Applied Digital (NASDAQ:APLD) Director Richard Nottenburg Sells 12,500 Shares

Applied Digital Corporation (NASDAQ:APLD) Director Richard Nottenburg sold 12,500 shares of the business’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $34.59, for a total transaction of $432,375.00. Following the completion of the transaction, the director directly owned 208,378 shares in the company, valued at $7,207,795.02. This trade represents a 5.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Applied Digital Price Performance

NASDAQ APLD traded up $1.56 on Thursday, reaching $34.25. The company had a trading volume of 21,531,486 shares, compared to its average volume of 26,865,785. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65. The stock has a market capitalization of $9.79 billion, a PE ratio of -46.28 and a beta of 7.25. The firm’s 50 day moving average price is $28.22 and its 200 day moving average price is $30.05. Applied Digital Corporation has a 12 month low of $4.62 and a 12 month high of $42.27.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). The company had revenue of $108.55 million during the quarter, compared to the consensus estimate of $78.47 million. Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. The business’s revenue was up 139.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.08) earnings per share. As a group, equities analysts predict that Applied Digital Corporation will post -0.52 earnings per share for the current year.

Institutional Investors Weigh In On Applied Digital

Several institutional investors have recently modified their holdings of the stock. Noble Wealth Management PBC purchased a new position in shares of Applied Digital in the 4th quarter worth approximately $25,000. Albion Financial Group UT purchased a new stake in Applied Digital during the 4th quarter valued at $25,000. Activest Wealth Management bought a new stake in Applied Digital in the fourth quarter worth $25,000. Ameriflex Group Inc. purchased a new position in Applied Digital during the fourth quarter worth $25,000. Finally, McMillan Office Inc. purchased a new position in Applied Digital during the fourth quarter worth $25,000. 65.67% of the stock is owned by institutional investors.

Analyst Ratings Changes

APLD has been the subject of several research analyst reports. Wall Street Zen cut Applied Digital from a “hold” rating to a “sell” rating in a report on Saturday, April 11th. Citizens Jmp reaffirmed a “market outperform” rating and set a $40.00 price objective on shares of Applied Digital in a report on Thursday, April 9th. Roth Mkm reaffirmed a “buy” rating and set a $65.00 price objective on shares of Applied Digital in a report on Thursday, April 23rd. Arete Research initiated coverage on Applied Digital in a report on Wednesday, January 7th. They set a “buy” rating on the stock. Finally, Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a report on Wednesday, January 28th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $44.33.

About Applied Digital

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.