Handelsbanken Fonder AB Invests $1.47 Million in Applied Digital Corporation $APLD

Key Points

• Handelsbanken Fonder AB opened a new position in Applied Digital, buying 59,800 shares worth about $1.47 million in the fourth quarter.
• Applied Digital has seen heavy institutional interest, with Vanguard expanding its stake and institutions now holding about 65.67% of the company.
• The company reported strong revenue growth of 139.3% year over year, but still posted a wider-than-expected loss, while analysts currently rate the stock a Moderate Buy with an average target of $57.67.

Handelsbanken Fonder AB bought a new position in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 59,800 shares of the company's stock, valued at approximately $1,466,000.

Other large investors also recently modified their holdings of the company. Teachers Retirement System of The State of Kentucky acquired a new position in shares of Applied Digital during the third quarter worth approximately $994,000. Federated Hermes Inc. acquired a new position in shares of Applied Digital during the third quarter worth approximately $3,204,000. AlphaQuest LLC acquired a new position in shares of Applied Digital during the third quarter worth approximately $1,369,000. MRA Advisory Group acquired a new position in shares of Applied Digital during the third quarter worth approximately $978,000. Finally, Vanguard Group Inc. lifted its position in shares of Applied Digital by 23.2% during the third quarter. Vanguard Group Inc. now owns 17,722,174 shares of the company's stock worth $406,547,000 after purchasing an additional 3,339,062 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Applied Digital Price Performance

Shares of NASDAQ:APLD opened at $45.87 on Tuesday. Applied Digital Corporation has a 52 week low of $6.68 and a 52 week high of $48.57. 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 capitalization of $13.11 billion, a PE ratio of -61.99 and a beta of 5.69. The company has a 50 day moving average price of $32.76 and a two-hundred day moving average price of $30.96.

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 net margin of 52.84% and a negative return on equity of 15.91%. The firm had revenue of $108.55 million during the quarter, compared to the consensus estimate of $78.47 million. During the same period in the previous year, the company posted ($0.08) EPS. The firm's revenue for the quarter was up 139.3% on a year-over-year basis. Analysts forecast that Applied Digital Corporation will post -0.61 earnings per share for the current year.

Insider Activity at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the company's stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $34.98, for a total value of $349,800.00. Following the completion of the sale, the director owned 184,859 shares of the company's stock, valued at approximately $6,466,367.82. This represents a 5.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard N. Nottenburg sold 12,500 shares of the company's stock in a transaction that occurred on Thursday, April 30th. The shares were 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. The trade was a 5.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 35,000 shares of company stock valued at $1,182,175 in the last ninety days. Insiders own 9.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Applied Digital in a research report on Friday, April 24th. Citigroup reissued an "outperform" rating on shares of Applied Digital in a research note on Thursday. Compass Point reissued a "buy" rating and set a $70.00 price target on shares of Applied Digital in a research note on Friday. Citizens Jmp boosted their price target on shares of Applied Digital from $40.00 to $60.00 and gave the stock a "market outperform" rating in a research note on Thursday, May 21st. Finally, Zacks Research raised shares of Applied Digital from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $57.67.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.