Commonwealth Equity Services LLC Purchases 35,768 Shares of Applied Digital Co. (NASDAQ:APLD)

Commonwealth Equity Services LLC boosted its position in Applied Digital Co. (NASDAQ:APLD) by 115.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 66,688 shares of the company’s stock after purchasing an additional 35,768 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Applied Digital were worth $397,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. bought a new stake in shares of Applied Digital in the first quarter valued at about $50,000. ARS Investment Partners LLC bought a new stake in Applied Digital in the 2nd quarter valued at about $60,000. Capstone Investment Advisors LLC acquired a new position in shares of Applied Digital during the 4th quarter worth approximately $78,000. ICA Group Wealth Management LLC bought a new position in shares of Applied Digital during the fourth quarter worth approximately $81,000. Finally, Chesapeake Capital Corp IL acquired a new stake in shares of Applied Digital in the fourth quarter valued at approximately $86,000. 65.67% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total value of $55,000.00. Following the completion of the transaction, 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 available through the SEC website. 20.50% of the stock is currently owned by insiders.

Applied Digital Trading Up 8.3 %

Shares of APLD stock opened at $6.02 on Monday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.08 and a current ratio of 0.08. Applied Digital Co. has a fifty-two week low of $2.36 and a fifty-two week high of $8.65. The company has a market cap of $826.00 million, a PE ratio of -7.62 and a beta of 4.51. The stock’s fifty day moving average price is $4.79 and its two-hundred day moving average price is $4.45.

Applied Digital (NASDAQ:APLD) last released its earnings results on Wednesday, August 28th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.29). The business had revenue of $43.70 million during the quarter, compared to the consensus estimate of $42.70 million. Applied Digital had a negative net margin of 88.95% and a negative return on equity of 111.80%. During the same quarter in the prior year, the firm earned ($0.07) EPS. Equities analysts predict that Applied Digital Co. will post -1.02 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on APLD. Roth Mkm reissued a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research report on Thursday, September 5th. B. Riley upped their target price on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, September 13th. HC Wainwright restated a “buy” rating and issued a $5.00 price target on shares of Applied Digital in a research report on Thursday, August 29th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research report on Monday, September 9th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $8.40.

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.