Knights of Columbus Asset Advisors LLC Makes New $598,000 Investment in Applied Digital Corporation $APLD

Key Points

• Knights of Columbus Asset Advisors disclosed a new position in Applied Digital, buying 24,368 shares valued at about $598,000 in the fourth quarter.
• Wall Street remains broadly bullish on APLD, with a consensus rating of Buy and an average price target of $59.11; several analysts recently reiterated or raised their targets to as high as $70.
• Applied Digital’s latest quarter showed strong revenue growth of 139.3% year over year to $108.55 million, but the company still posted a loss per share and missed earnings expectations.

Knights of Columbus Asset Advisors LLC acquired a new position in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 24,368 shares of the company's stock, valued at approximately $598,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in APLD. Noble Wealth Management PBC purchased a new position in shares of Applied Digital during the fourth quarter worth approximately $25,000. Albion Financial Group UT purchased a new position in shares of Applied Digital during the fourth quarter worth approximately $25,000. Activest Wealth Management purchased a new position in shares of Applied Digital during the fourth quarter worth approximately $25,000. Larson Financial Group LLC grew its position in shares of Applied Digital by 56,450.0% during the third quarter. Larson Financial Group LLC now owns 1,131 shares of the company's stock worth $26,000 after acquiring an additional 1,129 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Applied Digital by 87.5% during the fourth quarter. GAMMA Investing LLC now owns 1,376 shares of the company's stock worth $34,000 after acquiring an additional 642 shares during the last quarter. Institutional investors and hedge funds own 65.67% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Compass Point restated a "buy" rating and set a $70.00 target price on shares of Applied Digital in a research report on Friday, May 22nd. Lucid Cap Mkts upgraded shares of Applied Digital to a "strong-buy" rating in a research report on Wednesday. Needham & Company LLC raised their target price on shares of Applied Digital from $51.00 to $66.00 and gave the stock a "buy" rating in a research report on Thursday, May 21st. Wall Street Zen lowered shares of Applied Digital from a "hold" rating to a "sell" rating in a research report on Saturday, April 11th. Finally, Lake Street Capital restated a "buy" rating and set a $70.00 target price (up from $55.00) on shares of Applied Digital in a research report on Thursday, May 21st. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $59.11.

Insider Buying and Selling 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 shares were sold at an average price of $34.98, for a total transaction of $349,800.00. Following the sale, the director directly owned 184,859 shares in the company, valued at approximately $6,466,367.82. The trade was a 5.13% decrease in their position. 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 business's stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $34.59, for a total transaction of $432,375.00. Following the sale, the director 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 disclosure for this sale is available in the SEC filing. Insiders have sold a total of 35,000 shares of company stock worth $1,182,175 over the last 90 days. Insiders own 9.50% of the company's stock.

Applied Digital Stock Performance

NASDAQ:APLD opened at $47.28 on Friday. The firm has a market cap of $13.51 billion, a price-to-earnings ratio of -63.89 and a beta of 5.69. Applied Digital Corporation has a 1-year low of $6.68 and a 1-year high of $50.72. The firm's fifty day moving average price is $34.40 and its 200 day moving average price is $31.42. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.38 and a quick ratio of 2.38.

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). The company had revenue of $108.55 million for the quarter, compared to analysts' expectations of $78.47 million. Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.Applied Digital's revenue for the quarter was up 139.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.08) earnings per share. On average, sell-side analysts expect that Applied Digital Corporation will post -0.68 EPS for the current year.

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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