inc. became Applied Digital Corporation in November 2022 after the company decided to go through with a rebranding effort that included changing its name.
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