18,224 Shares in Applied Digital Corporation $APLD Bought by Lake Hills Wealth Management LLC

Key Points

• Lake Hills Wealth Management LLC has made a new investment by purchasing 18,224 shares of Applied Digital Corporation, valued at approximately $184,000, as disclosed in a recent filing.
• Analysts have raised their price targets for Applied Digital, with new targets set as high as $23.00, reflecting a strong bullish sentiment and a consensus rating of "Buy."
• Insider transactions indicate significant selling activity, including CEO Wes Cummins selling 400,000 shares for over $6 million, which has resulted in a 13.07% decrease in his ownership stake.

Lake Hills Wealth Management LLC acquired a new position in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 18,224 shares of the company's stock, valued at approximately $184,000.

Several other hedge funds and other institutional investors also recently modified their holdings of APLD. PNC Financial Services Group Inc. purchased a new stake in Applied Digital in the first quarter worth approximately $28,000. Geneos Wealth Management Inc. boosted its stake in Applied Digital by 113.3% in the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock worth $37,000 after buying an additional 3,542 shares in the last quarter. CWM LLC boosted its stake in Applied Digital by 116.5% in the first quarter. CWM LLC now owns 9,506 shares of the company's stock worth $53,000 after buying an additional 5,116 shares in the last quarter. GAMMA Investing LLC boosted its stake in Applied Digital by 1,237.4% in the first quarter. GAMMA Investing LLC now owns 9,576 shares of the company's stock worth $540,000 after buying an additional 8,860 shares in the last quarter. Finally, Semus Wealth Partners LLC purchased a new stake in Applied Digital in the first quarter worth approximately $56,000. Hedge funds and other institutional investors own 65.67% of the company's stock.

Insider Activity

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the company's stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total value of $305,200.00. Following the transaction, the director owned 297,987 shares of the company's stock, valued at $4,547,281.62. This represents a 6.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Mohammad Saidal Lavanw Mohmand sold 75,000 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total value of $1,144,500.00. Following the transaction, the chief financial officer directly owned 201,800 shares in the company, valued at $3,079,468. The trade was a 27.10% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 506,250 shares of company stock valued at $7,713,675. 11.81% of the stock is currently owned by insiders.

Applied Digital Price Performance

NASDAQ:APLD traded up $0.57 during trading hours on Friday, reaching $20.48. The stock had a trading volume of 31,475,060 shares, compared to its average volume of 24,715,224. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.77 and a current ratio of 0.77. Applied Digital Corporation has a 52 week low of $3.31 and a 52 week high of $20.80. The company has a 50 day moving average price of $14.48 and a two-hundred day moving average price of $9.89. The stock has a market capitalization of $5.52 billion, a PE ratio of -18.79 and a beta of 6.64.

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

Analysts Set New Price Targets

Several analysts have issued reports on APLD shares. B. Riley upped their target price on Applied Digital from $8.00 to $15.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Craig Hallum boosted their price objective on Applied Digital from $12.00 to $23.00 and gave the company a "buy" rating in a research report on Monday, August 18th. Lake Street Capital boosted their price objective on Applied Digital from $14.00 to $18.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Roth Capital reiterated a "buy" rating on shares of Applied Digital in a research report on Monday, June 2nd. Finally, Citigroup restated an "outperform" rating on shares of Applied Digital in a report on Tuesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $15.64.

Applied Digital 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.