Applied Digital (NASDAQ:APLD) Shares Gap Down Following Insider Selling

Applied Digital Co. (NASDAQ:APLD) shares gapped down before the market opened on Monday following insider selling activity. The stock had previously closed at $8.18, but opened at $7.95. Applied Digital shares last traded at $7.97, with a volume of 446,605 shares trading hands.

Specifically, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total value of $80,100.00. Following the completion of the transaction, the director now directly owns 208,506 shares in the company, valued at approximately $1,670,133.06. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Richard N. Nottenburg sold 80,000 shares of Applied Digital stock in a transaction on Monday, October 14th. The shares were sold at an average price of $7.37, for a total value of $589,600.00. Following the completion of the sale, the director now directly owns 433,686 shares of the company’s stock, valued at approximately $3,196,265.82. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

APLD has been the topic of a number of research analyst reports. Lake Street Capital raised their price target on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. B. Riley boosted their target price on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a report on Friday, September 13th. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research report on Thursday, October 10th. HC Wainwright lifted their price target on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Finally, Needham & Company LLC restated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a report on Thursday, October 17th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital currently has a consensus rating of “Buy” and an average target price of $10.50.

Applied Digital Trading Down 0.3 %

The business’s 50-day moving average is $6.12 and its two-hundred day moving average is $5.01. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $1.25 billion, a PE ratio of -11.56 and a beta of 4.56.

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

Institutional Investors Weigh In On Applied Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in APLD. Principal Financial Group Inc. acquired a new stake in shares of Applied Digital during the first quarter valued at about $50,000. Headlands Technologies LLC increased its holdings in 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 during the last quarter. ARS Investment Partners LLC purchased a new position in shares of Applied Digital during the 2nd quarter valued at approximately $60,000. Price T Rowe Associates Inc. MD grew its position in shares of Applied Digital by 15.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock worth $103,000 after buying an additional 3,182 shares in the last quarter. Finally, Crumly & Associates Inc. bought a new stake in shares of Applied Digital in the second quarter worth $110,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

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.