State Street Corp Has $19.28 Million Stock Position in Applied Digital Co. (NASDAQ:APLD)

State Street Corp raised its stake in Applied Digital Co. (NASDAQ:APLD) by 14.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,337,267 shares of the company’s stock after acquiring an additional 286,852 shares during the quarter. State Street Corp owned about 1.09% of Applied Digital worth $19,282,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Hood River Capital Management LLC grew its stake in shares of Applied Digital by 8.7% during the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after purchasing an additional 771,699 shares during the last quarter. Van ECK Associates Corp increased its stake in shares of Applied Digital by 18.3% in the 2nd quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock valued at $17,077,000 after buying an additional 443,699 shares during the period. Royce & Associates LP raised its position in shares of Applied Digital by 1.4% during the third quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock worth $9,340,000 after acquiring an additional 15,763 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Applied Digital by 36.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock worth $7,419,000 after acquiring an additional 240,554 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. lifted its stake in shares of Applied Digital by 66.1% during the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock valued at $4,609,000 after acquiring an additional 308,223 shares during the period. 65.67% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total value of $80,100.00. Following the sale, the director now owns 208,506 shares of the company’s stock, valued at approximately $1,670,133.06. This trade represents a 4.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard N. Nottenburg sold 80,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $7.37, for a total value of $589,600.00. Following the transaction, the director now directly owns 433,686 shares of the company’s stock, valued at approximately $3,196,265.82. This trade represents a 15.57 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 359,369 shares of company stock worth $3,115,161. Company insiders own 11.81% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on APLD shares. Cantor Fitzgerald initiated coverage on Applied Digital in a report on Friday. They set an “overweight” rating and a $15.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research note on Friday, November 1st. B. Riley raised their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Lake Street Capital upped their target price on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, HC Wainwright increased their price target on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $11.14.

Applied Digital Trading Down 1.1 %

Shares of NASDAQ APLD opened at $7.92 on Tuesday. Applied Digital Co. has a twelve month low of $2.36 and a twelve month high of $11.25. The stock has a market cap of $1.67 billion, a price-to-earnings ratio of -6.77 and a beta of 4.67. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. The company’s fifty day moving average is $8.47 and its 200-day moving average is $6.57.

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, beating analysts’ consensus estimates of ($0.28) by $0.13. The firm had revenue of $60.70 million during the quarter, compared to analysts’ expectations of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The company’s revenue was up 67.2% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.10) earnings per share. Equities research analysts predict that Applied Digital Co. will post -0.4 EPS for the current year.

Applied Digital Profile

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.