Wedbush Securities Inc. Takes Position in Applied Digital Co. (NASDAQ:APLD)

Wedbush Securities Inc. purchased a new stake in Applied Digital Co. (NASDAQ:APLD) in the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 13,500 shares of the company’s stock, valued at approximately $103,000.

Several other hedge funds also recently added to or reduced their stakes in APLD. Wilmington Savings Fund Society FSB boosted its position in shares of Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after purchasing an additional 2,000 shares during the period. R Squared Ltd acquired a new stake in shares of Applied Digital in the 4th quarter valued at $36,000. US Bancorp DE purchased a new stake in Applied Digital during the 4th quarter worth about $37,000. Jones Financial Companies Lllp acquired a new stake in Applied Digital during the fourth quarter worth approximately $39,000. Finally, Spire Wealth Management purchased a new stake in Applied Digital in the fourth quarter valued at $43,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Applied Digital Stock Up 3.1 %

APLD opened at $5.29 on Friday. The firm has a 50 day moving average price of $7.16 and a 200 day moving average price of $7.92. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. Applied Digital Co. has a 1 year low of $2.36 and a 1 year high of $12.48. The company has a market cap of $1.18 billion, a PE ratio of -3.06 and a beta of 5.18.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. The firm had revenue of $63.87 million during the quarter, compared to analysts’ expectations of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. Applied Digital’s quarterly revenue was up 51.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.05) EPS. Sell-side analysts expect that Applied Digital Co. will post -0.96 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the completion of the transaction, the director now directly owns 342,923 shares in the company, valued at approximately $3,034,868.55. This trade represents a 5.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 11.81% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on APLD. Northland Securities lifted their target price on shares of Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, February 4th. Cantor Fitzgerald cut their price objective on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. HC Wainwright raised their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Compass Point started coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They set a “buy” rating and a $10.00 price objective for the company. Finally, Needham & Company LLC reissued a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research note on Monday, February 24th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Digital has a consensus rating of “Buy” and a consensus target price of $12.11.

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.