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

Key Points

• BI Asset Management opened a new position in Applied Digital during the fourth quarter, buying 207,428 shares worth about $5.09 million.
• Applied Digital reported a mixed quarter: revenue jumped 139.3% year over year to $108.55 million, but EPS missed estimates at -$0.36 versus -$0.13 expected.
• Wall Street sentiment remains constructive, with analysts assigning a “Buy” consensus and a $59.11 average target price, even as some insiders sold shares in recent months.

BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 207,428 shares of the company's stock, valued at approximately $5,086,000. BI Asset Management Fondsmaeglerselskab A S owned 0.07% of Applied Digital as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Teachers Retirement System of The State of Kentucky acquired a new position in shares of Applied Digital during the third quarter valued at approximately $994,000. MRA Advisory Group acquired a new stake in Applied Digital in the third quarter worth approximately $978,000. Vanguard Group Inc. boosted its stake in Applied Digital by 23.2% during the 3rd quarter. Vanguard Group Inc. now owns 17,722,174 shares of the company's stock valued at $406,547,000 after purchasing an additional 3,339,062 shares in the last quarter. Cannon Capital Management Inc. acquired a new position in shares of Applied Digital during the 4th quarter valued at $3,635,000. Finally, Mandatum Life Insurance Co Ltd acquired a new position in shares of Applied Digital during the 3rd quarter valued at $924,000. Hedge funds and other institutional investors own 65.67% of the company's stock.

Applied Digital Price Performance

Shares of NASDAQ:APLD opened at $39.62 on Monday. The firm has a 50 day simple moving average of $36.19 and a 200 day simple moving average of $32.12. Applied Digital Corporation has a 52 week low of $9.02 and a 52 week high of $50.72. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38. The company has a market cap of $11.32 billion, a PE ratio of -53.54 and a beta of 5.69.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its 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 business had revenue of $108.55 million during the quarter, compared to analyst estimates of $78.47 million. During the same period last year, the business earned ($0.08) EPS. The business's quarterly revenue was up 139.3% on a year-over-year basis. As a group, research analysts expect that Applied Digital Corporation will post -0.68 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on APLD shares. B. Riley Financial reaffirmed a "buy" rating and set a $66.00 target price (up from $53.00) on shares of Applied Digital in a report on Wednesday, May 27th. Citigroup restated an "outperform" rating on shares of Applied Digital in a research report on Thursday, May 21st. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Applied Digital in a research note on Friday, April 24th. Roth Mkm reiterated a "buy" rating and issued a $65.00 target price on shares of Applied Digital in a report on Thursday, April 23rd. Finally, Compass Point reissued a "buy" rating and set a $70.00 target price on shares of Applied Digital in a research note on Friday, May 22nd. Three equities research 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 issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $59.11.

Insiders Place Their Bets

In other news, 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 completion of the sale, the director directly owned 208,378 shares of the company's stock, valued at $7,207,795.02. This trade represents a 5.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the company'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 completion of the sale, the director owned 184,859 shares of the company's stock, valued at $6,466,367.82. This represents a 5.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 35,000 shares of company stock worth $1,182,175 over the last ninety days. 9.50% of the stock is currently owned by company insiders.

Applied Digital Company 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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