BRC Group Holdings Inc. Makes New $12.14 Million Investment in Applied Digital Corporation $APLD

BRC Group Holdings Inc. bought a new stake in shares of Applied Digital Corporation (NASDAQ:APLD) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund bought 495,000 shares of the company’s stock, valued at approximately $12,137,000. Applied Digital comprises approximately 5.1% of BRC Group Holdings Inc.’s portfolio, making the stock its 3rd largest holding.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Newbridge Financial Services Group Inc. raised 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 last quarter. Concurrent Investment Advisors LLC raised its position 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 valued at $523,000 after acquiring an additional 318 shares during the last quarter. Brookstone Capital Management raised its position 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 valued at $227,000 after acquiring an additional 321 shares during the last quarter. ProShare Advisors LLC increased its position in shares of Applied Digital by 1.0% in the 3rd quarter. ProShare Advisors LLC now owns 36,652 shares of the company’s stock valued at $841,000 after buying an additional 376 shares in the last quarter. Finally, Independent Advisor Alliance increased its position in shares of Applied Digital by 4.6% in the 4th quarter. Independent Advisor Alliance now owns 9,215 shares of the company’s stock valued at $226,000 after buying an additional 407 shares in the last quarter. Institutional investors own 65.67% of the company’s stock.

Analysts Set New Price Targets

APLD has been the subject of a number of recent analyst reports. Lake Street Capital restated a “buy” rating and issued a $70.00 price objective (up from $55.00) on shares of Applied Digital in a research report on Thursday, May 21st. B. Riley Financial restated a “buy” rating and issued a $66.00 price objective (up from $53.00) on shares of Applied Digital in a research report on Wednesday. Lucid Cap Mkts upgraded shares of Applied Digital to a “strong-buy” rating in a research report on Wednesday. Needham & Company LLC upped their price objective on shares of Applied Digital from $51.00 to $66.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Applied Digital in a research report on Friday, April 24th. Three research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $59.11.

Insider Activity at Applied Digital

In other Applied Digital 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 sale, the director directly owned 184,859 shares in the company, valued at $6,466,367.82. This trade represents a 5.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 sale, the director owned 208,378 shares of the company’s stock, valued at $7,207,795.02. This trade represents a 5.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 35,000 shares of company stock valued at $1,182,175 over the last 90 days. Company insiders own 9.50% of the company’s stock.

Applied Digital Trading Down 4.8%

Shares of NASDAQ:APLD opened at $47.28 on Friday. Applied Digital Corporation has a 52-week low of $6.68 and a 52-week high of $50.72. The company has a market capitalization of $13.51 billion, a P/E ratio of -63.89 and a beta of 5.69. The company has a 50-day simple moving average of $34.40 and a 200 day simple moving average of $31.42. 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 (NASDAQ:APLD) last issued its earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share (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 analyst estimates of $78.47 million. During the same quarter last year, the business posted ($0.08) earnings per share. The company’s revenue for the quarter was up 139.3% on a year-over-year basis. Sell-side analysts forecast that Applied Digital Corporation will post -0.68 earnings per share for the current year.

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.