Engle Capital Management L.P. Takes $1.47 Million Position in Applied Digital Corporation $APLD

Key Points

• Engle Capital Management disclosed a new fourth-quarter stake in Applied Digital, buying 59,900 shares worth about $1.47 million. The position represented roughly 0.6% of the fund’s holdings.
• Institutional interest remains high, with hedge funds and other investors holding about 65.67% of the stock. Several major firms, including Vanguard, also increased their positions significantly.
• Analyst sentiment is mixed but generally positive: MarketBeat reports an average rating of “Moderate Buy” and an average price target of $70.56, though some firms recently downgraded the stock.

Engle Capital Management L.P. purchased a new stake in Applied Digital Corporation (NASDAQ:APLD - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 59,900 shares of the company's stock, valued at approximately $1,469,000. Applied Digital makes up about 0.6% of Engle Capital Management L.P.'s holdings, making the stock its 26th largest position.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Applied Digital by 36.4% in the 4th 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. Value Aligned Research Advisors LLC purchased a new position in shares of Applied Digital in the 4th quarter valued at $138,380,000. Situational Awareness LP grew its position in shares of Applied Digital by 87.0% in the 4th quarter. Situational Awareness LP now owns 11,339,060 shares of the company's stock valued at $278,034,000 after buying an additional 5,274,905 shares during the last quarter. BNP Paribas Financial Markets grew its position in shares of Applied Digital by 24,356.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company's stock valued at $52,561,000 after buying an additional 5,198,223 shares during the last quarter. Finally, Marex Group plc grew its position in shares of Applied Digital by 38,484.6% in the 4th quarter. Marex Group plc now owns 3,904,759 shares of the company's stock valued at $95,745,000 after buying an additional 3,894,639 shares during the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on APLD shares. Citigroup reaffirmed a "market outperform" rating on shares of Applied Digital in a research report on Tuesday, June 9th. Wall Street Zen lowered shares of Applied Digital from a "hold" rating to a "sell" rating in a research report on Saturday, April 11th. Roth Mkm restated a "buy" rating and set a $65.00 target price on shares of Applied Digital in a research report on Thursday, April 23rd. Zacks Research lowered shares of Applied Digital from a "hold" rating to a "strong sell" rating in a research report on Monday, June 8th. Finally, Citizens Jmp raised their target price on shares of Applied Digital from $40.00 to $60.00 and gave the stock a "market outperform" rating in a research report on Thursday, May 21st. Three research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $70.56.

Insider Transactions at Applied Digital

In other news, Director Richard N. Nottenburg sold 12,500 shares of the business's stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $34.59, for a total transaction of $432,375.00. Following the transaction, the director directly owned 208,378 shares in the company, valued at $7,207,795.02. The trade was a 5.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Douglas S. Miller sold 10,000 shares of the business's stock in a transaction dated 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 in the company, valued at approximately $6,466,367.82. This trade represents a 5.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 35,000 shares of company stock worth $1,182,175. Company insiders own 9.50% of the company's stock.

Applied Digital Stock Down 1.5%

APLD opened at $45.57 on Thursday. The business has a 50 day moving average price of $39.22 and a two-hundred day moving average price of $33.24. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65. The company has a market cap of $13.02 billion, a PE ratio of -61.58 and a beta of 5.69. Applied Digital Corporation has a 52 week low of $9.02 and a 52 week high of $50.72.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings data on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.23). The company had revenue of $108.55 million for the quarter, compared to analysts' expectations of $78.47 million. Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. The firm's revenue was up 139.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.08) earnings per share. As a group, research analysts anticipate that Applied Digital Corporation will post -0.68 EPS 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.

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