Wedbush Securities Inc. Has $103,000 Position in Applied Digital Corporation $APLD

Wedbush Securities Inc. lessened its holdings in shares of Applied Digital Corporation (NASDAQ:APLD) by 34.2% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 10,200 shares of the company’s stock after selling 5,300 shares during the period. Wedbush Securities Inc.’s holdings in Applied Digital were worth $103,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Atlantic Union Bankshares Corp bought a new position in Applied Digital in the 2nd quarter worth approximately $25,000. PNC Financial Services Group Inc. bought a new stake in shares of Applied Digital in the first quarter valued at approximately $28,000. Geneos Wealth Management Inc. grew its stake in shares of Applied Digital by 113.3% in the first 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 during the last quarter. Ameriflex Group Inc. bought a new position in Applied Digital during the second quarter worth $42,000. Finally, CWM LLC raised its stake in Applied Digital by 116.5% during the 1st quarter. CWM LLC now owns 9,506 shares of the company’s stock valued at $53,000 after purchasing an additional 5,116 shares during the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

Analysts Set New Price Targets

APLD has been the topic of several research analyst reports. Needham & Company LLC restated a “buy” rating and issued a $41.00 price target on shares of Applied Digital in a research report on Wednesday, October 29th. Compass Point initiated coverage on Applied Digital in a research report on Monday, September 15th. They set a “buy” rating on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Applied Digital in a research note on Wednesday, October 8th. Wall Street Zen downgraded Applied Digital from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. Finally, B. Riley restated a “buy” rating on shares of Applied Digital in a research report on Wednesday, October 22nd. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $26.20.

Applied Digital Stock Down 12.7%

Shares of APLD opened at $23.06 on Friday. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.29. The company has a 50-day moving average price of $27.30 and a two-hundred day moving average price of $16.46. The stock has a market cap of $6.56 billion, a price-to-earnings ratio of -20.41 and a beta of 6.77. Applied Digital Corporation has a 12 month low of $3.31 and a 12 month high of $40.20.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Thursday, October 9th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.08. The business had revenue of $64.22 million during the quarter, compared to analysts’ expectations of $52.25 million. Applied Digital had a negative return on equity of 37.14% and a negative net margin of 111.29%.Applied Digital’s quarterly revenue was up 84.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.15) EPS. Equities analysts predict that Applied Digital Corporation will post -0.96 EPS for the current fiscal year.

Insider Activity

In other news, CFO Mohammad Saidal Lavanw Mohmand sold 100,000 shares of the company’s stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $34.08, for a total value of $3,408,000.00. Following the sale, the chief financial officer owned 158,912 shares of the company’s stock, valued at approximately $5,415,720.96. This represents a 38.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard N. Nottenburg sold 34,375 shares of Applied Digital stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $33.23, for a total transaction of $1,142,281.25. Following the transaction, the director directly owned 263,612 shares of the company’s stock, valued at $8,759,826.76. This represents a 11.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 823,035 shares of company stock valued at $18,930,179. 9.50% of the stock is owned by company insiders.

Applied Digital Profile

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.