B. Riley Wealth Advisors Inc. lifted its holdings in shares of Applied Digital Co. (NASDAQ:APLD - Free Report) by 66.1% in the second quarter, according to its most recent filing with the SEC. The firm owned 774,655 shares of the company's stock after acquiring an additional 308,223 shares during the period. B. Riley Wealth Advisors Inc. owned approximately 0.56% of Applied Digital worth $4,609,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently made changes to their positions in APLD. The Manufacturers Life Insurance Company increased its position in shares of Applied Digital by 25.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company's stock worth $224,000 after purchasing an additional 7,517 shares in the last quarter. Alight Capital Management LP acquired a new stake in Applied Digital in the 2nd quarter valued at about $3,570,000. Marshall Wace LLP acquired a new stake in Applied Digital in the 2nd quarter valued at about $720,000. Hood River Capital Management LLC increased its position in Applied Digital by 8.7% in the 2nd quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company's stock valued at $57,098,000 after acquiring an additional 771,699 shares in the last quarter. Finally, MRP Capital Investments LLC increased its position in Applied Digital by 91.7% in the 2nd quarter. MRP Capital Investments LLC now owns 119,875 shares of the company's stock valued at $713,000 after acquiring an additional 57,350 shares in the last quarter. 65.67% of the stock is owned by institutional investors.
Insider Activity
In other news, Director Douglas S. Miller sold 10,000 shares of the firm's stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total transaction of $55,000.00. Following the completion of the sale, the director now owns 218,506 shares of the company's stock, valued at approximately $1,201,783. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 20.50% of the stock is currently owned by insiders.
Wall Street Analysts Forecast Growth
APLD has been the subject of several research reports. Needham & Company LLC restated a "buy" rating and issued a $11.00 price objective on shares of Applied Digital in a research report on Monday, September 9th. HC Wainwright reiterated a "buy" rating and set a $5.00 price target on shares of Applied Digital in a research report on Thursday, August 29th. B. Riley lifted their price target on shares of Applied Digital from $8.00 to $9.00 and gave the stock a "buy" rating in a research report on Friday, September 13th. Finally, Roth Mkm reiterated a "buy" rating and set a $10.00 price target on shares of Applied Digital in a research report on Thursday, September 5th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $8.40.
Check Out Our Latest Report on APLD
Applied Digital Stock Performance
Shares of NASDAQ:APLD traded down $0.17 on Tuesday, hitting $8.08. The company had a trading volume of 11,935,835 shares, compared to its average volume of 6,433,556. Applied Digital Co. has a 1-year low of $2.36 and a 1-year high of $8.78. The stock has a market cap of $1.11 billion, a price-to-earnings ratio of -10.44 and a beta of 4.51. The stock has a 50 day moving average price of $4.98 and a 200 day moving average price of $4.59. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14.
Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings data on Wednesday, August 28th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.29). The firm had revenue of $43.70 million for the quarter, compared to the consensus estimate of $42.70 million. Applied Digital had a negative return on equity of 111.80% and a negative net margin of 88.95%. During the same period in the prior year, the company earned ($0.07) EPS. Analysts expect that Applied Digital Co. will post -1.12 EPS for the current year.
About Applied Digital
(
Free Report)
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.
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