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 Applied Digital stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $460,000.00. Following the sale, the director now directly owns 334,317 shares of the company’s stock, valued at $3,075,716.40. This represents a 13.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Applied Digital Trading Up 4.6 %

NASDAQ:APLD opened at $10.10 on Friday. The business’s 50-day simple moving average is $7.97 and its 200-day simple moving average is $5.99. Applied Digital Co. has a fifty-two week low of $2.36 and a fifty-two week high of $10.94. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. The stock has a market capitalization of $2.18 billion, a PE ratio of -8.63 and a beta of 4.65.

Applied Digital (NASDAQ:APLD) last released 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. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The company had revenue of $60.70 million during the quarter, compared to analysts’ expectations of $54.85 million. During the same quarter in the prior year, the company earned ($0.10) earnings per share. The business’s quarterly revenue was up 67.2% compared to the same quarter last year. Sell-side analysts expect that Applied Digital Co. will post -0.4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Applied Digital

A number of large investors have recently added to or reduced their stakes in APLD. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Applied Digital in the third quarter valued at about $59,000. Headlands Technologies LLC raised its position in Applied Digital by 381.8% in the 2nd 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 during the last quarter. ARS Investment Partners LLC bought a new stake in Applied Digital in the 2nd quarter valued at approximately $60,000. Beacon Harbor Wealth Advisors Inc. acquired a new position in Applied Digital during the 3rd quarter worth approximately $83,000. Finally, Wealth Enhancement Advisory Services LLC bought a new position in shares of Applied Digital during the 3rd quarter worth approximately $88,000. Institutional investors own 65.67% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on APLD shares. HC Wainwright raised their price target on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. B. Riley boosted their target price on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Lake Street Capital upped their price target on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Craig Hallum lifted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price 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.