Lake Hills Wealth Management LLC Makes New Investment in Applied Digital Corporation $APLD

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 purchased a new position in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 18,224 shares of the company's stock, valued at approximately $184,000.

Other large investors also recently bought and sold shares of the company. Teacher Retirement System of Texas purchased a new position in Applied Digital during the first quarter worth approximately $139,000. Exchange Traded Concepts LLC raised its stake in shares of Applied Digital by 4.0% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,042,035 shares of the company's stock valued at $5,856,000 after acquiring an additional 39,945 shares during the period. Register Financial Advisors LLC lifted its holdings in shares of Applied Digital by 26.2% during the 1st quarter. Register Financial Advisors LLC now owns 254,200 shares of the company's stock valued at $1,429,000 after acquiring an additional 52,700 shares in the last quarter. Scientech Research LLC acquired a new position in shares of Applied Digital during the 1st quarter valued at $806,000. Finally, Hunter Associates Investment Management LLC lifted its holdings in shares of Applied Digital by 15.9% during the 1st quarter. Hunter Associates Investment Management LLC now owns 535,921 shares of the company's stock valued at $3,019,000 after acquiring an additional 73,718 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on APLD shares. Craig Hallum lifted their target price on shares of Applied Digital from $12.00 to $23.00 and gave the company a "buy" rating in a report on Monday, August 18th. Roth Capital restated a "buy" rating on shares of Applied Digital in a report on Monday, June 2nd. Compass Point started coverage on shares of Applied Digital in a report on Monday. They set a "buy" rating on the stock. Needham & Company LLC lifted their target price on shares of Applied Digital from $12.00 to $16.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Finally, JMP Securities lifted their target price on shares of Applied Digital from $12.00 to $18.00 and gave the company a "market outperform" rating in a report on Tuesday, June 3rd. One analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $15.64.

Insiders Place Their Bets

In other news, CEO Wes Cummins sold 400,000 shares of the company'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 directly owned 2,659,379 shares of the company's stock, valued at approximately $40,582,123.54. This represents a 13.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Mohammad Saidal Lavanw Mohmand sold 75,000 shares of the company's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total transaction of $1,144,500.00. Following the completion of the sale, the chief financial officer directly owned 201,800 shares of the company's stock, valued at approximately $3,079,468. This represents a 27.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 506,250 shares of company stock worth $7,713,675. Insiders own 11.81% of the company's stock.

Applied Digital Price Performance

NASDAQ APLD opened at $19.83 on Thursday. Applied Digital Corporation has a 52 week low of $3.31 and a 52 week high of $20.15. 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 $5.34 billion, a price-to-earnings ratio of -18.19 and a beta of 6.64. The company has a 50-day moving average price of $14.04 and a two-hundred day moving average price of $9.69.

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). Applied Digital had a negative net margin of 107.22% and a negative return on equity of 50.03%. The firm had revenue of $38.01 million during the quarter, compared to analysts' expectations of $42.86 million. During the same quarter in the prior year, the firm earned ($0.14) EPS. Applied Digital's quarterly revenue was up 41.3% on a year-over-year basis. Analysts forecast that Applied Digital Corporation will post -0.96 EPS for the current year.

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.

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