Insider Selling: Applied Digital Co. (NASDAQ:APLD) Director Sells 20,000 Shares of Stock

Applied Digital Co. (NASDAQ:APLD) Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the completion of the transaction, the director now owns 342,923 shares of the company’s stock, valued at $3,034,868.55. This represents a 5.51 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Applied Digital Stock Up 2.4 %

Applied Digital stock opened at $9.64 on Thursday. The company has a market capitalization of $2.15 billion, a P/E ratio of -5.57 and a beta of 4.78. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. Applied Digital Co. has a fifty-two week low of $2.36 and a fifty-two week high of $11.25. The stock has a 50-day simple moving average of $8.88 and a 200-day simple moving average of $7.02.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. The company had revenue of $63.87 million during the quarter, compared to analysts’ expectations of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The firm’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.05) earnings per share. Equities research analysts expect that Applied Digital Co. will post -0.8 earnings per share for the current year.

Wall Street Analyst Weigh In

APLD has been the topic of a number of analyst reports. Craig Hallum raised their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a 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 report on Wednesday, January 15th. HC Wainwright increased their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Roth Mkm restated a “buy” rating and set a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Finally, Lake Street Capital increased 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. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $11.29.

Institutional Trading of Applied Digital

Several institutional investors and hedge funds have recently bought and sold shares of APLD. Geode Capital Management LLC increased its stake in Applied Digital by 48.7% in the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock valued at $25,258,000 after purchasing an additional 1,002,862 shares during the period. Alight Capital Management LP purchased a new position in shares of Applied Digital during the second quarter worth about $3,570,000. Barclays PLC increased its position in Applied Digital by 736.8% in the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after acquiring an additional 428,428 shares during the period. B. Riley Wealth Advisors Inc. lifted its position in Applied Digital by 66.1% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock worth $4,609,000 after acquiring an additional 308,223 shares during the period. Finally, State Street Corp grew its stake in shares of Applied Digital by 14.0% in the 3rd quarter. State Street Corp now owns 2,337,267 shares of the company’s stock valued at $19,282,000 after purchasing an additional 286,852 shares during the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

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.