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 company’s stock in a transaction that occurred 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 sale, the director now owns 433,686 shares in the company, 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 document filed with the Securities & Exchange Commission, which is available at this link.

Applied Digital Trading Up 10.3 %

Shares of Applied Digital stock traded up $0.75 on Wednesday, hitting $8.05. 15,527,017 shares of the company traded hands, compared to its average volume of 6,741,005. The stock’s 50 day moving average price is $5.68 and its 200-day moving average price is $4.84. The company has a market cap of $1.10 billion, a PE ratio of -10.33 and a beta of 4.56. Applied Digital Co. has a 52 week low of $2.36 and a 52 week high of $8.78. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14.

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

Wall Street Analyst Weigh In

Several research firms recently weighed in on APLD. B. Riley increased their price target on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a report on Friday, September 13th. Roth Mkm reissued a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research note 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 note on Thursday, October 10th. Craig Hallum increased their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, Lake Street Capital raised their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Six analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital currently has an average rating of “Buy” and a consensus target price of $10.50.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. B. Riley Wealth Advisors Inc. lifted its position in shares of Applied Digital by 66.1% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock worth $4,609,000 after purchasing an additional 308,223 shares during the period. Alight Capital Management LP bought a new position in Applied Digital in the second quarter worth approximately $3,570,000. Marshall Wace LLP purchased a new stake in Applied Digital during the second quarter worth $720,000. Woodmont Investment Counsel LLC boosted its position in Applied Digital by 4.2% during the 1st quarter. Woodmont Investment Counsel LLC now owns 250,319 shares of the company’s stock valued at $1,071,000 after acquiring an additional 10,149 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Applied Digital by 70.2% in the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after acquiring an additional 2,547,485 shares during the period. 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.