BI Asset Management Fondsmaeglerselskab A S Makes New $5.09 Million Investment in Applied Digital Corporation $APLD

BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Applied Digital Corporation (NASDAQ:APLD) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 207,428 shares of the company’s stock, valued at approximately $5,086,000.

A number of other institutional investors also recently modified their holdings of the company. Teachers Retirement System of The State of Kentucky bought a new stake in shares of Applied Digital during the 3rd quarter worth $994,000. MRA Advisory Group acquired a new position in Applied Digital during the 3rd quarter worth $978,000. Vanguard Group Inc. lifted its position in Applied Digital by 23.2% during the 3rd quarter. Vanguard Group Inc. now owns 17,722,174 shares of the company’s stock worth $406,547,000 after acquiring an additional 3,339,062 shares during the last quarter. Cannon Capital Management Inc. bought a new stake in Applied Digital during the fourth quarter valued at about $3,635,000. Finally, Mandatum Life Insurance Co Ltd acquired a new stake in shares of Applied Digital in the third quarter valued at about $924,000. Institutional investors own 65.67% of the company’s stock.

Applied Digital Stock Performance

Shares of NASDAQ APLD opened at $39.62 on Monday. The firm has a market capitalization of $11.32 billion, a price-to-earnings ratio of -53.54 and a beta of 5.69. Applied Digital Corporation has a one year low of $9.02 and a one year high of $50.72. The business has a fifty day simple moving average of $36.19 and a 200 day simple moving average of $32.12. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.23). Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. The business had revenue of $108.55 million during the quarter, compared to the consensus estimate of $78.47 million. During the same period last year, the firm earned ($0.08) EPS. The company’s quarterly revenue was up 139.3% compared to the same quarter last year. Sell-side analysts expect that Applied Digital Corporation will post -0.68 EPS for the current year.

Insider Activity

In related news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $34.98, for a total value of $349,800.00. Following the sale, the director owned 184,859 shares of the company’s stock, valued at $6,466,367.82. The trade was a 5.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Richard N. Nottenburg sold 12,500 shares of the firm’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $34.59, for a total transaction of $432,375.00. Following the transaction, the director owned 208,378 shares of the company’s stock, valued at approximately $7,207,795.02. This represents a 5.66% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 35,000 shares of company stock worth $1,182,175. 9.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

APLD has been the subject of several research analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a research report on Friday, April 24th. Citizens Jmp lifted their price target on Applied Digital from $40.00 to $60.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 21st. Compass Point reiterated a “buy” rating and set a $70.00 price target on shares of Applied Digital in a report on Friday, May 22nd. Roth Mkm reissued a “buy” rating and issued a $65.00 price objective on shares of Applied Digital in a research report on Thursday, April 23rd. Finally, Wall Street Zen downgraded shares of Applied Digital from a “hold” rating to a “sell” rating in a research note on Saturday, April 11th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $59.11.

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.