Applied Digital (NASDAQ:APLD) President Purchases $5,658,000.00 in Stock

Applied Digital Corporation (NASDAQ:APLD) President Jason Gechen Zhang purchased 300,000 shares of Applied Digital stock in a transaction on Friday, October 16th. The stock was bought at an average price of $18.86 per share, with a total value of $5,658,000.00. Following the completion of the acquisition, the president directly owned 2,839,227 shares of the company’s stock, valued at approximately $53,547,821.22. This trade represents a 11.81% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Applied Digital Price Performance

Shares of APLD opened at $18.05 on Monday. The business’s fifty day moving average is $26.11 and its 200 day moving average is $32.36. Applied Digital Corporation has a 12-month low of $17.65 and a 12-month high of $50.72. The company has a quick ratio of 2.56, a current ratio of 2.56 and a debt-to-equity ratio of 3.90. The stock has a market cap of $5.46 billion, a P/E ratio of -11.01 and a beta of 5.99.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, October 7th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.29. Applied Digital had a negative return on equity of 27.21% and a negative net margin of 51.28%. The business had revenue of $300.39 million during the quarter, compared to the consensus estimate of $116.29 million. During the same quarter in the prior year, the company posted ($0.03) earnings per share. Applied Digital’s revenue was up 367.8% compared to the same quarter last year. Sell-side analysts anticipate that Applied Digital Corporation will post -2.06 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on APLD shares. Needham & Company LLC dropped their price target on Applied Digital from $83.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, October 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a research report on Tuesday, July 21st. Citigroup restated a “market outperform” rating on shares of Applied Digital in a research note on Thursday, October 8th. Wall Street Zen lowered Applied Digital from a “sell” rating to a “strong sell” rating in a research report on Sunday, August 30th. Finally, Morgan Stanley set a $41.00 target price on Applied Digital and gave the stock an “equal weight” rating in a research note on Friday, October 9th. Three analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Applied Digital presently has an average rating of “Moderate Buy” and a consensus price target of $62.25.

Institutional Investors Weigh In On Applied Digital

Several large investors have recently modified their holdings of APLD. GAMMA Investing LLC boosted its holdings in Applied Digital by 28.5% in the 2nd quarter. GAMMA Investing LLC now owns 2,092 shares of the company’s stock worth $78,000 after buying an additional 464 shares during the period. Krilogy Financial LLC raised its holdings in Applied Digital by 4.1% during the 2nd quarter. Krilogy Financial LLC now owns 14,243 shares of the company’s stock valued at $531,000 after acquiring an additional 561 shares during the period. Vermillion Wealth Management Inc. raised its holdings in Applied Digital by 29.4% during the 1st quarter. Vermillion Wealth Management Inc. now owns 2,563 shares of the company’s stock valued at $61,000 after acquiring an additional 583 shares during the period. Envestnet Asset Management Inc. lifted its position in shares of Applied Digital by 4.7% during the second quarter. Envestnet Asset Management Inc. now owns 13,333 shares of the company’s stock worth $497,000 after acquiring an additional 596 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its position in shares of Applied Digital by 1.0% during the second quarter. Handelsbanken Fonder AB now owns 71,600 shares of the company’s stock worth $2,671,000 after acquiring an additional 700 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Company Profile

Applied Digital Corporation (NASDAQ: APLD) develops and operates digital infrastructure designed to support high-performance computing, artificial intelligence and other data-intensive applications. The company provides data-center capacity and related services to customers that require substantial computing power and electricity.

The company’s business has included hosting infrastructure for cryptocurrency-mining operations and, increasingly, developing facilities for artificial intelligence and high-performance computing workloads.