305,447 Shares in Applied Digital Corporation $APLD Purchased by Bleakley Financial Group LLC

Key Points

• Bleakley Financial Group initiated a new position in Applied Digital, buying 305,447 shares valued at about $7.49 million in the fourth quarter.
• Institutional interest in APLD remains heavy, with hedge funds and other investors owning 65.67% of the company; several firms, including Vanguard and BNP Paribas, also recently increased their stakes.
• Analysts are generally bullish on Applied Digital, with multiple firms reiterating buy ratings and price targets as high as $70, though the stock still posted a recent quarterly EPS miss despite strong revenue growth.

Bleakley Financial Group LLC bought a new stake in Applied Digital Corporation (NASDAQ:APLD - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 305,447 shares of the company's stock, valued at approximately $7,490,000. Bleakley Financial Group LLC owned about 0.11% of Applied Digital as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Applied Digital by 36.4% in the fourth quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company's stock valued at $592,601,000 after buying an additional 6,445,908 shares during the last quarter. Situational Awareness LP lifted its holdings in Applied Digital by 63.3% in the second quarter. Situational Awareness LP now owns 6,591,800 shares of the company's stock valued at $66,379,000 after acquiring an additional 2,556,200 shares during the period. BNP Paribas Financial Markets lifted its holdings in 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Applied Digital by 20.2% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,199,135 shares of the company's stock valued at $73,388,000 after acquiring an additional 537,839 shares during the period. Finally, Two Sigma Investments LP acquired a new position in Applied Digital in the third quarter valued at approximately $69,535,000. Hedge funds and other institutional investors own 65.67% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on APLD shares. Lake Street Capital reissued a "buy" rating and issued a $70.00 price target (up from $55.00) on shares of Applied Digital in a report on Thursday, May 21st. Citigroup reissued an "outperform" rating on shares of Applied Digital in a report on Thursday, May 21st. Compass Point reissued a "buy" rating and issued a $70.00 price target on shares of Applied Digital in a report on Friday. Needham & Company LLC boosted their price target on Applied Digital to $66.00 and gave the company a "buy" rating in a report on Thursday, May 21st. Finally, Roth Mkm reissued a "buy" rating and issued a $65.00 price target on shares of Applied Digital in a report on Thursday, April 23rd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $57.67.

Applied Digital Stock Down 1.6%

Shares of APLD opened at $45.14 on Wednesday. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38. Applied Digital Corporation has a one year low of $6.68 and a one year high of $48.85. The stock has a market capitalization of $12.90 billion, a price-to-earnings ratio of -61.00 and a beta of 5.69. The stock has a 50 day moving average price of $33.12 and a 200 day moving average price of $31.05.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.23). Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The firm had revenue of $108.55 million for the quarter, compared to analysts' expectations of $78.47 million. During the same quarter in the previous year, the firm posted ($0.08) earnings per share. The firm's revenue for the quarter was up 139.3% compared to the same quarter last year. Equities research analysts forecast that Applied Digital Corporation will post -0.61 earnings per share for the current fiscal year.

Insider Activity at Applied Digital

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

Applied Digital Profile

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.

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