Wes Cummins Sells 200,000 Shares of Applied Digital Co. (NASDAQ:APLD) Stock

Applied Digital Co. (NASDAQ:APLD) CEO Wes Cummins sold 200,000 shares of the stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the transaction, the chief executive officer now directly owns 3,875,955 shares in the company, valued at $35,658,786. This trade represents a 4.91 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Applied Digital Price Performance

APLD stock opened at $10.10 on Monday. The business has a 50 day simple moving average of $7.97 and a 200-day simple moving average of $6.03. The company has a market capitalization of $2.18 billion, a P/E ratio of -8.63 and a beta of 4.65. Applied Digital Co. has a twelve month low of $2.36 and a twelve 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.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.13. The company had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. Applied Digital’s revenue for the quarter was up 67.2% on a year-over-year basis. During the same period last year, the firm posted ($0.10) EPS. As a group, equities analysts anticipate that Applied Digital Co. will post -0.4 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on APLD shares. Lake Street Capital increased their price objective on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, October 10th. HC Wainwright raised their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. B. Riley boosted their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Craig Hallum increased their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Roth Mkm reiterated a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research note on Thursday, October 10th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $10.50.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Hood River Capital Management LLC lifted its position in Applied Digital by 8.7% during the 2nd quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock worth $57,098,000 after acquiring an additional 771,699 shares during the period. Vanguard Group Inc. raised its stake in shares of Applied Digital by 70.2% during the first 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 last quarter. Geode Capital Management LLC lifted its holdings in shares of 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 during the period. Van ECK Associates Corp grew its position in Applied Digital by 18.3% in the 2nd quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock valued at $17,077,000 after buying an additional 443,699 shares during the last quarter. Finally, State Street Corp increased its stake in Applied Digital by 14.0% in the 3rd quarter. State Street Corp now owns 2,337,267 shares of the company’s stock valued at $19,282,000 after buying an additional 286,852 shares during the period. Hedge funds and other institutional investors own 65.67% of the company’s stock.

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.