LPL Financial LLC Acquires 118,877 Shares of Applied Digital Corporation $APLD

Key Points

• LPL Financial LLC increased its stake in Applied Digital Corporation by 65.7%, acquiring an additional 118,877 shares during the first quarter, bringing its total holdings to 299,779 shares valued at approximately $1.68 million.
• Wall Street analysts have issued several positive ratings for Applied Digital, with B. Riley and Craig Hallum raising their price targets significantly, indicating a general consensus of a Buy rating and an average price target of $15.18.
• In its most recent earnings report, Applied Digital met analysts' EPS estimates with a loss of ($0.12), while reporting a revenue increase of 41.3% year-over-year, although actual revenue fell short of expectations.

LPL Financial LLC lifted its stake in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) by 65.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 299,779 shares of the company's stock after buying an additional 118,877 shares during the period. LPL Financial LLC owned about 0.13% of Applied Digital worth $1,685,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of APLD. Teacher Retirement System of Texas bought a new stake in Applied Digital during the 1st quarter worth $139,000. Exchange Traded Concepts LLC grew its holdings in shares of Applied Digital by 4.0% during the first quarter. Exchange Traded Concepts LLC now owns 1,042,035 shares of the company's stock worth $5,856,000 after purchasing an additional 39,945 shares during the last quarter. Register Financial Advisors LLC grew its holdings in shares of Applied Digital by 26.2% during the first quarter. Register Financial Advisors LLC now owns 254,200 shares of the company's stock worth $1,429,000 after purchasing an additional 52,700 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of Applied Digital by 96.6% in the fourth quarter. Wells Fargo & Company MN now owns 119,963 shares of the company's stock valued at $917,000 after buying an additional 58,943 shares during the period. Finally, Hunter Associates Investment Management LLC raised its holdings in Applied Digital by 15.9% in the 1st quarter. Hunter Associates Investment Management LLC now owns 535,921 shares of the company's stock valued at $3,019,000 after buying an additional 73,718 shares during the last quarter. Institutional investors and hedge funds own 65.67% of the company's stock.

Analyst Ratings Changes

APLD has been the topic of several recent research reports. HC Wainwright lifted their target price on shares of Applied Digital from $12.00 to $15.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Citigroup reaffirmed an "outperform" rating on shares of Applied Digital in a research note on Tuesday, June 3rd. B. Riley raised their price target on shares of Applied Digital from $8.00 to $15.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Citizens Jmp raised shares of Applied Digital to a "strong-buy" rating and set a $12.00 price target for the company in a research note on Thursday, May 22nd. Finally, Roth Capital reaffirmed a "buy" rating on shares of Applied Digital in a research note on Monday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating and twelve have assigned a Buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $15.18.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 11,250 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $14.22, for a total transaction of $159,975.00. Following the completion of the transaction, the director owned 317,987 shares in the company, valued at approximately $4,521,775.14. This trade represents a 3.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 11.81% of the company's stock.

Applied Digital Trading Up 1.8%

Applied Digital stock traded up $0.28 during mid-day trading on Friday, hitting $16.05. 26,890,703 shares of the stock were exchanged, compared to its average volume of 35,228,844. 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 12 month low of $3.01 and a 12 month high of $16.92. The firm's fifty day simple moving average is $11.81 and its two-hundred day simple moving average is $8.72. The stock has a market capitalization of $4.20 billion, a price-to-earnings ratio of -14.72 and a beta of 6.17.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported ($0.12) earnings per share (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 analyst estimates of $42.86 million. During the same quarter last year, the business earned ($0.14) EPS. The company's revenue was up 41.3% compared to the same quarter last year. Analysts forecast that Applied Digital Corporation will post -0.96 EPS for the current year.

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.