Stratos Wealth Partners LTD. Invests $189,000 in Applied Digital Corporation (NASDAQ:APLD)

Stratos Wealth Partners LTD. bought a new position in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 33,625 shares of the company's stock, valued at approximately $189,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. US Bancorp DE purchased a new stake in Applied Digital in the fourth quarter valued at approximately $37,000. Jones Financial Companies Lllp purchased a new stake in Applied Digital in the fourth quarter valued at approximately $39,000. Lbmc Investment Advisors LLC purchased a new stake in Applied Digital in the first quarter valued at approximately $67,000. Mayfair Advisory Group LLC purchased a new stake in Applied Digital in the first quarter valued at approximately $68,000. Finally, NewEdge Advisors LLC grew its holdings in Applied Digital by 143.1% in the fourth quarter. NewEdge Advisors LLC now owns 9,810 shares of the company's stock valued at $75,000 after purchasing an additional 5,775 shares during the period. Institutional investors and hedge funds own 65.67% of the company's stock.

Insider Transactions at Applied Digital

In related news, Director Rachel H. Lee sold 24,212 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total value of $169,484.00. Following the completion of the transaction, the director owned 83,613 shares in the company, valued at $585,291. This represents a 22.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 11.81% of the stock is owned by corporate insiders.

Applied Digital Stock Performance

Shares of APLD stock traded up $1.02 during trading hours on Friday, reaching $11.93. The stock had a trading volume of 55,521,340 shares, compared to its average volume of 31,533,030. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.70 and a quick ratio of 0.70. Applied Digital Corporation has a twelve month low of $3.01 and a twelve month high of $15.42. The firm has a 50-day simple moving average of $9.55 and a 200-day simple moving average of $7.83. The firm has a market capitalization of $2.69 billion, a PE ratio of -8.71 and a beta of 6.04.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. B. Riley boosted their price objective 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. Cantor Fitzgerald reduced their target price on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 15th. Citizens Jmp raised shares of Applied Digital to a "strong-buy" rating and set a $12.00 target price on the stock in a research report on Thursday, May 22nd. Needham & Company LLC reissued a "buy" rating and set a $10.00 target price on shares of Applied Digital in a research report on Monday, June 2nd. Finally, JMP Securities boosted their target price on shares of Applied Digital from $12.00 to $18.00 and gave the stock a "market outperform" rating in a research report on Tuesday, June 3rd. One analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $12.73.

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.