Register Financial Advisors LLC Sells 143,200 Shares of Applied Digital Corporation $APLD

Key Points

• Register Financial Advisors LLC reduced its stake in Applied Digital Corporation by 56.3%, selling 143,200 shares and leaving them with 111,000 shares valued at around $1.1 million.
• Several institutional investors, including Ameriprise Financial and UBS, have increased their holdings in Applied Digital, indicating strong interest from financial institutions.
• Wall Street analysts are optimistic about Applied Digital, with several firms raising their target prices and rating the stock as a "buy", contributing to a consensus price target of $15.64.

Register Financial Advisors LLC lowered its holdings in Applied Digital Corporation (NASDAQ:APLD - Free Report) by 56.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 111,000 shares of the company's stock after selling 143,200 shares during the quarter. Register Financial Advisors LLC's holdings in Applied Digital were worth $1,118,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Ameriprise Financial Inc. boosted its position in shares of Applied Digital by 40.6% in the fourth quarter. Ameriprise Financial Inc. now owns 61,629 shares of the company's stock valued at $471,000 after acquiring an additional 17,794 shares during the period. Nuveen Asset Management LLC boosted its holdings in Applied Digital by 39.1% in the 4th quarter. Nuveen Asset Management LLC now owns 744,073 shares of the company's stock valued at $5,685,000 after purchasing an additional 209,258 shares during the period. Two Sigma Investments LP acquired a new stake in Applied Digital in the 4th quarter worth $1,943,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Applied Digital by 271.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 343,260 shares of the company's stock worth $2,623,000 after purchasing an additional 250,944 shares during the period. Finally, GTS Securities LLC acquired a new position in shares of Applied Digital during the fourth quarter valued at about $196,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on APLD shares. JMP Securities lifted their target price on Applied Digital from $12.00 to $18.00 and gave the stock a "market outperform" rating in a research report on Tuesday, June 3rd. Compass Point initiated coverage on Applied Digital in a report on Monday, September 15th. They set a "buy" rating on the stock. HC Wainwright boosted their price objective on Applied Digital from $15.00 to $20.00 and gave the company a "buy" rating in a research report on Monday, August 25th. Needham & Company LLC upped their target price on Applied Digital from $12.00 to $16.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Finally, B. Riley lifted their price target on shares of Applied Digital from $8.00 to $15.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. One research 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.com, the company currently has an average rating of "Buy" and a consensus price target of $15.64.

Applied Digital Trading Down 3.7%

APLD stock opened at $22.59 on Friday. Applied Digital Corporation has a 1-year low of $3.31 and a 1-year high of $25.61. 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 business's 50 day moving average is $15.57 and its 200-day moving average is $10.34. The firm has a market cap of $6.08 billion, a P/E ratio of -20.72 and a beta of 6.64.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported ($0.12) EPS for the quarter, meeting the consensus estimate 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 analyst estimates of $42.86 million. During the same quarter in the previous year, the firm earned ($0.14) EPS. Applied Digital's quarterly revenue was up 41.3% on a year-over-year basis. Equities analysts anticipate that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Insider Activity

In other Applied Digital news, CFO Mohammad Saidal Lavanw Mohmand sold 75,000 shares of the business's stock in a transaction dated Wednesday, September 3rd. The shares were 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Wes Cummins sold 400,000 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 transaction of $6,104,000.00. Following the sale, the chief executive officer directly owned 2,659,379 shares in the company, valued at $40,582,123.54. This represents a 13.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 506,250 shares of company stock worth $7,713,675. Corporate 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.

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