Fmr LLC Purchases 6,507 Shares of Applied Digital Co. (NASDAQ:APLD)

Fmr LLC raised its position in shares of Applied Digital Co. (NASDAQ:APLD) by 99.1% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,071 shares of the company’s stock after purchasing an additional 6,507 shares during the period. Fmr LLC’s holdings in Applied Digital were worth $108,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in APLD. Hood River Capital Management LLC boosted 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 in the last quarter. Alight Capital Management LP purchased a new stake in Applied Digital during the second quarter worth $3,570,000. Van ECK Associates Corp boosted its position in Applied Digital by 18.3% during the 2nd quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock valued at $17,077,000 after acquiring an additional 443,699 shares in the last quarter. Thomist Capital Management LP purchased a new position in shares of Applied Digital in the 2nd quarter valued at $2,529,000. Finally, B. Riley Wealth Advisors Inc. raised its position in shares of Applied Digital by 66.1% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock worth $4,609,000 after acquiring an additional 308,223 shares in the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Wes Cummins sold 200,000 shares of the company’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the transaction, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at $35,658,786. This represents a 4.91 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total transaction of $80,100.00. Following the transaction, the director now directly owns 208,506 shares in the company, valued at approximately $1,670,133.06. This represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 359,369 shares of company stock worth $3,115,161 in the last ninety days. Insiders own 11.81% of the company’s stock.

Applied Digital Stock Performance

NASDAQ APLD opened at $7.92 on Tuesday. The firm has a market cap of $1.67 billion, a P/E ratio of -6.77 and a beta of 4.67. Applied Digital Co. has a 52-week low of $2.36 and a 52-week high of $11.25. The business’s 50-day moving average price is $8.47 and its 200 day moving average price is $6.57. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62.

Applied Digital (NASDAQ:APLD) last released its earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. The company had revenue of $60.70 million during the quarter, compared to the consensus estimate of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. Applied Digital’s quarterly revenue was up 67.2% compared to the same quarter last year. During the same quarter last year, the company earned ($0.10) earnings per share. On average, equities research 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 analysts have recently weighed in on APLD shares. B. Riley raised their price target on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a report on Friday, September 13th. Needham & Company LLC restated a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research note on Friday, November 1st. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a report on Thursday, October 10th. Lake Street Capital increased their price objective on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Finally, HC Wainwright raised their price objective on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $11.14.

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.