Applied Digital Co. (NASDAQ:APLD) Shares Purchased by Fmr LLC

Fmr LLC raised its stake in Applied Digital Co. (NASDAQ:APLD) by 99.1% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 13,071 shares of the company’s stock after acquiring an additional 6,507 shares during the period. Fmr LLC’s holdings in Applied Digital were worth $108,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Quantbot Technologies LP purchased a new stake in shares of Applied Digital during the third quarter valued at $283,000. The Manufacturers Life Insurance Company lifted its stake in Applied Digital by 14.4% during the third quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company’s stock valued at $355,000 after buying an additional 5,423 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Applied Digital by 36.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after buying an additional 240,554 shares in the last quarter. Intech Investment Management LLC acquired a new position in shares of Applied Digital in the third quarter worth about $115,000. Finally, Chesapeake Capital Corp IL purchased a new position in shares of Applied Digital in the third quarter worth approximately $94,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Insider Buying and Selling at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of the company’s 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 of the company’s stock, valued at $1,670,133.06. This represents a 4.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Richard N. Nottenburg sold 80,000 shares of the business’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 sale, the director now directly owns 433,686 shares of the company’s stock, valued at $3,196,265.82. This represents a 15.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 359,369 shares of company stock worth $3,115,161 over the last quarter. Corporate insiders own 11.81% of the company’s stock.

Applied Digital Stock Performance

Shares of APLD stock opened at $7.92 on Tuesday. The stock has a market cap of $1.67 billion, a P/E ratio of -6.77 and a beta of 4.67. The company has a fifty day moving average price of $8.47 and a two-hundred day moving average price of $6.57. Applied Digital Co. has a one year low of $2.36 and a one year high of $11.25. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. The company had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The firm’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. As a group, equities analysts predict that Applied Digital Co. will post -0.4 EPS for the current year.

Analysts Set New Price Targets

APLD has been the subject of several research analyst reports. Craig Hallum increased their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Lake Street Capital increased their price target on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Cantor Fitzgerald began coverage on shares of Applied Digital in a report on Friday. They set an “overweight” rating and a $15.00 price target for the company. B. Riley upped 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. Finally, HC Wainwright increased their target price on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average 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.