State Street Corp Has $19.28 Million Stock Position in Applied Digital Co. (NASDAQ:APLD)

State Street Corp boosted its stake in shares of Applied Digital Co. (NASDAQ:APLD) by 14.0% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 2,337,267 shares of the company’s stock after buying an additional 286,852 shares during the quarter. State Street Corp’s holdings in Applied Digital were worth $19,282,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Hood River Capital Management LLC raised its stake in shares of Applied Digital by 8.7% during the 2nd quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock worth $57,098,000 after purchasing an additional 771,699 shares in the last quarter. Van ECK Associates Corp increased its holdings in Applied Digital by 18.3% during the second quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock worth $17,077,000 after buying an additional 443,699 shares during the last quarter. Royce & Associates LP increased its holdings in Applied Digital by 1.4% during the third quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock worth $9,340,000 after buying an additional 15,763 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position 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 worth $7,419,000 after acquiring an additional 240,554 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. lifted its stake in Applied Digital by 66.1% in the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock valued at $4,609,000 after acquiring an additional 308,223 shares during the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Applied Digital news, Director Richard N. Nottenburg sold 80,000 shares of the stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the sale, the director now directly owns 433,686 shares in the company, valued at $3,196,265.82. This represents a 15.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction that occurred on 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. The trade was a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 359,369 shares of company stock worth $3,115,161. Corporate insiders own 11.81% of the company’s stock.

Wall Street Analyst Weigh In

APLD has been the topic of a number of research analyst reports. Lake Street Capital upped their target price on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Friday, November 1st. B. Riley lifted their target price on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Roth Mkm restated a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a research note on Thursday, October 10th. Finally, Craig Hallum lifted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $11.14.

Applied Digital Stock Performance

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

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. The business had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. Applied Digital’s revenue for the quarter was up 67.2% compared to the same quarter last year. During the same period last year, the firm earned ($0.10) earnings per share. On average, equities analysts forecast that Applied Digital Co. will post -0.4 EPS for the current year.

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.