PFG Investments LLC Grows Holdings in Applied Digital Corporation $APLD

PFG Investments LLC grew its stake in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) by 184.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 39,880 shares of the company's stock after purchasing an additional 25,850 shares during the quarter. PFG Investments LLC's holdings in Applied Digital were worth $402,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Corebridge Financial Inc. lifted its holdings in Applied Digital by 2.0% during the 1st quarter. Corebridge Financial Inc. now owns 97,224 shares of the company's stock valued at $546,000 after buying an additional 1,899 shares in the last quarter. Wedbush Securities Inc. raised its stake in shares of Applied Digital by 14.8% during the first quarter. Wedbush Securities Inc. now owns 15,500 shares of the company's stock valued at $87,000 after acquiring an additional 2,000 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Applied Digital by 11.7% in the first quarter. Wellington Management Group LLP now owns 19,056 shares of the company's stock valued at $107,000 after purchasing an additional 2,001 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Applied Digital by 29.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,778 shares of the company's stock valued at $77,000 after purchasing an additional 3,127 shares during the period. Finally, Geneos Wealth Management Inc. grew 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 purchasing an additional 3,542 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on APLD. HC Wainwright upped their target price on Applied Digital from $15.00 to $20.00 and gave the stock a "buy" rating in a report on Monday, August 25th. Craig Hallum lifted their price objective on Applied Digital from $12.00 to $23.00 and gave the company a "buy" rating in a report on Monday, August 18th. Needham & Company LLC increased their target price on shares of Applied Digital from $12.00 to $16.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Lake Street Capital boosted their price target on shares of Applied Digital from $14.00 to $18.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Finally, Compass Point initiated coverage on shares of Applied Digital in a research report on Monday, September 15th. They issued a "buy" rating for the company. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $15.64.

Insiders Place Their Bets

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total transaction of $305,200.00. Following the sale, the director directly owned 297,987 shares of the company's stock, valued at approximately $4,547,281.62. This trade represents a 6.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mohammad Saidal Lavanw Mohmand sold 75,000 shares of the company's stock in a transaction dated 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 completion of the sale, the chief financial officer 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 three months, insiders have sold 506,250 shares of company stock valued at $7,713,675. Company insiders own 9.50% of the company's stock.

Applied Digital Price Performance

Shares of NASDAQ:APLD opened at $26.53 on Friday. Applied Digital Corporation has a twelve month low of $3.31 and a twelve month high of $28.25. 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 company has a market cap of $7.27 billion, a PE ratio of -24.34 and a beta of 6.77. The company's 50 day moving average is $17.13 and its 200 day moving average is $11.08.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported ($0.12) EPS for the quarter, meeting the consensus estimate of ($0.12). The business had revenue of $38.01 million for the quarter, compared to the consensus estimate of $42.86 million. Applied Digital had a negative net margin of 107.22% and a negative return on equity of 50.03%. The business'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 earned ($0.14) EPS. On average, sell-side 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.

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