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 company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $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.

Applied Digital Trading Up 4.6 %

Shares of APLD stock traded up $0.44 on Friday, hitting $10.10. 11,647,755 shares of the stock traded hands, compared to its average volume of 7,954,302. Applied Digital Co. has a twelve month low of $2.36 and a twelve month high of $10.94. The stock has a market capitalization of $2.18 billion, a PE ratio of -8.88 and a beta of 4.65. The firm’s 50-day moving average price is $7.89 and its two-hundred day moving average price is $5.95. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22.

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

Institutional Investors Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. 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. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Applied Digital during the third quarter worth about $59,000. ARS Investment Partners LLC acquired a new stake in shares of Applied Digital during the second quarter valued at about $60,000. Beacon Harbor Wealth Advisors Inc. acquired a new position in shares of Applied Digital in 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.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Roth Mkm reissued a “buy” rating and set a $10.00 target price on shares of Applied Digital in a report on Thursday, October 10th. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a report on Friday, November 1st. B. Riley increased their target price on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Lake Street Capital boosted their price target on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, HC Wainwright increased their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, 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.