Whitaker Myers Wealth Managers LTD. Makes New Investment in Applied Digital Corporation $APLD

Key Points

• Whitaker Myers Wealth Managers acquired 49,354 Applied Digital shares worth approximately $1.84 million in the second quarter. Institutional investors and hedge funds collectively own 65.67% of the company.
• Analysts remain broadly optimistic, with a consensus rating of “Moderate Buy” and an average price target of $68.15; several firms recently reiterated or upgraded bullish ratings.
• Applied Digital’s quarterly revenue surged 406.3% year over year to $240.35 million, but the company reported an adjusted loss of $0.39 per share, missing estimates. Separately, director Richard N. Nottenburg sold 75,000 shares at an average price of $31.15.

Whitaker Myers Wealth Managers LTD. purchased a new stake in Applied Digital Corporation (NASDAQ:APLD - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 49,354 shares of the company's stock, valued at approximately $1,841,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Activest Wealth Management acquired a new position in shares of Applied Digital in the 4th quarter worth $25,000. Ameriflex Group Inc. acquired a new stake in shares of Applied Digital during the fourth quarter worth $25,000. McMillan Office Inc. purchased a new stake in shares of Applied Digital during the fourth quarter valued at $25,000. Larson Financial Group LLC lifted its holdings in shares of Applied Digital by 56,450.0% during the third quarter. Larson Financial Group LLC now owns 1,131 shares of the company's stock valued at $26,000 after purchasing an additional 1,129 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in shares of Applied Digital in the 2nd quarter valued at $26,000. Institutional investors and hedge funds own 65.67% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on APLD. Lucid Cap Mkts raised Applied Digital to a "strong-buy" rating in a research note on Wednesday, May 27th. Needham & Company LLC reaffirmed a "buy" rating and set a $83.00 price objective on shares of Applied Digital in a research note on Tuesday, July 28th. Compass Point reiterated a "buy" rating and issued a $70.00 target price on shares of Applied Digital in a report on Friday, May 22nd. Citigroup reissued a "market outperform" rating on shares of Applied Digital in a research report on Monday, August 3rd. Finally, Citizens Jmp boosted their price target on shares of Applied Digital from $40.00 to $60.00 and gave the company a "market outperform" rating in a report on Thursday, May 21st. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $68.15.

Applied Digital Stock Performance

Shares of Applied Digital stock opened at $29.22 on Friday. Applied Digital Corporation has a 12 month low of $13.16 and a 12 month high of $50.72. The company has a quick ratio of 4.01, a current ratio of 4.01 and a debt-to-equity ratio of 2.88. The stock has a market cap of $8.52 billion, a PE ratio of -32.83 and a beta of 5.75. The business has a fifty day simple moving average of $35.48 and a 200-day simple moving average of $34.10.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings results on Monday, July 27th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.30). The business had revenue of $240.35 million for the quarter, compared to analyst estimates of $96.85 million. Applied Digital had a negative net margin of 37.78% and a negative return on equity of 16.42%. The firm's quarterly revenue was up 406.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.24) earnings per share. On average, sell-side analysts anticipate that Applied Digital Corporation will post -1.08 EPS for the current fiscal year.

Insiders Place Their Bets

In other Applied Digital news, Director Richard N. Nottenburg sold 75,000 shares of Applied Digital stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total transaction of $2,336,250.00. Following the transaction, the director owned 133,378 shares of the company's stock, valued at $4,154,724.70. The trade was a 35.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 9.50% of the stock is currently owned by company insiders.

About Applied Digital

Applied Digital NASDAQ: APLD is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital's modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.

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