Applied Digital Co. (NASDAQ:APLD) Director Sells $177,000.00 in Stock

Applied Digital Co. (NASDAQ:APLD) Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $177,000.00. Following the transaction, the director now owns 342,923 shares of the company’s stock, valued at approximately $3,034,868.55. The trade was a 5.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Applied Digital Trading Up 2.4 %

Shares of NASDAQ APLD traded up $0.23 during midday trading on Wednesday, reaching $9.64. The company had a trading volume of 21,937,659 shares, compared to its average volume of 24,117,914. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm’s fifty day moving average price is $8.88 and its 200-day moving average price is $7.02. The stock has a market cap of $2.15 billion, a PE ratio of -5.57 and a beta of 4.78. Applied Digital Co. has a one year low of $2.36 and a one year high of $11.25.

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

Institutional Investors Weigh In On Applied Digital

Several hedge funds have recently made changes to their positions in APLD. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Applied Digital during the third quarter valued at $59,000. KBC Group NV bought a new stake in Applied Digital during the fourth quarter worth about $55,000. Beacon Harbor Wealth Advisors Inc. bought a new position in shares of Applied Digital during the third quarter valued at approximately $83,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Applied Digital during the third quarter valued at approximately $88,000. Finally, Gunderson Capital Management Inc. purchased a new stake in shares of Applied Digital in the 4th quarter worth approximately $83,000. 65.67% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on APLD. Roth Mkm reiterated a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Lake Street Capital raised their target price on Applied Digital from $7.00 to $11.00 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 Wednesday, January 15th. Craig Hallum upped their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Finally, Cantor Fitzgerald lowered their target price on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $11.29.

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.