Geode Capital Management LLC Has $25.26 Million Stock Holdings in Applied Digital Co. (NASDAQ:APLD)

Geode Capital Management LLC raised its position in Applied Digital Co. (NASDAQ:APLD) by 48.7% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 3,061,160 shares of the company’s stock after buying an additional 1,002,862 shares during the period. Geode Capital Management LLC owned about 1.42% of Applied Digital worth $25,258,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in APLD. Headlands Technologies LLC lifted its stake in shares of Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after acquiring an additional 6,933 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Applied Digital during the 3rd quarter worth about $59,000. Beacon Harbor Wealth Advisors Inc. acquired a new position in Applied Digital during the 3rd quarter valued at about $83,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Applied Digital in the 3rd quarter valued at about $88,000. Finally, Chesapeake Capital Corp IL bought a new position in shares of Applied Digital in the 3rd quarter valued at about $94,000. 65.67% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total transaction of $80,100.00. Following the completion of the transaction, the director now directly owns 208,506 shares of the company’s stock, valued at $1,670,133.06. This trade represents a 4.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard N. Nottenburg sold 19,369 shares of Applied Digital stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total transaction of $145,461.19. Following the completion of the sale, the director now owns 384,317 shares in the company, valued at $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. Insiders sold 359,369 shares of company stock valued at $3,115,161 over the last quarter. Corporate insiders own 11.81% of the company’s stock.

Applied Digital Stock Down 8.8 %

NASDAQ:APLD opened at $8.39 on Friday. Applied Digital Co. has a 1 year low of $2.36 and a 1 year high of $11.25. The stock has a 50-day moving average price of $8.55 and a two-hundred day moving average price of $6.66. The stock has a market cap of $1.77 billion, a price-to-earnings ratio of -7.17 and a beta of 4.67. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62.

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

Wall Street Analyst Weigh In

A number of research firms recently weighed in on APLD. B. Riley boosted their price target on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Craig Hallum upped their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Needham & Company LLC restated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research report on Friday, November 1st. Roth Mkm reiterated a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Finally, Cantor Fitzgerald initiated coverage on Applied Digital in a report on Friday, December 20th. They set an “overweight” rating and a $15.00 target price on the stock. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus 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.