Traders Purchase Large Volume of Call Options on Applied Digital (NASDAQ:APLD)

Applied Digital Co. (NASDAQ:APLD) was the target of unusually large options trading activity on Wednesday. Stock investors bought 61,490 call options on the stock. This represents an increase of 83% compared to the typical volume of 33,628 call options.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Craig Hallum boosted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. B. Riley upped their price target on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research note on Friday, November 1st. HC Wainwright increased their target price on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Finally, Roth Mkm restated a “buy” rating and set a $10.00 price target on shares of Applied Digital in a report on Thursday, October 10th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital has a consensus rating of “Buy” and an average target price of $10.50.

Insiders Place Their Bets

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total value of $55,000.00. Following the completion of the transaction, the director now owns 218,506 shares in the company, valued at approximately $1,201,783. This represents a 4.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the sale, the chief executive officer now owns 3,875,955 shares in the company, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 369,369 shares of company stock worth $3,170,161. 11.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

A number of large investors have recently added to or reduced their stakes in APLD. Vanguard Group Inc. grew its holdings in shares of Applied Digital by 70.2% in the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock worth $26,434,000 after acquiring an additional 2,547,485 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Applied Digital by 15.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock valued at $103,000 after purchasing an additional 3,182 shares during the period. California State Teachers Retirement System increased its position in shares of Applied Digital by 14.1% during the 1st quarter. California State Teachers Retirement System now owns 91,086 shares of the company’s stock valued at $390,000 after purchasing an additional 11,288 shares during the last quarter. Register Financial Advisors LLC lifted its stake in shares of Applied Digital by 29.2% in the 2nd quarter. Register Financial Advisors LLC now owns 417,800 shares of the company’s stock worth $2,486,000 after purchasing an additional 94,400 shares during the period. Finally, ARS Investment Partners LLC bought a new stake in Applied Digital during the second quarter valued at approximately $60,000. Institutional investors own 65.67% of the company’s stock.

Applied Digital Stock Down 2.7 %

Shares of APLD stock traded down $0.26 during mid-day trading on Wednesday, hitting $9.31. The company’s stock had a trading volume of 12,866,709 shares, compared to its average volume of 8,008,959. The stock has a market cap of $1.97 billion, a price-to-earnings ratio of -8.74 and a beta of 4.67. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. Applied Digital has a 52-week low of $2.36 and a 52-week high of $10.94. The business has a 50-day moving average price of $8.08 and a 200 day moving average price of $6.11.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. The business had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. Applied Digital’s revenue was up 67.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.10) EPS. Research analysts predict that Applied Digital will post -0.4 EPS 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.