Richard N. Nottenburg Sells 80,000 Shares of Applied Digital Co. (NASDAQ:APLD) Stock

Applied Digital Co. (NASDAQ:APLD) Director Richard N. Nottenburg sold 80,000 shares of the firm’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $7.37, for a total value of $589,600.00. Following the completion of the sale, the director now owns 433,686 shares of the company’s stock, valued at approximately $3,196,265.82. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Applied Digital Stock Down 1.2 %

Shares of Applied Digital stock opened at $7.95 on Friday. The business’s 50 day simple moving average is $5.84 and its 200 day simple moving average is $4.88. Applied Digital Co. has a 52-week low of $2.36 and a 52-week high of $8.78. The firm has a market cap of $1.09 billion, a PE ratio of -10.06 and a beta of 4.56. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.08 and a current ratio of 0.08.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. The business had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. During the same quarter last year, the firm earned ($0.10) EPS. Applied Digital’s revenue for the quarter was up 67.2% compared to the same quarter last year. On average, analysts predict that Applied Digital Co. will post -1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Lake Street Capital raised their price target on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Craig Hallum raised their price target on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research report on Thursday. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research report on Thursday, October 10th. Finally, B. Riley raised their price target on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $10.50.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Headlands Technologies LLC increased 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 purchasing an additional 6,933 shares during the last quarter. ARS Investment Partners LLC acquired a new position in shares of Applied Digital during the 2nd quarter worth approximately $60,000. Principal Financial Group Inc. acquired a new position in shares of Applied Digital during the 1st quarter worth approximately $50,000. ICA Group Wealth Management LLC acquired a new position in shares of Applied Digital during the 4th quarter worth approximately $81,000. Finally, Crumly & Associates Inc. acquired a new position in shares of Applied Digital during the 2nd quarter worth approximately $110,000. Institutional investors and hedge funds 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.