Applied Digital Co. (NASDAQ:APLD) Director Richard N. Nottenburg Sells 19,369 Shares of Stock

Applied Digital Co. (NASDAQ:APLD) Director Richard N. Nottenburg sold 19,369 shares of Applied Digital 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 in the company, valued at $2,886,220.67. This trade 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 this link.

Applied Digital Stock Performance

NASDAQ APLD opened at $7.59 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. Applied Digital Co. has a 1-year low of $2.36 and a 1-year high of $9.48. The business has a 50 day simple moving average of $7.04 and a two-hundred day simple moving average of $5.47. The stock has a market capitalization of $1.63 billion, a PE ratio of -6.49 and a beta of 4.65.

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

Hedge Funds Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently modified their holdings of APLD. Swiss National Bank boosted its stake in Applied Digital by 23.2% during the first quarter. Swiss National Bank now owns 180,600 shares of the company’s stock worth $773,000 after buying an additional 34,000 shares during the period. Vanguard Group Inc. boosted its stake in shares of Applied Digital by 70.2% during the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock worth $26,434,000 after purchasing an additional 2,547,485 shares during the period. Vident Advisory LLC grew its holdings in Applied Digital by 26.7% during the 1st quarter. Vident Advisory LLC now owns 750,005 shares of the company’s stock valued at $3,210,000 after purchasing an additional 157,819 shares during the last quarter. JT Stratford LLC raised its position in Applied Digital by 157.5% in the 1st quarter. JT Stratford LLC now owns 308,626 shares of the company’s stock worth $1,321,000 after purchasing an additional 188,779 shares during the period. Finally, Hood River Capital Management LLC lifted its stake in Applied Digital by 2.8% in the first quarter. Hood River Capital Management LLC now owns 8,824,532 shares of the company’s stock worth $37,769,000 after purchasing an additional 240,177 shares during the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Analysts Set New Price Targets

APLD has been the topic of a number of analyst reports. B. Riley lifted their price objective on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, September 13th. 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. Roth Mkm reissued a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research note on Thursday, October 10th. Lake Street Capital lifted 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. Finally, Craig Hallum upped their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target 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.