Wealth Management Associates Inc. Increases Stock Holdings in Applied Digital Corporation $APLD

Key Points

• Wealth Management Associates Inc. increased its investment in Applied Digital Corporation by 25.5%, acquiring a total of 95,660 shares worth $538,000 as of the first quarter.
• Insider transactions include CEO Wes Cummins selling 400,000 shares for $6.1 million, marking a 13.07% decrease in ownership, while other insiders sold a total of 506,250 shares valued at $7.7 million over the last quarter.
• Analysts maintain a consensus of "Buy" for Applied Digital, with price targets ranging from $15.00 to $20.00, following a quarterly revenue growth of 41.3% year-over-year.

Wealth Management Associates Inc. raised its stake in Applied Digital Corporation (NASDAQ:APLD - Free Report) by 25.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 95,660 shares of the company's stock after acquiring an additional 19,450 shares during the quarter. Wealth Management Associates Inc.'s holdings in Applied Digital were worth $538,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Applied Digital by 5.7% in the first quarter. Vanguard Group Inc. now owns 13,491,013 shares of the company's stock valued at $75,819,000 after acquiring an additional 730,978 shares during the period. Situational Awareness LP acquired a new position in shares of Applied Digital during the 1st quarter worth approximately $22,680,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Applied Digital by 27.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,146,400 shares of the company's stock worth $12,063,000 after buying an additional 462,527 shares during the period. Think Investments LP raised its stake in shares of Applied Digital by 27.3% during the 4th quarter. Think Investments LP now owns 2,060,136 shares of the company's stock worth $15,739,000 after buying an additional 441,291 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Applied Digital by 3.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,869,386 shares of the company's stock worth $10,506,000 after buying an additional 70,955 shares during the period. 65.67% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Applied Digital

In other news, CFO Mohammad Saidal Lavanw Mohmand sold 75,000 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total transaction of $1,144,500.00. Following the completion of the transaction, the chief financial officer directly owned 201,800 shares in the company, 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 stock in a transaction on 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 transaction, the chief executive officer owned 2,659,379 shares of the company's stock, valued at approximately $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 ninety days, insiders sold 506,250 shares of company stock worth $7,713,675. 11.81% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on APLD. Citigroup reaffirmed an "outperform" rating on shares of Applied Digital in a research note on Tuesday, June 3rd. Craig Hallum upped their target price on Applied Digital from $12.00 to $23.00 and gave the stock a "buy" rating in a research note on Monday, August 18th. Compass Point began coverage on Applied Digital in a research note on Monday. They set a "buy" rating for the company. Citizens Jmp raised Applied Digital to a "strong-buy" rating and set a $12.00 target price for the company in a research note on Thursday, May 22nd. Finally, Roth Capital reiterated a "buy" rating on shares of Applied Digital in a research report on Monday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $15.64.

Applied Digital Trading Up 4.8%

NASDAQ:APLD traded up $0.90 during trading hours on Monday, hitting $19.58. The company had a trading volume of 18,299,371 shares, compared to its average volume of 36,822,402. The company has a market cap of $5.12 billion, a P/E ratio of -17.96 and a beta of 6.65. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.36. Applied Digital Corporation has a 1 year low of $3.31 and a 1 year high of $19.94. The company has a 50-day moving average of $13.44 and a 200 day moving average of $9.47.

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 for the quarter, hitting analysts' consensus estimates of ($0.12). The business had revenue of $38.01 million during the quarter, compared to analysts' expectations of $42.86 million. Applied Digital had a negative return on equity of 50.03% and a negative net margin of 107.22%.The company's revenue was up 41.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.14) EPS. Sell-side analysts expect that Applied Digital Corporation will post -0.96 earnings per share 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.