Dakota Wealth Management Buys Shares of 15,000 Applied Digital Co. (NASDAQ:APLD)

Dakota Wealth Management bought a new stake in Applied Digital Co. (NASDAQ:APLD) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 15,000 shares of the company’s stock, valued at approximately $115,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its stake in Applied Digital by 48.7% in the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock valued at $25,258,000 after acquiring an additional 1,002,862 shares during the last quarter. State Street Corp boosted its stake in Applied Digital by 14.0% in the third quarter. State Street Corp now owns 2,337,267 shares of the company’s stock valued at $19,282,000 after acquiring an additional 286,852 shares during the last quarter. Royce & Associates LP boosted its stake in Applied Digital by 1.4% in the third quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock valued at $9,340,000 after acquiring an additional 15,763 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Applied Digital by 36.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after acquiring an additional 240,554 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. boosted its stake in Applied Digital by 66.1% in the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock valued at $4,609,000 after acquiring an additional 308,223 shares during the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Applied Digital

In other news, Director Richard N. Nottenburg sold 19,369 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total value of $145,461.19. Following the transaction, the director now owns 384,317 shares of the company’s stock, valued at $2,886,220.67. This represents a 4.80 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Wes Cummins sold 200,000 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the transaction, the chief executive officer now directly owns 3,875,955 shares in the company, valued at $35,658,786. The trade was a 4.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 289,369 shares of company stock valued at $2,622,461 in the last quarter. Insiders own 11.81% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on APLD. Lake Street Capital boosted their target price on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. HC Wainwright boosted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research report on Wednesday, January 15th. Craig Hallum boosted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company 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 research report on Thursday, October 10th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $11.29.

Applied Digital Stock Performance

Applied Digital stock opened at $8.96 on Monday. The firm’s 50 day simple moving average is $9.01 and its 200 day simple moving average is $7.09. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $2.00 billion, a PE ratio of -5.18 and a beta of 4.78. Applied Digital Co. has a 1-year low of $2.36 and a 1-year high of $11.25.

Applied Digital (NASDAQ:APLD) last posted its 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 business had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. Applied Digital’s revenue was up 51.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.05) EPS. As a group, analysts expect that Applied Digital Co. will post -0.8 earnings per share for the current fiscal year.

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.