Applied Digital Co. (NASDAQ:APLD – Get Free Report)’s stock price fell 1.6% during trading on Wednesday following insider selling activity. The company traded as low as $9.20 and last traded at $9.26. 8,632,402 shares changed hands during trading, a decline of 63% from the average session volume of 23,031,754 shares. The stock had previously closed at $9.41.
Specifically, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction on Friday, January 17th. The shares were sold at an average price of $8.85, for a total value of $177,000.00. Following the transaction, the director now directly owns 342,923 shares of the company’s stock, valued at $3,034,868.55. The trade was a 5.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
Wall Street Analyst Weigh In
A number of equities analysts have issued reports on the stock. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research report on Wednesday, January 15th. Craig Hallum boosted their price target on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Lake Street Capital increased their price objective on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Cantor Fitzgerald reduced their target price on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Finally, HC Wainwright raised their price target on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $11.29.
Applied Digital Trading Down 3.3 %
The company has a market cap of $2.00 billion, a PE ratio of -5.18 and a beta of 4.78. The stock has a 50 day moving average price of $9.01 and a 200 day moving average price of $7.07. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22.
Applied Digital (NASDAQ:APLD – Get Free Report) last issued its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The company had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. During the same period last year, the business earned ($0.05) EPS. Applied Digital’s quarterly revenue was up 51.3% compared to the same quarter last year. Sell-side analysts predict that Applied Digital Co. will post -0.8 EPS for the current fiscal year.
Institutional Inflows and Outflows
Large investors have recently added to or reduced their stakes in the stock. R Squared Ltd bought a new position in shares of Applied Digital during the fourth quarter valued at $36,000. Spire Wealth Management purchased a new position in Applied Digital in the fourth quarter worth about $43,000. KBC Group NV bought a new position in shares of Applied Digital in the fourth quarter worth approximately $55,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Applied Digital in the third quarter worth approximately $59,000. Finally, Beacon Harbor Wealth Advisors Inc. purchased a new stake in shares of Applied Digital during the third quarter valued at approximately $83,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.
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.
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