Applied Digital Corporation $APLD Shares Bought by Legal & General Group Plc

Legal & General Group Plc grew its stake in shares of Applied Digital Corporation (NASDAQ:APLD) by 10.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 240,967 shares of the company’s stock after acquiring an additional 23,762 shares during the period. Legal & General Group Plc’s holdings in Applied Digital were worth $5,909,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Newbridge Financial Services Group Inc. lifted its position in shares of Applied Digital by 8.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 3,800 shares of the company’s stock valued at $93,000 after acquiring an additional 300 shares during the period. Concurrent Investment Advisors LLC increased its stake in shares of Applied Digital by 1.5% during the 4th quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company’s stock worth $523,000 after purchasing an additional 318 shares in the last quarter. Brookstone Capital Management increased its stake in shares of Applied Digital by 3.6% during the 4th quarter. Brookstone Capital Management now owns 9,275 shares of the company’s stock worth $227,000 after purchasing an additional 321 shares in the last quarter. ProShare Advisors LLC increased its stake in shares of Applied Digital by 1.0% during the 3rd quarter. ProShare Advisors LLC now owns 36,652 shares of the company’s stock worth $841,000 after purchasing an additional 376 shares in the last quarter. Finally, Independent Advisor Alliance increased its stake in shares of Applied Digital by 4.6% during the 4th quarter. Independent Advisor Alliance now owns 9,215 shares of the company’s stock worth $226,000 after purchasing an additional 407 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Applied Digital Price Performance

APLD stock opened at $39.62 on Monday. The stock has a market capitalization of $11.32 billion, a P/E ratio of -53.54 and a beta of 5.69. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38. Applied Digital Corporation has a one year low of $9.02 and a one year high of $50.72. The company has a 50 day moving average price of $36.19 and a two-hundred day moving average price of $32.12.

Applied Digital (NASDAQ:APLD) last released 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 firm had revenue of $108.55 million during 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%.The firm’s revenue was up 139.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.08) earnings per share. As a group, sell-side analysts expect that Applied Digital Corporation will post -0.68 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on APLD. Lake Street Capital reissued a “buy” rating and set a $70.00 price objective (up from $55.00) on shares of Applied Digital in a research note on Thursday, May 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a research note on Friday, April 24th. Citizens Jmp raised their price objective 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. Lucid Cap Mkts raised shares of Applied Digital to a “strong-buy” rating in a research note on Wednesday, May 27th. Finally, Compass Point reissued a “buy” rating and set a $70.00 price objective on shares of Applied Digital in a research note on Friday, May 22nd. Three 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’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $59.11.

Insiders Place Their Bets

In other Applied Digital news, Director Richard N. Nottenburg sold 12,500 shares of Applied Digital stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $34.59, for a total value of $432,375.00. Following the transaction, the director owned 208,378 shares in the company, valued at $7,207,795.02. This trade represents a 5.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital 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 completion of 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 position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 35,000 shares of company stock worth $1,182,175. 9.50% of the stock is owned by company insiders.

Applied Digital Company 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.