Insider Selling: Applied Digital Co. (NASDAQ:APLD) Director Sells $145,461.19 in Stock

Applied Digital Co. (NASDAQ:APLD) Director Richard N. Nottenburg sold 19,369 shares of Applied Digital stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total transaction of $145,461.19. Following the completion of the sale, the director now owns 384,317 shares of the company’s stock, valued at $2,886,220.67. This represents a 4.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Applied Digital Stock Down 4.3 %

Applied Digital stock opened at $6.86 on Friday. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. Applied Digital Co. has a 52 week low of $2.36 and a 52 week high of $9.48. The business’s 50-day moving average price is $7.21 and its 200 day moving average price is $5.51.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The company had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. During the same quarter in the previous year, the business earned ($0.10) earnings per share. The company’s revenue for the quarter was up 67.2% on a year-over-year basis. Sell-side analysts predict that Applied Digital Co. will post -0.4 EPS for the current fiscal year.

Analyst Ratings Changes

APLD has been the topic of a number of research reports. HC Wainwright boosted their price objective on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research report on Friday, November 1st. B. Riley upped 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 upped their target price on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, Roth Mkm reissued a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research note on Thursday, October 10th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $10.50.

Institutional Investors Weigh In On Applied Digital

Several institutional investors and hedge funds have recently modified their holdings of the company. Headlands Technologies LLC boosted its position in shares of Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after acquiring an additional 6,933 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Applied Digital during the 3rd quarter valued at approximately $59,000. ARS Investment Partners LLC purchased a new position in shares of Applied Digital during the 2nd quarter worth approximately $60,000. Beacon Harbor Wealth Advisors Inc. purchased a new position in shares of Applied Digital during the 3rd quarter worth approximately $83,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in shares of Applied Digital during the 3rd quarter worth approximately $88,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

About Applied Digital

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.