Bulltick Wealth Management LLC Acquires 18,775 Shares of Applied Digital Corporation (NASDAQ:APLD)

Key Points

• Bulltick Wealth Management LLC increased its stake in Applied Digital Corporation by 21.1%, owning 107,900 shares worth approximately $606,000.
• A number of institutional investors have also raised their stakes, with Hood River Capital Management growing its holdings by 10.7% and Vanguard Group by 5.7% in recent quarters.
• Analysts have a positive outlook for Applied Digital, with a consensus price target of $14.18 and several analysts assigning a "buy" or "strong-buy" rating to its stock.

Bulltick Wealth Management LLC lifted its stake in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) by 21.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 107,900 shares of the company's stock after purchasing an additional 18,775 shares during the quarter. Bulltick Wealth Management LLC's holdings in Applied Digital were worth $606,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. PNC Financial Services Group Inc. acquired a new stake in shares of Applied Digital during the 1st quarter valued at $28,000. CWM LLC lifted its position in shares of Applied Digital by 116.5% during the 1st quarter. CWM LLC now owns 9,506 shares of the company's stock valued at $53,000 after acquiring an additional 5,116 shares during the last quarter. Semus Wealth Partners LLC acquired a new stake in shares of Applied Digital during the 1st quarter valued at $56,000. Lbmc Investment Advisors LLC acquired a new stake in shares of Applied Digital during the 1st quarter valued at $67,000. Finally, Mayfair Advisory Group LLC purchased a new stake in shares of Applied Digital in the first quarter valued at $68,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

APLD has been the subject of a number of research analyst reports. Citigroup restated an "outperform" rating on shares of Applied Digital in a report on Tuesday, June 3rd. Roth Capital restated a "buy" rating on shares of Applied Digital in a report on Monday, June 2nd. HC Wainwright increased their target price on Applied Digital from $12.00 to $15.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Needham & Company LLC increased their target price on Applied Digital from $12.00 to $16.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Finally, Lake Street Capital increased their target price on Applied Digital from $14.00 to $18.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Twelve research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $14.18.

Applied Digital Stock Down 1.1%

Applied Digital stock traded down $0.17 during mid-day trading on Wednesday, hitting $14.80. 24,636,637 shares of the company's stock were exchanged, compared to its average volume of 36,532,296. 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 cap of $3.87 billion, a P/E ratio of -13.58 and a beta of 6.17. Applied Digital Corporation has a 1-year low of $3.01 and a 1-year high of $15.85. The stock has a 50 day moving average of $11.41 and a two-hundred day moving average of $8.31.

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

Insider Activity

In other news, Director Rachel H. Lee sold 24,212 shares of the firm's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total value of $169,484.00. Following the sale, the director directly owned 83,613 shares of the company's stock, valued at approximately $585,291. This trade represents a 22.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Richard N. Nottenburg sold 11,250 shares of the firm's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $14.22, for a total value of $159,975.00. Following the completion of the sale, the director directly owned 317,987 shares in the company, valued at approximately $4,521,775.14. This represents a 3.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 11.81% of the company's stock.

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.