Insider Selling: Applied Digital Co. (NASDAQ:APLD) Director Sells 50,000 Shares of Stock

Applied Digital Co. (NASDAQ:APLD) Director Richard N. Nottenburg sold 50,000 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $460,000.00. Following the completion of the transaction, the director now directly owns 334,317 shares of the company’s stock, valued at $3,075,716.40. The trade was a 13.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Applied Digital Stock Performance

Shares of NASDAQ APLD traded up $0.44 during trading on Friday, reaching $10.10. 11,647,755 shares of the company traded hands, compared to its average volume of 7,954,302. Applied Digital Co. has a 12-month low of $2.36 and a 12-month high of $10.94. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62. The stock has a market cap of $2.18 billion, a P/E ratio of -8.88 and a beta of 4.65. The firm’s fifty day simple moving average is $7.89 and its 200 day simple moving average is $5.95.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. The company had revenue of $60.70 million during the quarter, compared to the consensus estimate 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 for the quarter was up 67.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.10) earnings per share. As a group, research analysts anticipate that Applied Digital Co. will post -0.4 earnings per share for the current fiscal year.

Institutional Trading of Applied Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in APLD. Vanguard Group Inc. raised its position 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. Geode Capital Management LLC boosted its position in Applied Digital by 48.7% during the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock worth $25,258,000 after purchasing an additional 1,002,862 shares in the last quarter. Hood River Capital Management LLC grew its holdings in Applied Digital by 8.7% in the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after purchasing an additional 771,699 shares during the period. Alight Capital Management LP purchased a new stake in shares of Applied Digital in the second quarter valued at approximately $3,570,000. Finally, Van ECK Associates Corp raised its stake in shares of Applied Digital by 18.3% during the 2nd quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock worth $17,077,000 after buying an additional 443,699 shares during the period. Institutional investors and hedge funds own 65.67% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Needham & Company LLC restated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research note on Friday, November 1st. B. Riley upped their target price on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Lake Street Capital lifted their price target on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Craig Hallum increased their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Finally, HC Wainwright upped their target price on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $10.50.

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.