Mitsubishi UFJ Asset Management Co. Ltd. Has $1.92 Million Holdings in Applied Digital Corporation $APLD

Key Points

• Mitsubishi UFJ Asset Management reduced its Applied Digital stake by 52.4% in the fourth quarter, selling 86,108 shares and leaving it with 78,083 shares worth about $1.92 million.
• Analyst sentiment is mixed but generally positive: Applied Digital carries an average “Moderate Buy” rating with a consensus price target of $44.33, though some firms recently downgraded the stock.
• Insiders have been selling shares recently, while the company also reported strong revenue growth in its latest quarter—revenue rose 139.3% year over year to $108.55 million, even as earnings missed estimates.

Mitsubishi UFJ Asset Management Co. Ltd. cut its holdings in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) by 52.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 78,083 shares of the company's stock after selling 86,108 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.'s holdings in Applied Digital were worth $1,915,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the company. SBI Securities Co. Ltd. raised its position in shares of Applied Digital by 51.2% in the 4th quarter. SBI Securities Co. Ltd. now owns 29,502 shares of the company's stock valued at $723,000 after acquiring an additional 9,996 shares during the period. Dudley Capital Management LLC acquired a new stake in shares of Applied Digital in the 4th quarter valued at approximately $204,000. Strs Ohio raised its position in shares of Applied Digital by 40.9% in the 4th quarter. Strs Ohio now owns 33,400 shares of the company's stock valued at $819,000 after acquiring an additional 9,700 shares during the period. Danske Bank A S acquired a new stake in shares of Applied Digital in the 4th quarter valued at approximately $54,000. Finally, Activest Wealth Management acquired a new stake in shares of Applied Digital in the 4th quarter valued at approximately $25,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

APLD has been the topic of a number of analyst reports. Texas Capital upgraded shares of Applied Digital to a "strong-buy" rating in a research report on Tuesday, January 20th. Wall Street Zen downgraded shares of Applied Digital from a "hold" rating to a "sell" rating in a research report on Saturday, April 11th. Needham & Company LLC increased their price target on shares of Applied Digital to $48.00 and gave the company a "buy" rating in a research report on Friday, April 24th. Weiss Ratings restated a "sell (d-)" rating on shares of Applied Digital in a report on Friday, April 24th. Finally, Zacks Research upgraded shares of Applied Digital from a "strong sell" rating to a "hold" rating in a report 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 stock. Based on data from MarketBeat, Applied Digital has an average rating of "Moderate Buy" and an average target price of $44.33.

Insider Activity at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of the firm'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 transaction of $349,800.00. Following the completion of the transaction, the director directly owned 184,859 shares of the company's stock, valued at $6,466,367.82. This trade represents a 5.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard N. Nottenburg sold 12,500 shares of the firm's stock in a transaction that occurred 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 transaction, the director directly owned 208,378 shares of the company's stock, valued at $7,207,795.02. This represents a 5.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 35,000 shares of company stock valued at $1,182,175 over the last ninety days. Company insiders own 9.50% of the company's stock.

Applied Digital Stock Performance

Shares of APLD stock opened at $44.59 on Tuesday. 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 $12.74 billion, a P/E ratio of -60.26 and a beta of 5.69. The company's 50 day moving average price is $29.56 and its two-hundred day moving average price is $30.26. Applied Digital Corporation has a 52 week low of $5.24 and a 52 week high of $46.64.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced 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 analyst estimates of $78.47 million. Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The business's quarterly revenue was up 139.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.08) earnings per share. On average, analysts expect that Applied Digital Corporation will post -0.61 earnings per share for the current fiscal 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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