B. Riley Wealth Advisors Inc. Acquires 308,223 Shares of Applied Digital Co. (NASDAQ:APLD)

B. Riley Wealth Advisors Inc. grew its stake in shares of Applied Digital Co. (NASDAQ:APLD) by 66.1% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 774,655 shares of the company’s stock after purchasing an additional 308,223 shares during the period. B. Riley Wealth Advisors Inc. owned about 0.56% of Applied Digital worth $4,609,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of APLD. Capstone Investment Advisors LLC bought a new stake in shares of Applied Digital in the 4th quarter worth $78,000. Capital Research Global Investors increased its stake in Applied Digital by 427.2% in the 4th quarter. Capital Research Global Investors now owns 7,337,288 shares of the company’s stock valued at $49,453,000 after buying an additional 5,945,559 shares during the last quarter. Plustick Management LLC lifted its position in shares of Applied Digital by 16.7% during the 4th quarter. Plustick Management LLC now owns 490,000 shares of the company’s stock worth $3,303,000 after buying an additional 70,000 shares in the last quarter. ICA Group Wealth Management LLC purchased a new position in shares of Applied Digital in the 4th quarter worth approximately $81,000. Finally, Nomura Holdings Inc. purchased a new position in shares of Applied Digital in the 4th quarter worth approximately $183,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

Applied Digital Stock Up 0.7 %

Shares of NASDAQ APLD opened at $8.25 on Tuesday. The business’s fifty day moving average price is $4.92 and its 200-day moving average price is $4.56. Applied Digital Co. has a one year low of $2.36 and a one year high of $8.78. The stock has a market capitalization of $1.13 billion, a PE ratio of -10.34 and a beta of 4.51. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.08 and a quick ratio of 0.08.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Wednesday, August 28th. The company reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.29). Applied Digital had a negative return on equity of 111.80% and a negative net margin of 88.95%. The business had revenue of $43.70 million for the quarter, compared to the consensus estimate of $42.70 million. During the same quarter in the prior year, the business earned ($0.07) EPS. On average, equities research analysts anticipate that Applied Digital Co. will post -1.12 EPS for the current year.

Insider Activity at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the sale, the director now owns 218,506 shares in the company, valued at $1,201,783. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 20.50% of the stock is owned by company insiders.

Analyst Ratings Changes

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

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.