JPMorgan Chase & Co. Has $465,000 Stake in Applied Digital Co. (NASDAQ:APLD)

JPMorgan Chase & Co. raised its holdings in Applied Digital Co. (NASDAQ:APLD) by 18.4% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 56,355 shares of the company’s stock after acquiring an additional 8,774 shares during the quarter. JPMorgan Chase & Co.’s holdings in Applied Digital were worth $465,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of APLD. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Applied Digital in the third quarter valued at about $59,000. Beacon Harbor Wealth Advisors Inc. bought a new position in Applied Digital in the third quarter valued at approximately $83,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Applied Digital during the 3rd quarter worth approximately $88,000. Chesapeake Capital Corp IL bought a new stake in shares of Applied Digital during the 3rd quarter worth approximately $94,000. Finally, Tidal Investments LLC bought a new stake in Applied Digital during the third quarter worth $95,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Applied Digital

In related news, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the sale, the chief executive officer now owns 3,875,955 shares in the company, valued at $35,658,786. The trade was a 4.91 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Richard N. Nottenburg sold 19,369 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $7.51, for a total value of $145,461.19. Following the sale, the director now owns 384,317 shares in the company, valued at approximately $2,886,220.67. This trade represents a 4.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 289,369 shares of company stock valued at $2,622,461. Company insiders own 11.81% of the company’s stock.

Applied Digital Trading Up 0.8 %

Shares of Applied Digital stock opened at $6.52 on Wednesday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The firm has a 50-day moving average of $8.93 and a 200-day moving average of $7.09. Applied Digital Co. has a 52-week low of $2.36 and a 52-week high of $11.25. The stock has a market cap of $1.45 billion, a PE ratio of -3.77 and a beta of 4.78.

Applied Digital (NASDAQ:APLD) last released its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. The firm had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The company’s revenue was up 51.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.05) EPS. As a group, sell-side analysts forecast that Applied Digital Co. will post -0.8 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a report on Thursday, October 10th. Craig Hallum upped their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Compass Point initiated coverage on Applied Digital in a research note on Tuesday. They set a “buy” rating and a $10.00 target price for the company. Lake Street Capital increased their price target on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Finally, Cantor Fitzgerald reduced their price objective on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Digital currently has an average rating of “Buy” and a consensus price target of $11.13.

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.