Applied Digital Corporation $APLD Shares Bought by Cetera Investment Advisers

Key Points

• Cetera Investment Advisers increased its stake in Applied Digital Corporation by 146.0%, owning 38,296 shares worth $215,000 after purchasing an additional 22,730 shares in the first quarter.
• Applied Digital reported quarterly earnings, posting an EPS of ($0.12) and revenues of $38.01 million, falling short of analyst estimates of $42.86 million but showing a year-over-year revenue growth of 41.3%.
• Wall Street analysts have upgraded the stock from neutral to buy, with a consensus price target of $15.18, reflecting strong optimism among analysts for the company's future performance.

Cetera Investment Advisers raised its position in Applied Digital Corporation (NASDAQ:APLD - Free Report) by 146.0% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 38,296 shares of the company's stock after purchasing an additional 22,730 shares during the period. Cetera Investment Advisers' holdings in Applied Digital were worth $215,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in APLD. JPMorgan Chase & Co. lifted its holdings in Applied Digital by 294.6% in the 4th quarter. JPMorgan Chase & Co. now owns 222,383 shares of the company's stock valued at $1,699,000 after purchasing an additional 166,028 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in Applied Digital by 96.6% in the 4th quarter. Wells Fargo & Company MN now owns 119,963 shares of the company's stock valued at $917,000 after purchasing an additional 58,943 shares in the last quarter. Envestnet Asset Management Inc. purchased a new position in Applied Digital in the 4th quarter valued at $83,000. Invesco Ltd. lifted its holdings in Applied Digital by 16.5% in the 4th quarter. Invesco Ltd. now owns 109,456 shares of the company's stock valued at $836,000 after purchasing an additional 15,531 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in Applied Digital by 16.9% in the 4th quarter. Legal & General Group Plc now owns 167,660 shares of the company's stock valued at $1,281,000 after purchasing an additional 24,195 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company's stock.

Applied Digital Trading Down 0.6%

APLD stock traded down $0.10 during midday trading on Monday, hitting $15.95. 23,589,913 shares of the company's stock were exchanged, compared to its average volume of 35,698,676. The business has a 50-day simple moving average of $11.90 and a two-hundred day simple moving average of $8.78. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.36. The stock has a market capitalization of $4.17 billion, a PE ratio of -14.63 and a beta of 6.17. Applied Digital Corporation has a 1-year low of $3.01 and a 1-year high of $16.92.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.12). The company had revenue of $38.01 million during the quarter, compared to analysts' expectations of $42.86 million. Applied Digital had a negative return on equity of 50.03% and a negative net margin of 107.22%.The firm's quarterly revenue was up 41.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.14) earnings per share. On average, sell-side analysts predict that Applied Digital Corporation will post -0.96 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have weighed in on APLD. Roth Capital restated a "buy" rating on shares of Applied Digital in a report on Monday, June 2nd. Citigroup reiterated an "outperform" rating on shares of Applied Digital in a research report on Tuesday, June 3rd. Lake Street Capital lifted their price objective on Applied Digital from $14.00 to $18.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Craig Hallum lifted their price objective on Applied Digital from $12.00 to $23.00 and gave the stock a "buy" rating in a research report on Monday, August 18th. Finally, JMP Securities lifted their price objective on Applied Digital from $12.00 to $18.00 and gave the stock a "market outperform" rating in a research report on Tuesday, June 3rd. One analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $15.64.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 11,250 shares of the firm's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $14.22, for a total transaction of $159,975.00. Following the completion of the sale, the director owned 317,987 shares of the company's stock, valued at $4,521,775.14. This trade represents a 3.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 11.81% of the stock is currently owned by company insiders.

Applied Digital Company 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.