Arete Wealth Advisors LLC Has $5.99 Million Stake in Applied Digital Corporation $APLD

Key Points

• Arete Wealth Advisors LLC increased its stake in Applied Digital Corporation by 117%, acquiring 574,485 shares to total 1,065,432 shares worth approximately $5.99 million.
• Insider transactions revealed that CEO Wes Cummins sold 400,000 shares for $6.1 million, which represents a 13.07% decrease in his position.
• Analysts have raised their price targets for Applied Digital, with JMP Securities increasing it from $12.00 to $18.00 and many analysts rating the stock as a Buy with an average target price of $15.64.

Arete Wealth Advisors LLC grew its holdings in Applied Digital Corporation (NASDAQ:APLD - Free Report) by 117.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,065,432 shares of the company's stock after purchasing an additional 574,485 shares during the period. Arete Wealth Advisors LLC owned about 0.47% of Applied Digital worth $5,988,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Applied Digital by 5.7% in the 1st quarter. Vanguard Group Inc. now owns 13,491,013 shares of the company's stock valued at $75,819,000 after acquiring an additional 730,978 shares in the last quarter. Situational Awareness LP acquired a new position in Applied Digital during the first quarter valued at approximately $22,680,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Applied Digital by 27.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,146,400 shares of the company's stock valued at $12,063,000 after purchasing an additional 462,527 shares during the last quarter. Think Investments LP grew its stake in Applied Digital by 27.3% in the fourth quarter. Think Investments LP now owns 2,060,136 shares of the company's stock valued at $15,739,000 after purchasing an additional 441,291 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Applied Digital by 3.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,869,386 shares of the company's stock worth $10,506,000 after purchasing an additional 70,955 shares during the last quarter. Institutional investors and hedge funds own 65.67% of the company's stock.

Insiders Place Their Bets

In other news, CFO Mohammad Saidal Lavanw Mohmand sold 75,000 shares of Applied Digital stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total value of $1,144,500.00. Following the completion of the sale, the chief financial officer directly owned 201,800 shares in the company, valued at approximately $3,079,468. The trade was a 27.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Wes Cummins sold 400,000 shares of the business's stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total value of $6,104,000.00. Following the completion of the sale, the chief executive officer owned 2,659,379 shares of the company's stock, valued at approximately $40,582,123.54. This trade represents a 13.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 506,250 shares of company stock worth $7,713,675 in the last quarter. 11.81% of the stock is currently owned by corporate insiders.

Applied Digital Price Performance

APLD traded up $1.78 on Wednesday, reaching $16.98. The company had a trading volume of 48,225,437 shares, compared to its average volume of 25,007,124. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.36. Applied Digital Corporation has a fifty-two week low of $3.31 and a fifty-two week high of $17.60. The company's fifty day moving average is $13.14 and its 200 day moving average is $9.32.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Compass Point raised Applied Digital from a "neutral" rating to a "buy" rating and set a $13.00 price objective for the company in a report on Friday, July 25th. Craig Hallum upped their price target on shares of Applied Digital from $12.00 to $23.00 and gave the stock a "buy" rating in a research report on Monday, August 18th. Citizens Jmp raised shares of Applied Digital to a "strong-buy" rating and set a $12.00 price objective for the company in a research report on Thursday, May 22nd. Citigroup restated an "outperform" rating on shares of Applied Digital in a research note on Tuesday, June 3rd. Finally, HC Wainwright upped their target price on shares of Applied Digital from $15.00 to $20.00 and gave the company a "buy" rating in a report on Monday, August 25th. One analyst has rated the stock with a Strong Buy rating and twelve have assigned a Buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $15.64.

About Applied Digital

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.