12,256 Shares in Applied Digital Corporation $APLD Purchased by Wealthfront Advisers LLC

Wealthfront Advisers LLC purchased a new position in Applied Digital Corporation (NASDAQ:APLD) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 12,256 shares of the company’s stock, valued at approximately $123,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. PNC Financial Services Group Inc. purchased a new stake in shares of Applied Digital in the first quarter valued at approximately $28,000. Geneos Wealth Management Inc. grew its holdings in Applied Digital by 113.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock worth $37,000 after acquiring an additional 3,542 shares in the last quarter. Ameriflex Group Inc. purchased a new stake in shares of Applied Digital in the 2nd quarter worth approximately $42,000. CWM LLC boosted its position in Applied Digital by 116.5% during the first quarter. CWM LLC now owns 9,506 shares of the company’s stock valued at $53,000 after purchasing an additional 5,116 shares in the last quarter. Finally, Semus Wealth Partners LLC bought a new stake in Applied Digital during the first quarter valued at about $56,000. 65.67% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, CEO Wes Cummins sold 400,000 shares of Applied Digital stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total transaction of $6,104,000.00. Following the sale, the chief executive officer 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Chuck Hastings sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $35.69, for a total value of $1,784,500.00. Following the completion of the sale, the director owned 451,612 shares of the company’s stock, valued at $16,118,032.28. This trade represents a 9.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 834,285 shares of company stock valued at $19,090,154. 9.50% of the stock is owned by insiders.

Applied Digital Trading Up 2.1%

Shares of APLD stock opened at $34.66 on Monday. The company has a market cap of $9.69 billion, a price-to-earnings ratio of -30.67 and a beta of 6.77. The stock has a 50 day simple moving average of $24.76 and a 200-day simple moving average of $15.01. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.65 and a quick ratio of 0.65. Applied Digital Corporation has a 1-year low of $3.31 and a 1-year high of $40.20.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Thursday, October 9th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.08. The company had revenue of $38.01 million during the quarter, compared to analyst estimates of $52.25 million. Applied Digital had a negative net margin of 111.29% and a negative return on equity of 37.14%. The firm’s revenue was up 84.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.15) EPS. On average, equities research analysts expect that Applied Digital Corporation will post -0.96 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have commented on APLD. HC Wainwright increased their price target on shares of Applied Digital from $20.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, October 10th. B. Riley reaffirmed a “buy” rating on shares of Applied Digital in a report on Wednesday, October 22nd. Lake Street Capital increased their price target on Applied Digital from $18.00 to $37.00 and gave the company a “buy” rating in a research note on Friday, October 10th. Wall Street Zen downgraded shares of Applied Digital from a “hold” rating to a “sell” rating in a research note on Sunday, October 19th. Finally, Craig Hallum increased their price objective on Applied Digital to $39.00 and gave the company a “buy” rating in a report on Thursday, October 23rd. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Applied Digital currently has an average rating of “Moderate Buy” and an average target price of $26.20.

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.