SeaCrest Wealth Management LLC Makes New Investment in Applied Digital Co. (NASDAQ:APLD)

SeaCrest Wealth Management LLC bought a new stake in Applied Digital Co. (NASDAQ:APLD) during the fourth quarter, HoldingsChannel.com reports. The fund bought 76,740 shares of the company’s stock, valued at approximately $586,000.

Other hedge funds have also made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Applied Digital in the 3rd quarter valued at $59,000. Beacon Harbor Wealth Advisors Inc. purchased a new stake in shares of Applied Digital in the third quarter worth about $83,000. Gunderson Capital Management Inc. purchased a new stake in shares of Applied Digital in the fourth quarter worth about $83,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Applied Digital in the third quarter valued at about $88,000. Finally, Chesapeake Capital Corp IL purchased a new stake in shares of Applied Digital during the 3rd quarter valued at about $94,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Insider Transactions at Applied Digital

In related news, Director Richard N. Nottenburg sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $460,000.00. Following the sale, the director now owns 334,317 shares of the company’s stock, valued at approximately $3,075,716.40. This trade represents a 13.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Wes Cummins sold 200,000 shares of the company’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $1,840,000.00. Following the transaction, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their ownership of the stock. 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.

Wall Street Analyst Weigh In

APLD has been the subject of several recent research reports. Cantor Fitzgerald lowered their price objective on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday. Craig Hallum lifted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. HC Wainwright upped their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday. Lake Street Capital lifted their target price on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, Roth Mkm reissued a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a report on Thursday, October 10th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $11.29.

Applied Digital Stock Up 7.3 %

Shares of Applied Digital stock opened at $8.98 on Friday. The business has a 50-day moving average price of $8.79 and a 200 day moving average price of $6.96. Applied Digital Co. has a fifty-two week low of $2.36 and a fifty-two week high of $11.25. The firm has a market cap of $1.90 billion, a P/E ratio of -7.68 and a beta of 4.78. 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) last issued its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. The business had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The business’s quarterly revenue was up 51.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.05) EPS. On average, sell-side analysts forecast that Applied Digital Co. will post -0.4 earnings per share for the current fiscal year.

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.