SeaCrest Wealth Management LLC cut its holdings in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) by 80.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 16,101 shares of the company's stock after selling 64,746 shares during the period. SeaCrest Wealth Management LLC's holdings in Applied Digital were worth $162,000 as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of the business. Corebridge Financial Inc. increased its holdings in shares of Applied Digital by 2.0% in the 1st quarter. Corebridge Financial Inc. now owns 97,224 shares of the company's stock valued at $546,000 after acquiring an additional 1,899 shares during the period. Wedbush Securities Inc. lifted its stake in shares of Applied Digital by 14.8% during the 1st quarter. Wedbush Securities Inc. now owns 15,500 shares of the company's stock worth $87,000 after purchasing an additional 2,000 shares during the last quarter. Wellington Management Group LLP boosted its position in Applied Digital by 11.7% during 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 in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in 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 last quarter. 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 valued at $37,000 after purchasing an additional 3,542 shares during the last quarter. Institutional investors own 65.67% of the company's stock.
Wall Street Analysts Forecast Growth
Several analysts have commented on the stock. Needham & Company LLC increased their price target on shares of Applied Digital from $12.00 to $16.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. HC Wainwright lifted their price objective on shares of Applied Digital from $15.00 to $20.00 and gave the stock a "buy" rating in a research report on Monday, August 25th. Craig Hallum raised their target price on shares of Applied Digital from $12.00 to $23.00 and gave the company a "buy" rating in a research note on Monday, August 18th. Lake Street Capital raised their target price on shares of Applied Digital from $14.00 to $18.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Finally, Compass Point initiated coverage on shares of Applied Digital in a research note on Monday, September 15th. They issued a "buy" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $15.64.
Get Our Latest Stock Report on APLD
Insider Buying and Selling at Applied Digital
In related news, 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 transaction, the chief financial officer owned 201,800 shares of the company's stock, valued at approximately $3,079,468. This represents a 27.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through 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 value of $6,104,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,659,379 shares of the company's stock, valued at $40,582,123.54. The trade was a 13.07% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 506,250 shares of company stock valued at $7,713,675. Corporate insiders own 11.81% of the company's stock.
Applied Digital Trading Up 0.9%
Shares of Applied Digital stock opened at $24.67 on Wednesday. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a fifty day moving average price of $15.07 and a 200 day moving average price of $10.13. Applied Digital Corporation has a 1 year low of $3.31 and a 1 year high of $25.61. The stock has a market cap of $6.64 billion, a PE ratio of -22.63 and a beta of 6.64.
Applied Digital (NASDAQ:APLD - Get Free Report) last issued its 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 analysts' expectations of $42.86 million. During the same quarter last year, the company posted ($0.14) earnings per share. The firm's revenue was up 41.3% compared to the same quarter last year. Equities research analysts predict that Applied Digital Corporation will post -0.96 earnings per share for the current year.
About Applied Digital
(
Free Report)
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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