SeaCrest Wealth Management LLC Invests $586,000 in Applied Digital Co. (NASDAQ:APLD)

SeaCrest Wealth Management LLC acquired a new stake in Applied Digital Co. (NASDAQ:APLD) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 76,740 shares of the company’s stock, valued at approximately $586,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Hood River Capital Management LLC increased its holdings in Applied Digital by 8.7% in the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after buying an additional 771,699 shares in the last quarter. Geode Capital Management LLC increased its stake in Applied Digital by 48.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock valued at $25,258,000 after purchasing an additional 1,002,862 shares in the last quarter. State Street Corp raised its holdings in Applied Digital by 14.0% during the third quarter. State Street Corp now owns 2,337,267 shares of the company’s stock worth $19,282,000 after purchasing an additional 286,852 shares during the last quarter. Royce & Associates LP boosted its position in Applied Digital by 1.4% during the third quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock worth $9,340,000 after purchasing an additional 15,763 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Applied Digital by 36.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after purchasing an additional 240,554 shares during the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on APLD. Cantor Fitzgerald cut their price target on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Wednesday. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a report on Thursday, October 10th. HC Wainwright raised their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday. Needham & Company LLC restated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research report on Wednesday. Finally, Lake Street Capital increased their target price on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Digital currently has an average rating of “Buy” and a consensus price target of $11.29.

Applied Digital Trading Up 7.3 %

Shares of Applied Digital stock opened at $8.98 on Friday. Applied Digital Co. has a fifty-two week low of $2.36 and a fifty-two week high of $11.25. The business’s fifty day moving average is $8.79 and its two-hundred day moving average is $6.96. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. The firm has a market cap of $1.90 billion, a PE ratio of -7.68 and a beta of 4.78.

Applied Digital (NASDAQ:APLD) last released its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.08. The firm had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The firm’s revenue for the quarter was up 51.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.05) earnings per share. Analysts anticipate that Applied Digital Co. will post -0.4 earnings per share for the current year.

Insider Transactions at Applied Digital

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the transaction, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Richard N. Nottenburg sold 19,369 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total transaction of $145,461.19. Following the sale, the director now directly owns 384,317 shares of the company’s stock, valued at $2,886,220.67. This represents a 4.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 269,369 shares of company stock worth $2,445,461 in the last three months. Company insiders own 11.81% of the company’s stock.

Applied Digital Company 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.