Applied Digital Co. (NASDAQ:APLD) Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC boosted its position in shares of Applied Digital Co. (NASDAQ:APLD - Free Report) by 54.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,726,495 shares of the company's stock after acquiring an additional 1,665,335 shares during the period. Geode Capital Management LLC owned about 2.12% of Applied Digital worth $36,117,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in Applied Digital by 39.1% in the fourth quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock valued at $97,487,000 after buying an additional 3,587,619 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Applied Digital by 68.7% in the 4th quarter. Rhumbline Advisers now owns 258,892 shares of the company's stock valued at $1,978,000 after acquiring an additional 105,428 shares during the last quarter. Exchange Traded Concepts LLC raised its position in shares of Applied Digital by 37.6% during the 4th quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company's stock worth $7,656,000 after acquiring an additional 273,666 shares in the last quarter. Barclays PLC lifted its stake in Applied Digital by 736.8% during the third quarter. Barclays PLC now owns 486,577 shares of the company's stock worth $4,014,000 after purchasing an additional 428,428 shares during the last quarter. Finally, Highbridge Capital Management LLC acquired a new position in Applied Digital in the fourth quarter valued at approximately $2,546,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

APLD has been the subject of several research analyst reports. HC Wainwright lowered their target price on shares of Applied Digital from $12.00 to $7.00 and set a "buy" rating for the company in a report on Tuesday. Northland Securities raised their price objective on Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a report on Tuesday, February 4th. Compass Point initiated coverage on Applied Digital in a report on Tuesday, January 28th. They issued a "buy" rating and a $10.00 target price for the company. Needham & Company LLC cut their price target on Applied Digital from $11.00 to $10.00 and set a "buy" rating on the stock in a research report on Tuesday. Finally, Cantor Fitzgerald decreased their price objective on Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a report on Tuesday. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $10.67.

Applied Digital Stock Performance

NASDAQ:APLD traded down $0.14 during midday trading on Friday, reaching $3.94. The stock had a trading volume of 36,300,379 shares, compared to its average volume of 28,302,324. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The stock has a market cap of $885.39 million, a P/E ratio of -2.28 and a beta of 5.18. The firm has a fifty day simple moving average of $6.78 and a two-hundred day simple moving average of $7.78. Applied Digital Co. has a 12-month low of $2.36 and a 12-month high of $12.48.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its 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). Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The firm had revenue of $52.92 million during the quarter, compared to analysts' expectations of $62.91 million. During the same period in the previous year, the firm earned ($0.24) EPS. On average, equities analysts expect that Applied Digital Co. will post -0.96 EPS for the current year.

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.