SeaCrest Wealth Management LLC Buys New Position in Applied Digital Co. (NASDAQ:APLD)

SeaCrest Wealth Management LLC purchased a new position in shares of Applied Digital Co. (NASDAQ:APLD - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 76,740 shares of the company's stock, valued at approximately $586,000.

Several other hedge funds also recently modified their holdings of APLD. Bank of New York Mellon Corp boosted its holdings in Applied Digital by 36.2% in the second quarter. Bank of New York Mellon Corp now owns 304,869 shares of the company's stock worth $1,814,000 after acquiring an additional 80,958 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Applied Digital by 115.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 66,688 shares of the company's stock worth $397,000 after purchasing an additional 35,768 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Applied Digital by 30.0% in the 2nd quarter. Rhumbline Advisers now owns 140,087 shares of the company's stock worth $834,000 after purchasing an additional 32,336 shares in the last quarter. Thomist Capital Management LP acquired a new stake in Applied Digital in the 2nd quarter valued at $2,529,000. Finally, MRP Capital Investments LLC increased its stake in Applied Digital by 91.7% during the 2nd quarter. MRP Capital Investments LLC now owns 119,875 shares of the company's stock valued at $713,000 after purchasing an additional 57,350 shares in the last quarter. Institutional investors own 65.67% of the company's stock.

Applied Digital Price Performance

Shares of NASDAQ:APLD traded down $0.08 on Friday, hitting $8.90. The company's stock had a trading volume of 23,048,155 shares, compared to its average volume of 24,448,313. Applied Digital Co. has a 1 year low of $2.36 and a 1 year high of $11.25. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. The company has a market capitalization of $1.98 billion, a PE ratio of -7.61 and a beta of 4.78. The company has a 50-day simple moving average of $8.79 and a 200 day simple moving average of $6.96.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.08. The business had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. Applied Digital's revenue for the quarter was up 51.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.05) earnings per share. Sell-side analysts forecast that Applied Digital Co. will post -0.4 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have weighed in on APLD. Lake Street Capital lifted their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the company a "buy" rating in a report on Thursday, October 10th. Needham & Company LLC reaffirmed a "buy" rating and issued a $11.00 price target on shares of Applied Digital in a research report on Wednesday. Roth Mkm reissued a "buy" rating and set a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Cantor Fitzgerald dropped their target price on Applied Digital from $15.00 to $14.00 and set an "overweight" rating on the stock in a report on Wednesday. Finally, HC Wainwright upped their price target on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a report on Wednesday. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $11.29.

Insider Activity

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