Applied Digital (NASDAQ:APLD) Trading Down 1.5% Following Insider Selling

Applied Digital Co. (NASDAQ:APLD)’s stock price traded down 1.5% on Thursday after an insider sold shares in the company. The stock traded as low as $7.83 and last traded at $7.93. 3,151,486 shares were traded during mid-day trading, a decline of 53% from the average session volume of 6,723,353 shares. The stock had previously closed at $8.05.

Specifically, Director Richard N. Nottenburg sold 80,000 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $7.37, for a total value of $589,600.00. Following the transaction, the director now directly owns 433,686 shares in the company, valued at approximately $3,196,265.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. HC Wainwright boosted their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday. 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 research note on Thursday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research report on Thursday. Finally, Roth Mkm reiterated a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a report on Thursday, October 10th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $10.50.

Applied Digital Stock Down 1.5 %

The business’s 50 day moving average is $5.76 and its 200 day moving average is $4.86. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14. The company has a market cap of $1.09 billion, a P/E ratio of -10.04 and a beta of 4.56.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. The business had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. During the same period last year, the business posted ($0.10) EPS. The business’s revenue was up 67.2% compared to the same quarter last year. As a group, equities analysts anticipate that Applied Digital Co. will post -1.12 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 the company. B. Riley Wealth Advisors Inc. grew 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 buying an additional 308,223 shares during the last quarter. Alight Capital Management LP acquired a new stake in Applied Digital in the second quarter valued at approximately $3,570,000. Marshall Wace LLP purchased a new position in Applied Digital in the second quarter worth $720,000. Woodmont Investment Counsel LLC increased its position in shares of Applied Digital by 4.2% during the first quarter. Woodmont Investment Counsel LLC now owns 250,319 shares of the company’s stock worth $1,071,000 after purchasing an additional 10,149 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Applied Digital by 70.2% during the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after purchasing an additional 2,547,485 shares during the last quarter. 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.