Applied Digital Co. (NASDAQ:APLD) CEO Wes Cummins Sells 200,000 Shares

Applied Digital Co. (NASDAQ:APLD) CEO Wes Cummins sold 200,000 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 3,875,955 shares in the company, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Applied Digital Price Performance

Shares of Applied Digital stock traded up $0.44 on Friday, hitting $10.10. The company had a trading volume of 11,647,755 shares, compared to its average volume of 7,954,302. Applied Digital Co. has a 52 week low of $2.36 and a 52 week high of $10.94. The company has a market cap of $2.18 billion, a PE ratio of -8.88 and a beta of 4.65. The business has a 50-day simple moving average of $7.89 and a 200-day simple moving average of $5.95. 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 (NASDAQ:APLD) last issued its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.13. The company had revenue of $60.70 million for the quarter, compared to analysts’ expectations of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The firm’s revenue for the quarter was up 67.2% on a year-over-year basis. During the same period last year, the firm earned ($0.10) EPS. Research analysts expect that Applied Digital Co. will post -0.4 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on APLD. B. Riley raised their target price on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Craig Hallum lifted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. HC Wainwright upped their target price on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price target on shares of Applied Digital in a report on Friday, November 1st. Finally, Roth Mkm reissued a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $10.50.

Institutional Investors Weigh In On Applied Digital

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

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.