Wealth Management Associates Inc. Has $952,000 Stock Holdings in Applied Digital Corporation $APLD

Wealth Management Associates Inc. decreased its position in Applied Digital Corporation (NASDAQ:APLD) by 1.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 94,560 shares of the company’s stock after selling 1,100 shares during the quarter. Wealth Management Associates Inc.’s holdings in Applied Digital were worth $952,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Corebridge Financial Inc. raised its position in shares of Applied Digital by 2.0% in the first quarter. Corebridge Financial Inc. now owns 97,224 shares of the company’s stock valued at $546,000 after purchasing an additional 1,899 shares during the period. Wedbush Securities Inc. raised its position in shares of Applied Digital by 14.8% in the first quarter. Wedbush Securities Inc. now owns 15,500 shares of the company’s stock valued at $87,000 after purchasing an additional 2,000 shares during the period. Wellington Management Group LLP raised its position in shares of Applied Digital by 11.7% in the first quarter. Wellington Management Group LLP now owns 19,056 shares of the company’s stock valued at $107,000 after purchasing an additional 2,001 shares during the period. Teacher Retirement System of Texas raised its position in shares of Applied Digital by 10.2% in the second quarter. Teacher Retirement System of Texas now owns 27,252 shares of the company’s stock valued at $274,000 after purchasing an additional 2,515 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Applied Digital by 29.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,778 shares of the company’s stock valued at $77,000 after purchasing an additional 3,127 shares during the period. Institutional investors own 65.67% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on APLD shares. Northland Securities lifted their price target on shares of Applied Digital to $40.00 and gave the company an “outperform” rating in a research report on Friday, October 10th. Needham & Company LLC lifted their price target on shares of Applied Digital from $12.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, July 31st. HC Wainwright lifted their price target on shares of Applied Digital from $20.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, October 10th. Craig Hallum lifted their price target on shares of Applied Digital to $39.00 and gave the company a “buy” rating in a research report on Thursday, October 23rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.70.

Applied Digital Trading Down 0.1%

Shares of APLD stock opened at $34.33 on Wednesday. Applied Digital Corporation has a 1 year low of $3.31 and a 1 year high of $40.20. The firm’s fifty day simple moving average is $23.65 and its 200 day simple moving average is $14.31. The firm has a market capitalization of $9.60 billion, a P/E ratio of -30.38 and a beta of 6.77. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.29.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Thursday, October 9th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.08. Applied Digital had a negative net margin of 111.29% and a negative return on equity of 37.14%. The business had revenue of $38.01 million for the quarter, compared to analyst estimates of $52.25 million. During the same quarter in the previous year, the firm posted ($0.15) earnings per share. Applied Digital’s revenue was up 84.3% compared to the same quarter last year. As a group, sell-side analysts predict that Applied Digital Corporation will post -0.96 EPS for the current year.

Insider Activity at Applied Digital

In other Applied Digital news, CEO Wes Cummins sold 400,000 shares of the business’s stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total value of $6,104,000.00. Following the sale, the chief executive officer owned 2,659,379 shares of the company’s stock, valued at $40,582,123.54. The trade was a 13.07% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Richard N. Nottenburg sold 34,375 shares of the business’s stock in a transaction on Friday, October 24th. The shares were sold at an average price of $33.23, for a total transaction of $1,142,281.25. Following the completion of the sale, the director directly owned 263,612 shares in the company, valued at $8,759,826.76. This trade represents a 11.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 702,341 shares of company stock worth $14,435,562. 9.50% of the stock is owned by insiders.

About Applied Digital

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.