Applied Digital (NASDAQ:APLD) Director Sells $2,336,250.00 in Stock

Applied Digital Corporation (NASDAQ:APLD) Director Richard Nottenburg sold 75,000 shares of the business’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total value of $2,336,250.00. Following the sale, the director owned 133,378 shares of the company’s stock, valued at $4,154,724.70. The trade was a 35.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Applied Digital Stock Down 3.4%

NASDAQ APLD traded down $1.01 during mid-day trading on Thursday, reaching $28.86. 12,509,245 shares of the company’s stock traded hands, compared to its average volume of 24,368,668. The company has a current ratio of 4.01, a quick ratio of 4.01 and a debt-to-equity ratio of 2.88. Applied Digital Corporation has a 1-year low of $13.16 and a 1-year high of $50.72. The company has a fifty day simple moving average of $36.26 and a 200-day simple moving average of $34.19. The company has a market cap of $8.41 billion, a price-to-earnings ratio of -32.43 and a beta of 5.75.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Monday, July 27th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.30). Applied Digital had a negative return on equity of 16.42% and a negative net margin of 37.78%.The company had revenue of $240.35 million for the quarter, compared to the consensus estimate of $96.85 million. During the same period in the previous year, the business posted ($0.24) EPS. The business’s revenue for the quarter was up 406.3% on a year-over-year basis. As a group, equities research analysts expect that Applied Digital Corporation will post -0.98 EPS for the current year.

Hedge Funds Weigh In On Applied Digital

Hedge funds have recently bought and sold shares of the business. Albion Financial Group UT acquired a new position in shares of Applied Digital during the 4th quarter valued at about $25,000. Activest Wealth Management acquired a new stake in Applied Digital in the 4th quarter worth approximately $25,000. Ameriflex Group Inc. bought a new stake in Applied Digital during the fourth quarter worth approximately $25,000. McMillan Office Inc. acquired a new position in Applied Digital during the fourth quarter valued at approximately $25,000. Finally, Larson Financial Group LLC grew its holdings in Applied Digital by 56,450.0% during the third quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock valued at $26,000 after purchasing an additional 1,129 shares during the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

APLD has been the topic of a number of research reports. Lake Street Capital boosted their target price on shares of Applied Digital from $70.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Morgan Stanley increased their price objective on Applied Digital from $36.50 to $37.50 and gave the company an “equal weight” rating in a research report on Thursday. Lucid Cap Mkts upgraded Applied Digital to a “strong-buy” rating in a research report on Wednesday, May 27th. Compass Point reaffirmed a “buy” rating and set a $70.00 price objective on shares of Applied Digital in a research note on Friday, May 22nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $83.00 price objective on shares of Applied Digital in a research note on Tuesday, July 28th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Applied Digital has a consensus rating of “Moderate Buy” and an average price target of $68.15.

Applied Digital Company Profile

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.