Applied Digital Co. (NASDAQ:APLD) Director Sells $589,600.00 in Stock

Applied Digital Co. (NASDAQ:APLD) Director Richard N. Nottenburg sold 80,000 shares of Applied Digital stock in a transaction that occurred on Monday, October 14th. The stock was 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 of the company’s stock, valued at $3,196,265.82. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Applied Digital Stock Performance

APLD opened at $7.95 on Friday. The firm has a market cap of $1.09 billion, a P/E ratio of -10.06 and a beta of 4.56. Applied Digital Co. has a 52-week low of $2.36 and a 52-week high of $8.78. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.08 and a current ratio of 0.08. The business’s fifty day moving average is $5.84 and its 200-day moving average is $4.88.

Applied Digital (NASDAQ:APLD) last released its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.13. The company had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. Applied Digital’s quarterly revenue was up 67.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.10) EPS. Sell-side analysts expect that Applied Digital Co. will post -1.12 EPS for the current fiscal year.

Institutional Trading of Applied Digital

Large investors have recently modified their holdings of the stock. Headlands Technologies LLC grew its holdings in shares of Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after purchasing an additional 6,933 shares in the last quarter. ARS Investment Partners LLC bought a new stake in shares of Applied Digital during the 2nd quarter worth $60,000. Principal Financial Group Inc. bought a new stake in shares of Applied Digital during the 1st quarter worth $50,000. ICA Group Wealth Management LLC bought a new stake in shares of Applied Digital during the 4th quarter worth $81,000. Finally, Crumly & Associates Inc. bought a new stake in shares of Applied Digital during the 2nd quarter worth $110,000. 65.67% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently commented on APLD. Craig Hallum lifted their target price on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research note on Thursday. B. Riley boosted their price target on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Lake Street Capital boosted their price target on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Finally, HC Wainwright boosted their price target on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $10.50.

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.