Applied Digital

APLD • NASDAQ

Applied Digital is a financial - capital markets company in the financial services sector on NASDAQ, led by Wes Cummins, with a market cap of $8.7B. As of Q3 2025, 66% of shares are held by 355 institutional investors, with Hood River Capital Management LLC as the largest holder at 7.81%.

CEOWes Cummins

Market Cap$8.7B

Financial - Capital Markets

Financial Services

Employees121.0

Websiteapplieddigital.com

Country

United States of America

Overview

Overview of institutional ownership in APLD as of Q3 2025 with a market cap of $6.2B

All Institutions

Institutions: 355
Value Held: $4.1B
Shares Held: 176.8M
Avg Position: $11.5M
Median Position: $568.7K

Hedge Funds

Hedge Funds: 44
Value Held: $586.6M
Shares Held: 25.6M
Avg Position: $13.3M
Median Position: $2.1M

Ownership Breakdown

Institutional (non-HF)

56.33%

$3.5B

Hedge Funds

9.49%

$586.6M

Retail & Other

34.17%

$2.1B

Based on market cap of $6.2B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in APLD as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
Hood River Capital Management LLC Long Only Manager	David Gordon Swank Managing Partner	$482.8M 5.70% of portfolio	7.81% 21.0M shares	Q2 2022 Held for 3y 5m	$8.5B
B BlackRock, Inc. Institution	-	$424.6M 0.01% of portfolio	6.87% 18.5M shares	Q2 2022 Held for 3y 5m	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$406.5M 0.01% of portfolio	6.58% 17.7M shares	Q2 2022 Held for 3y 5m	$6.69T
D D. E. Shaw & Co., Inc. Institution	-	$250.2M 0.22% of portfolio	4.05% 10.9M shares	Q4 2024 Held for 11 months	$115.81B
NVIDIA CORP Institution	Jen-Hsun Huang CEO	$177.0M 4.61% of portfolio	2.87% 7.7M shares	Q3 2024 Held for 1y 2m	$3.8B
J JANE STREET GROUP, LLC Institution	-	$165.1M 0.20% of portfolio	2.67% 7.2M shares	Q3 2022 Held for 3y 2m	$84.1B
S Situational Awareness LP Hedge Fund•Sector	Leopold Nmn Aschenbrenner CIO	$139.1M 6.77% of portfolio	2.25% 6.1M shares	Q1 2025 Held for 8 months	$2.1B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$137.2M 0.01% of portfolio	2.22% 6.0M shares	Q3 2022 Held for 3y 2m	$1.57T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$111.2M 0.00% of portfolio	1.80% 4.8M shares	Q2 2022 Held for 3y 5m	$2.88T
B BNP PARIBAS ARBITRAGE, SA Institution	-	$107.5M 0.09% of portfolio	1.74% 4.7M shares	Q4 2024 Held for 11 months	$126.06B

Net Capital Flow

Institutional buying and selling activity for APLD in Q3 2025

Net Flow: +$594.5M
Buyers: 136
Sellers: 113
Total Bought: +$1.1B
Total Sold: −$476.0M
Avg Position: $13.4M

Biggest Buyers

Institution	Net Bought	Current Position
D D. E. Shaw & Co., Inc. Institution	+$250.2M +10.9M shares	$250.2M 10.9M shares
J JANE STREET GROUP, LLC Institution	+$165.1M +7.2M shares	$165.1M 7.2M shares
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	+$91.2M +4.0M shares	$94.1M 4.1M shares
B BlackRock, Inc. Institution	+$86.3M +3.8M shares	$424.6M 18.5M shares
VANGUARD GROUP INC Institution	+$76.6M +3.3M shares	$406.5M 17.7M shares
UBS Group AG Institution	+$42.5M +1.9M shares	$48.7M 2.1M shares
WELLS FARGO & COMPANY/MN Institution	+$37.5M +1.6M shares	$41.6M 1.8M shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	+$36.7M +1.6M shares	$72.9M 3.2M shares
ING INVESTMENT MANAGEMENT LLC Insurance Manager	+$26.9M +1.2M shares	$33.6M 1.5M shares
BANK OF AMERICA CORP /DE/ Institution	+$26.8M +1.2M shares	$34.2M 1.5M shares

Biggest Sellers

Institution	Net Sold	Current Position
GOLDMAN SACHS GROUP INC Institution	−$64.6M −2.8M shares	$34.4M 1.5M shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC Hedge Fund•Multi-Strategy	−$57.6M −2.5M shares	$17.3M 754.2K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$57.2M −2.5M shares	$397.9K 17.3K shares
VAN ECK ASSOCIATES CORP ETF Provider	−$55.1M −2.4M shares	$32.5M 1.4M shares
MORGAN STANLEY RIA/Wealth	−$30.7M −1.3M shares	$59.3M 2.6M shares
Hood River Capital Management LLC Long Only Manager	−$18.6M −812.4K shares	$482.8M 21.0M shares
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	−$14.5M −630.0K shares	$7.2M 312.0K shares
Verition Fund Management LLC Hedge Fund•Multi-Strategy	−$13.9M −607.2K shares	$1.1M 49.4K shares
P PLUSTICK MANAGEMENT LLC Hedge Fund•Distressed	−$12.6M −550.0K shares	$37.6M 1.6M shares
B BNP PARIBAS ARBITRAGE, SA Institution	−$12.3M −534.0K shares	$107.5M 4.7M shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited APLD in Q3 2025

New Positions: 84
New Value: $127.0M
Exited Positions: 35
Exited Value: $32.0M

New Positions

Institution	Position Value
T T. Rowe Price Investment Management, Inc. Insurance Manager	$47.2M 2.1M shares
NEXT CENTURY GROWTH INVESTORS LLC Long Only Manager	$14.0M 610.2K shares
FIRST TRUST ADVISORS LP ETF Provider	$10.1M 440.2K shares
LORD, ABBETT & CO. LLC Long Only Manager	$9.1M 398.5K shares
Nicholas Investment Partners, LP Long Only Manager	$4.8M 208.9K shares
G Gillson Capital LP Hedge Fund•Long/Short	$3.7M 160.6K shares
AGP FRANKLIN, LLC RIA/Wealth	$3.1M 136.8K shares
S State of New Jersey Common Pension Fund D Institution	$3.1M 134.9K shares
Azora Capital LP Hedge Fund•Long/Short	$3.0M 130.8K shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	$3.0M 129.4K shares

Exited Positions

Institution	Previous Position
S Shellback Capital, LP Hedge Fund•Long/Short	$9.1M 900.0K shares
IMC-Chicago, LLC RIA/Wealth	$6.8M 677.1K shares
T Two Seas Capital LP Hedge Fund•Event Driven	$5.0M 500.0K shares
Ardmore Road Asset Management LP Hedge Fund•Long/Short	$4.6M 453.4K shares
Bulltick Wealth Management, LLC RIA/Wealth	$1.9M 184.9K shares
S Shay Capital LLC Institution	$1.0M 99.5K shares
F FOX RUN MANAGEMENT, L.L.C. Hedge Fund•Quant	$381.5K 37.9K shares
Caitong International Asset Management Co., Ltd RIA/Wealth	$355.9K 35.3K shares
O Optiver Holding B.V. Institution	$310.3K 30.8K shares
MERCER GLOBAL ADVISORS INC /ADV RIA/Wealth	$303.1K 30.1K shares

Options Activity

Institutions with the largest Call and Put options positions in APLD as of Q3 2025

Call Positions: 33
Call Value: $739.6M
Put Positions: 32
Put Value: $461.0M

Call Positions

Institution	Position Value
J JANE STREET GROUP, LLC Institution	$191.2M 83.4K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$181.5M 79.1K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$117.4M 51.2K contracts
N NOMURA HOLDINGS INC Institution	$114.7M 50.0K contracts
P PEAK6 LLC Institution	$34.4M 15.0K contracts
W WOLVERINE TRADING, LLC Institution	$22.3M 10.1K contracts
D D. E. Shaw & Co., Inc. Institution	$18.8M 8.2K contracts
Walleye Trading LLC RIA/Wealth	$15.8M 6.9K contracts
UBS Group AG Institution	$11.5M 5.0K contracts
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$6.1M 2.6K contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$118.3M 51.6K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$108.2M 47.2K contracts
J JANE STREET GROUP, LLC Institution	$52.9M 23.1K contracts
WELLS FARGO & COMPANY/MN Institution	$36.7M 16.0K contracts
Walleye Trading LLC RIA/Wealth	$23.2M 10.1K contracts
P PEAK6 LLC Institution	$15.6M 6.8K contracts
B BIT Capital GmbH Institution	$13.8M 6.0K contracts
W WOLVERINE TRADING, LLC Institution	$12.7M 5.7K contracts
BANK OF AMERICA CORP /DE/ Institution	$12.1M 5.3K contracts
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$10.3M 4.5K contracts

Most Committed Institutions

Institutions with APLD as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
B B. Riley Asset Management, LLC Hedge Fund•Long/Short	Wesley Carl Cummins President	95.23% $37.4M	0.61% 1.6M shares	Q2 2022 Held for 3y 5m	$39.3M
P PLUSTICK MANAGEMENT LLC Hedge Fund•Distressed	Thomas Johns Hill Managing Partner	15.78% $37.6M	0.61% 1.6M shares	Q2 2023 Held for 2y 5m	$238.5M
C CLEARFIELD CAPITAL MANAGEMENT LP Hedge Fund•Long/Short	Philip Joseph Hilal CIO	7.54% $12.6M	0.20% 549.5K shares	Q2 2024 Held for 1y 5m	$167.1M
S Situational Awareness LP Hedge Fund•Sector	Leopold Nmn Aschenbrenner CIO	6.77% $139.1M	2.25% 6.1M shares	Q1 2025 Held for 8 months	$2.1B
Hood River Capital Management LLC Long Only Manager	David Gordon Swank Managing Partner	5.70% $482.8M	7.81% 21.0M shares	Q2 2022 Held for 3y 5m	$8.5B
O Oasis Management Co Ltd. Institution	-	5.23% $23.7M	0.38% 1.0M shares	Q2 2022 Held for 3y 5m	$453.2M
NVIDIA CORP Institution	Jen-Hsun Huang CEO	4.61% $177.0M	2.87% 7.7M shares	Q3 2024 Held for 1y 2m	$3.8B
V Vennlight Capital Management, LP Hedge Fund•Long/Short	Igor (Nmn) Gitelman Founder	3.73% $2.9M	0.05% 125.0K shares	Q3 2025 Held for 2 months	$76.9M
Hunter Associates inc. RIA/Wealth	Erica Lynn Snyder CEO	1.73% $11.5M	0.19% 502.8K shares	Q2 2023 Held for 2y 5m	$666.2M
AGP FRANKLIN, LLC RIA/Wealth	Charles David Crouch Managing Partner	1.53% $3.1M	0.05% 136.8K shares	Q3 2025 Held for 2 months	$205.2M