Applied Digital Corporation $APLD Shares Sold by Wealth Management Associates Inc.

Wealth Management Associates Inc. lowered its holdings in Applied Digital Corporation (NASDAQ:APLD) by 1.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 94,560 shares of the company’s stock after selling 1,100 shares during the period. Wealth Management Associates Inc.’s holdings in Applied Digital were worth $952,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in APLD. Wealth Enhancement Advisory Services LLC grew its stake in shares of Applied Digital by 29.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,778 shares of the company’s stock worth $77,000 after purchasing an additional 3,127 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Applied Digital in the 1st quarter worth approximately $223,000. Clear Creek Financial Management LLC acquired a new position in shares of Applied Digital in the 1st quarter worth approximately $282,000. Acuitas Investments LLC acquired a new position in shares of Applied Digital in the 1st quarter worth approximately $2,639,000. Finally, Teacher Retirement System of Texas purchased a new position in shares of Applied Digital in the first quarter worth approximately $139,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Stock Performance

APLD stock opened at $34.33 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.65 and a current ratio of 0.65. The stock has a market cap of $9.60 billion, a P/E ratio of -30.38 and a beta of 6.77. The firm has a 50 day simple moving average of $23.65 and a 200 day simple moving average of $14.31. Applied Digital Corporation has a 52 week low of $3.31 and a 52 week high of $40.20.

Applied Digital (NASDAQ:APLD) last posted 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 business had revenue of $38.01 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 84.3% compared to the same quarter last year. During the same period last year, the company posted ($0.15) earnings per share. Research analysts anticipate that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on APLD shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a research report on Wednesday, October 8th. Needham & Company LLC lifted their target price on shares of Applied Digital from $12.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, July 31st. Northland Securities lifted their target price on shares of Applied Digital to $40.00 and gave the stock an “outperform” rating in a research report on Friday, October 10th. Craig Hallum lifted their target price on shares of Applied Digital to $39.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd. Finally, Wall Street Zen downgraded shares of Applied Digital from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.70.

Insider Activity at Applied Digital

In related news, CEO Wes Cummins sold 400,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer directly owned 2,659,379 shares in the company, valued at approximately $40,582,123.54. This trade represents a 13.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Richard N. Nottenburg sold 34,375 shares of the firm’s stock in a transaction that occurred on Friday, October 24th. The stock was sold at an average price of $33.23, for a total transaction of $1,142,281.25. Following the sale, the director owned 263,612 shares of the company’s stock, valued at approximately $8,759,826.76. This represents a 11.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 702,341 shares of company stock valued at $14,435,562. 9.50% of the stock is owned by company insiders.

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.