Applied Digital Sees Unusually High Options Volume (NASDAQ:APLD)

Applied Digital Co. (NASDAQ:APLD) saw some unusual options trading activity on Wednesday. Investors bought 52,466 call options on the company. This is an increase of approximately 16% compared to the average daily volume of 45,142 call options.

Insider Activity

In other Applied Digital news, 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 transaction of $460,000.00. Following the transaction, the director now owns 334,317 shares in the company, valued at $3,075,716.40. This trade represents a 13.01 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Wes Cummins sold 200,000 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 $1,840,000.00. Following the completion of the transaction, the chief executive officer now owns 3,875,955 shares in the company, valued at $35,658,786. The trade was a 4.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 279,369 shares of company stock valued at $2,525,561 in the last quarter. Company insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

A number of hedge funds have recently modified their holdings of APLD. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Applied Digital in the third quarter worth about $59,000. Headlands Technologies LLC grew its position in Applied Digital by 381.8% in the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after purchasing an additional 6,933 shares during the period. Beacon Harbor Wealth Advisors Inc. purchased a new stake in Applied Digital during the 3rd quarter valued at $83,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Applied Digital during the 3rd quarter valued at $88,000. Finally, Gunderson Capital Management Inc. purchased a new position in shares of Applied Digital in the 4th quarter worth $83,000. Institutional investors own 65.67% of the company’s stock.

Applied Digital Price Performance

NASDAQ:APLD traded down $0.13 during trading hours on Wednesday, hitting $8.41. The stock had a trading volume of 20,802,802 shares, compared to its average volume of 21,988,871. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. Applied Digital has a one year low of $2.36 and a one year high of $11.25. The firm has a market capitalization of $1.78 billion, a price-to-earnings ratio of -7.19 and a beta of 4.78. The company has a 50 day simple moving average of $8.74 and a two-hundred day simple moving average of $6.94.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The firm had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. During the same period in the previous year, the business posted ($0.05) EPS. The business’s quarterly revenue was up 51.3% on a year-over-year basis. Research analysts forecast that Applied Digital will post -0.4 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on APLD shares. Roth Mkm restated a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a report on Thursday, October 10th. Lake Street Capital raised their price objective on 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 restated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a report on Wednesday. Craig Hallum boosted their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, Cantor Fitzgerald decreased their price objective on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $11.29.

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.