B. Riley Wealth Advisors Inc. Lowers Stake in Applied Digital Co. (NASDAQ:APLD)

B. Riley Wealth Advisors Inc. reduced its stake in shares of Applied Digital Co. (NASDAQ:APLD - Free Report) by 17.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 321,606 shares of the company's stock after selling 67,399 shares during the quarter. B. Riley Wealth Advisors Inc. owned approximately 0.14% of Applied Digital worth $2,457,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB lifted its position in shares of Applied Digital by 100.0% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock valued at $31,000 after buying an additional 2,000 shares during the last quarter. R Squared Ltd acquired a new stake in shares of Applied Digital in the 4th quarter worth $36,000. US Bancorp DE acquired a new stake in shares of Applied Digital in the 4th quarter worth $37,000. Jones Financial Companies Lllp purchased a new position in Applied Digital during the 4th quarter worth $39,000. Finally, Spire Wealth Management purchased a new position in Applied Digital during the 4th quarter worth $43,000. Institutional investors own 65.67% of the company's stock.

Applied Digital Stock Performance

Shares of APLD stock traded down $0.32 during mid-day trading on Wednesday, reaching $7.27. The stock had a trading volume of 25,117,395 shares, compared to its average volume of 30,590,580. The business's fifty day moving average is $5.57 and its 200-day moving average is $7.40. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of -4.20 and a beta of 5.98. Applied Digital Co. has a 1-year low of $3.01 and a 1-year high of $12.48.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings results on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.05). Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The business had revenue of $52.92 million during the quarter, compared to analysts' expectations of $62.91 million. During the same period in the previous year, the company posted ($0.24) earnings per share. On average, research analysts forecast that Applied Digital Co. will post -0.96 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Needham & Company LLC reiterated a "buy" rating and issued a $10.00 price target on shares of Applied Digital in a research note on Wednesday, April 23rd. Citizens Jmp upgraded shares of Applied Digital to a "strong-buy" rating and set a $12.00 price objective on the stock in a report on Thursday, May 22nd. Northland Securities lifted their target price on shares of Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 4th. Cantor Fitzgerald cut their price target on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 15th. Finally, Compass Point began coverage on shares of Applied Digital in a report on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price target for the company. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $10.91.

Insider Transactions at Applied Digital

In related news, Director Rachel H. Lee sold 24,212 shares of Applied Digital stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total transaction of $169,484.00. Following the completion of the transaction, the director now directly owns 83,613 shares in the company, valued at approximately $585,291. This trade represents a 22.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 11.81% of the company's stock.

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.