Beacon Harbor Wealth Advisors Inc. Acquires New Holdings in Applied Digital Co. (NASDAQ:APLD)

Beacon Harbor Wealth Advisors Inc. acquired a new position in Applied Digital Co. (NASDAQ:APLD) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,000 shares of the company’s stock, valued at approximately $83,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Headlands Technologies LLC raised its stake in shares of Applied Digital by 381.8% in the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after buying an additional 6,933 shares in the last quarter. ARS Investment Partners LLC acquired a new stake in shares of Applied Digital during the second quarter worth $60,000. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Applied Digital during the third quarter valued at $88,000. Price T Rowe Associates Inc. MD increased its stake in Applied Digital by 15.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock worth $103,000 after purchasing an additional 3,182 shares in the last quarter. Finally, Crumly & Associates Inc. acquired a new stake in Applied Digital during the 2nd quarter worth about $110,000. Institutional investors own 65.67% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on APLD shares. Lake Street Capital raised their target price on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Craig Hallum lifted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. HC Wainwright boosted their target price on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. B. Riley raised their target price on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Finally, Roth Mkm reissued a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research report on Thursday, October 10th. Six 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 a consensus target price of $10.50.

Applied Digital Trading Up 10.2 %

Shares of NASDAQ:APLD opened at $7.79 on Friday. The firm has a fifty day moving average of $6.88 and a two-hundred day moving average of $5.37. 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 Co. has a 12-month low of $2.36 and a 12-month high of $9.48. The firm has a market capitalization of $1.68 billion, a P/E ratio of -6.66 and a beta of 4.65.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The firm had revenue of $60.70 million during the quarter, compared to analysts’ expectations of $54.85 million. During the same quarter last year, the firm earned ($0.10) earnings per share. The business’s revenue for the quarter was up 67.2% on a year-over-year basis. On average, equities analysts expect that Applied Digital Co. will post -0.4 EPS for the current fiscal year.

Insider Activity at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total transaction of $55,000.00. Following the transaction, the director now owns 218,506 shares of the company’s stock, valued at approximately $1,201,783. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total transaction of $55,000.00. Following the transaction, the director now directly owns 218,506 shares of the company’s stock, valued at $1,201,783. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Richard N. Nottenburg sold 80,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $7.37, for a total value of $589,600.00. Following the transaction, the director now owns 433,686 shares in the company, valued at approximately $3,196,265.82. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 100,000 shares of company stock valued at $724,700. 11.81% of the stock is owned by corporate 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.