Geode Capital Management LLC Acquires 1,665,335 Shares of Applied Digital Co. (NASDAQ:APLD)

Geode Capital Management LLC lifted its position in shares of Applied Digital Co. (NASDAQ:APLD) by 54.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,726,495 shares of the company’s stock after purchasing an additional 1,665,335 shares during the quarter. Geode Capital Management LLC owned 2.12% of Applied Digital worth $36,117,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of APLD. Wilmington Savings Fund Society FSB raised its holdings in shares of Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after purchasing an additional 2,000 shares during the period. R Squared Ltd bought a new stake in shares of Applied Digital during the 4th quarter worth approximately $36,000. US Bancorp DE acquired a new position in shares of Applied Digital during the 4th quarter worth $37,000. Jones Financial Companies Lllp bought a new position in shares of Applied Digital in the fourth quarter worth about $39,000. Finally, Spire Wealth Management bought a new stake in shares of Applied Digital during the fourth quarter worth $43,000. 65.67% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Richard N. Nottenburg sold 20,000 shares of the company’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the transaction, the director now directly owns 342,923 shares of the company’s stock, valued at $3,034,868.55. This represents a 5.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 11.81% of the company’s stock.

Applied Digital Price Performance

APLD stock opened at $3.44 on Wednesday. The company has a market capitalization of $766.79 million, a PE ratio of -1.99 and a beta of 5.18. Applied Digital Co. has a one year low of $2.36 and a one year high of $12.48. 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 company’s fifty day moving average price is $7.01 and its 200-day moving average price is $7.87.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.05). The company had revenue of $52.92 million for the quarter, compared to analysts’ expectations of $62.91 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. During the same quarter in the previous year, the company posted ($0.24) EPS. On average, equities analysts anticipate that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on APLD shares. Northland Securities increased their price target on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday, February 4th. Needham & Company LLC reduced their price target on shares of Applied Digital from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Tuesday. Cantor Fitzgerald cut their target price on Applied Digital from $14.00 to $7.00 and set an “overweight” rating on the stock in a research report on Tuesday. HC Wainwright dropped their target price on shares of Applied Digital from $12.00 to $7.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, Compass Point assumed coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They issued a “buy” rating and a $10.00 target price on the stock. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $10.67.

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.