Geode Capital Management LLC Grows Stock Holdings in Applied Digital Corporation $APLD

Key Points

• Geode Capital Management increased its Applied Digital stake by 5.1% in the fourth quarter, adding 304,228 shares and bringing its total holdings to 6.29 million shares worth about $154.2 million.
• Insiders sold shares during the period, including directors Richard N. Nottenburg and Douglas S. Miller, while insiders as a group own about 9.5% of the company.
• Analysts remain mostly bullish on Applied Digital, with a consensus "Buy" rating and average price target of $59.11, even as the stock recently fell 6.5% and the company posted a wider-than-expected quarterly loss.

Geode Capital Management LLC grew its holdings in Applied Digital Corporation (NASDAQ:APLD - Free Report) by 5.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,285,820 shares of the company's stock after purchasing an additional 304,228 shares during the quarter. Geode Capital Management LLC owned about 2.25% of Applied Digital worth $154,151,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Noble Wealth Management PBC purchased a new position in Applied Digital in the 4th quarter worth approximately $25,000. Albion Financial Group UT purchased a new position in Applied Digital in the 4th quarter worth approximately $25,000. Activest Wealth Management purchased a new position in Applied Digital in the 4th quarter worth approximately $25,000. Larson Financial Group LLC lifted its stake in Applied Digital by 56,450.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,131 shares of the company's stock worth $26,000 after purchasing an additional 1,129 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Applied Digital by 87.5% during the 4th quarter. GAMMA Investing LLC now owns 1,376 shares of the company's stock valued at $34,000 after buying an additional 642 shares during the period. 65.67% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Applied Digital

In related news, Director Richard N. Nottenburg sold 12,500 shares of Applied Digital stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $34.59, for a total value of $432,375.00. Following the completion of the sale, the director owned 208,378 shares in the company, valued at approximately $7,207,795.02. This trade represents a 5.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $34.98, for a total transaction of $349,800.00. Following the completion of the sale, the director owned 184,859 shares of the company's stock, valued at $6,466,367.82. This trade represents a 5.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 35,000 shares of company stock valued at $1,182,175 in the last quarter. 9.50% of the stock is owned by insiders.

Applied Digital Stock Down 6.5%

Applied Digital stock opened at $44.75 on Thursday. Applied Digital Corporation has a fifty-two week low of $9.02 and a fifty-two week high of $50.72. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38. The firm has a 50 day moving average price of $35.61 and a 200 day moving average price of $31.86. The company has a market capitalization of $12.79 billion, a PE ratio of -60.47 and a beta of 5.69.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.23). Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. The company had revenue of $108.55 million during the quarter, compared to analyst estimates of $78.47 million. During the same quarter last year, the business posted ($0.08) EPS. The firm's revenue for the quarter was up 139.3% on a year-over-year basis. Research analysts expect that Applied Digital Corporation will post -0.68 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on APLD shares. B. Riley Financial reaffirmed a "buy" rating and set a $66.00 price target (up from $53.00) on shares of Applied Digital in a research report on Wednesday, May 27th. Needham & Company LLC lifted their price target on shares of Applied Digital from $51.00 to $66.00 and gave the company a "buy" rating in a research report on Thursday, May 21st. Citizens Jmp lifted their price target on shares of Applied Digital from $40.00 to $60.00 and gave the company a "market outperform" rating in a research report on Thursday, May 21st. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Applied Digital in a research report on Friday, April 24th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Applied Digital in a research report on Thursday, May 21st. Three investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $59.11.

Applied Digital Company Profile

Applied Digital NASDAQ: APLD is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital's modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.

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