Situational Awareness LP Has $278.03 Million Stock Position in Applied Digital Corporation $APLD

Key Points

• Situational Awareness LP increased its Applied Digital stake by 87% in the fourth quarter, ending with 11.34 million shares valued at about $278.0 million. The position represented roughly 4.06% of Applied Digital and 5% of the fund’s portfolio.
• Other institutions also boosted their holdings, including Vanguard and Geode Capital Management, while overall institutional ownership stands at 65.67%. Meanwhile, insiders sold shares over the past 90 days, including two directors in April.
• Applied Digital reported strong revenue growth but missed earnings expectations in its latest quarter, posting a loss of $0.36 per share on revenue of $108.55 million. Analysts remain mostly bullish, with a consensus Buy rating and an average price target of $59.11.

Situational Awareness LP boosted its position in Applied Digital Corporation (NASDAQ:APLD - Free Report) by 87.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,339,060 shares of the company's stock after purchasing an additional 5,274,905 shares during the quarter. Applied Digital comprises about 5.0% of Situational Awareness LP's portfolio, making the stock its 7th biggest holding. Situational Awareness LP owned approximately 4.06% of Applied Digital worth $278,034,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Applied Digital by 36.4% during the 4th quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company's stock valued at $592,601,000 after acquiring an additional 6,445,908 shares during the period. Geode Capital Management LLC lifted its position in shares of Applied Digital by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company's stock valued at $154,151,000 after acquiring an additional 304,228 shares during the period. BNP Paribas Financial Markets lifted its position in shares of Applied Digital by 24,356.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company's stock valued at $52,561,000 after acquiring an additional 5,198,223 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Applied Digital by 20.2% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,199,135 shares of the company's stock valued at $73,388,000 after acquiring an additional 537,839 shares during the period. Finally, Two Sigma Investments LP bought a new stake in shares of Applied Digital during the 3rd quarter valued at $69,535,000. 65.67% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Applied Digital

In related news, 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 directly owned 184,859 shares in the company, valued at $6,466,367.82. This represents a 5.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Richard N. Nottenburg sold 12,500 shares of the company's stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $34.59, for a total value of $432,375.00. Following the sale, the director owned 208,378 shares of the company's stock, valued at approximately $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. Over the last 90 days, insiders have sold 35,000 shares of company stock valued at $1,182,175. 9.50% of the stock is owned by corporate insiders.

Applied Digital Price Performance

Shares of APLD stock opened at $39.62 on Friday. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65. Applied Digital Corporation has a twelve month low of $9.02 and a twelve month high of $50.72. The company has a market cap of $11.32 billion, a P/E ratio of -53.54 and a beta of 5.69. The business has a fifty day simple moving average of $36.19 and a 200 day simple moving average of $32.06.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings data on Wednesday, April 8th. The company reported ($0.36) earnings per share 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 for the quarter, compared to the consensus estimate of $78.47 million. During the same quarter in the prior year, the company earned ($0.08) earnings per share. Applied Digital's quarterly revenue was up 139.3% compared to the same quarter last year. On average, sell-side analysts forecast that Applied Digital Corporation will post -0.68 EPS for the current fiscal year.

Analysts Set New Price Targets

APLD has been the subject of a number of recent analyst reports. Lake Street Capital reiterated 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. Roth Mkm reiterated a "buy" rating and set a $65.00 target price on shares of Applied Digital in a research report on Thursday, April 23rd. Citizens Jmp upped their target price on Applied Digital from $40.00 to $60.00 and gave the company a "market outperform" rating in a research report on Thursday, May 21st. Lucid Cap Mkts upgraded Applied Digital to a "strong-buy" rating in a research report on Wednesday, May 27th. Finally, Zacks Research upgraded Applied Digital from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 7th. Three analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Applied Digital currently has a consensus rating of "Buy" and an average target price of $59.11.

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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