B. Riley Wealth Advisors Inc. Decreases Position in Applied Digital Co. (NASDAQ:APLD)

B. Riley Wealth Advisors Inc. decreased its position in shares of Applied Digital Co. (NASDAQ:APLD - Free Report) by 49.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 389,005 shares of the company's stock after selling 385,650 shares during the quarter. B. Riley Wealth Advisors Inc. owned 0.18% of Applied Digital worth $3,205,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Hood River Capital Management LLC raised its holdings in shares of Applied Digital by 8.7% during 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 purchasing an additional 771,699 shares during the last quarter. Geode Capital Management LLC grew its position 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 worth $25,258,000 after purchasing an additional 1,002,862 shares during the period. Van ECK Associates Corp raised its stake in Applied Digital by 18.3% during the 2nd quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company's stock valued at $17,077,000 after buying an additional 443,699 shares during the last quarter. State Street Corp lifted its holdings in shares of Applied Digital by 14.0% during the 3rd quarter. State Street Corp now owns 2,337,267 shares of the company's stock valued at $19,282,000 after buying an additional 286,852 shares during the period. Finally, Royce & Associates LP grew its holdings in shares of Applied Digital by 1.4% in the third quarter. Royce & Associates LP now owns 1,132,140 shares of the company's stock worth $9,340,000 after acquiring an additional 15,763 shares during the period. Institutional investors own 65.67% of the company's stock.

Wall Street Analyst Weigh In

APLD has been the subject of several recent research reports. HC Wainwright boosted their target price on shares of Applied Digital from $5.00 to $10.00 and gave the company a "buy" rating in a research report on Wednesday, October 16th. Roth Mkm reissued a "buy" rating and set a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. Craig Hallum raised their target price on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a report on Thursday, October 10th. Needham & Company LLC reissued a "buy" rating and set a $11.00 price target on shares of Applied Digital in a report on Friday, November 1st. Finally, B. Riley raised their price objective on Applied Digital from $8.00 to $9.00 and gave the stock a "buy" rating in a research note on Friday, September 13th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $10.50.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of the firm's stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the transaction, the chief executive officer now owns 3,875,955 shares of the company's stock, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Richard N. Nottenburg sold 80,000 shares of the firm's stock in a transaction on Monday, October 14th. The stock was sold at an average price of $7.37, for a total value of $589,600.00. Following the completion of the transaction, the director now owns 433,686 shares of the company's stock, valued at $3,196,265.82. This trade represents a 15.57 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 359,369 shares of company stock valued at $3,115,161. 11.81% of the stock is currently owned by insiders.

Applied Digital Trading Down 1.5 %

NASDAQ:APLD traded down $0.13 during mid-day trading on Friday, hitting $8.90. 10,821,438 shares of the stock traded hands, compared to its average volume of 8,357,867. Applied Digital Co. has a 52 week low of $2.36 and a 52 week high of $11.25. The firm's 50 day moving average is $8.31 and its two-hundred day moving average is $6.37. The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of -7.61 and a beta of 4.67. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.28) by $0.13. The firm had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. Applied Digital's quarterly revenue was up 67.2% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.10) earnings per share. On average, equities research analysts predict that Applied Digital Co. will post -0.4 earnings per share for the current year.

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.