Applied Digital Co. (NASDAQ:APLD) Director Sells $460,000.00 in Stock

Applied Digital Co. (NASDAQ:APLD) Director Richard N. Nottenburg sold 50,000 shares of the firm’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $460,000.00. Following the completion of the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Applied Digital Stock Performance

APLD opened at $10.10 on Friday. 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 Co. has a 12-month low of $2.36 and a 12-month high of $10.94. The firm has a 50 day moving average of $7.97 and a two-hundred day moving average of $6.01. The firm has a market capitalization of $2.18 billion, a PE ratio of -8.63 and a beta of 4.65.

Applied Digital (NASDAQ:APLD) last issued its earnings results 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. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The firm had revenue of $60.70 million during the quarter, compared to analysts’ expectations of $54.85 million. During the same quarter last year, the company posted ($0.10) earnings per share. The firm’s revenue was up 67.2% compared to the same quarter last year. On average, analysts anticipate that Applied Digital Co. will post -0.4 EPS for the current year.

Hedge Funds Weigh In On Applied Digital

A number of institutional investors have recently modified their holdings of the stock. Tidal Investments LLC acquired a new stake in Applied Digital during the third quarter worth about $95,000. Virtu Financial LLC purchased a new stake in Applied Digital in the 3rd quarter worth approximately $2,030,000. Geode Capital Management LLC grew its stake in shares of Applied Digital by 48.7% during the 3rd 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. Barclays PLC increased its holdings in shares of Applied Digital by 736.8% during the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after purchasing an additional 428,428 shares in the last quarter. Finally, Main Management ETF Advisors LLC acquired a new position in shares of Applied Digital in the 3rd quarter valued at $1,575,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on APLD shares. B. Riley raised their price target on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Craig Hallum lifted their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Lake Street Capital upped their price target on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research note on Friday, November 1st. 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, the stock currently has an average rating of “Buy” and a consensus price target of $10.50.

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.