Geode Capital Management LLC Buys 1,002,862 Shares of Applied Digital Co. (NASDAQ:APLD)

Geode Capital Management LLC lifted its stake in shares of Applied Digital Co. (NASDAQ:APLD) by 48.7% during the third quarter, HoldingsChannel reports. The firm owned 3,061,160 shares of the company’s stock after acquiring an additional 1,002,862 shares during the quarter. Geode Capital Management LLC’s holdings in Applied Digital were worth $25,258,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in APLD. Wellington Management Group LLP increased its holdings in Applied Digital by 8.8% during the third quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock worth $309,000 after buying an additional 3,040 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Applied Digital by 14.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company’s stock worth $355,000 after purchasing an additional 5,423 shares during the last quarter. FMR LLC increased its stake in shares of Applied Digital by 99.1% during the 3rd quarter. FMR LLC now owns 13,071 shares of the company’s stock worth $108,000 after purchasing an additional 6,507 shares during the last quarter. ICA Group Wealth Management LLC raised its holdings in shares of Applied Digital by 56.8% in the 2nd quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock valued at $112,000 after purchasing an additional 6,795 shares during the period. Finally, Headlands Technologies LLC lifted its stake in Applied Digital by 381.8% in the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after purchasing an additional 6,933 shares during the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

Insiders Place Their Bets

In other news, Director Richard N. Nottenburg sold 80,000 shares of the company’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the sale, the director now directly owns 433,686 shares in the company, valued at approximately $3,196,265.82. This represents a 15.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Wes Cummins sold 200,000 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $1,840,000.00. Following the sale, the chief executive officer now directly owns 3,875,955 shares in the company, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 359,369 shares of company stock worth $3,115,161 in the last quarter. Corporate insiders own 11.81% of the company’s stock.

Applied Digital Stock Performance

APLD opened at $8.39 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. The company has a market capitalization of $1.77 billion, a PE ratio of -7.17 and a beta of 4.67. The business has a fifty day simple moving average of $8.55 and a 200 day simple moving average of $6.66. Applied Digital Co. has a 1 year low of $2.36 and a 1 year high of $11.25.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The business had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. During the same period in the prior year, the company posted ($0.10) earnings per share. Applied Digital’s revenue was up 67.2% compared to the same quarter last year. Research analysts expect that Applied Digital Co. will post -0.4 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on APLD shares. B. Riley boosted their price target on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Lake Street Capital boosted their target price on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price target on shares of Applied Digital in a report on Friday, November 1st. Craig Hallum lifted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, HC Wainwright increased their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital currently has an average rating of “Buy” and an average price target of $11.14.

About Applied Digital

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.