Applied Digital Sees Unusually High Options Volume (NASDAQ:APLD)

Applied Digital Co. (NASDAQ:APLD) was the recipient of unusually large options trading activity on Tuesday. Investors bought 65,032 call options on the stock. This represents an increase of 171% compared to the average volume of 23,995 call options.

Insider Activity

In other news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $8.01, for a total transaction of $80,100.00. Following the completion of the sale, the director now owns 208,506 shares in the company, valued at approximately $1,670,133.06. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Applied Digital news, Director Richard N. Nottenburg sold 80,000 shares of the business’s stock in a transaction 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 transaction, the director now directly owns 433,686 shares of the company’s stock, valued at approximately $3,196,265.82. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total transaction of $80,100.00. Following the transaction, the director now owns 208,506 shares of the company’s stock, valued at approximately $1,670,133.06. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 100,000 shares of company stock valued at $724,700. Insiders own 20.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors have recently added to or reduced their stakes in APLD. Price T Rowe Associates Inc. MD boosted its holdings in Applied Digital by 15.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock worth $103,000 after buying an additional 3,182 shares in the last quarter. ICA Group Wealth Management LLC grew its holdings in shares of Applied Digital by 56.8% in the 2nd quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock worth $112,000 after acquiring an additional 6,795 shares during the last quarter. Headlands Technologies LLC grew its holdings in shares of Applied Digital by 381.8% in the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after acquiring an additional 6,933 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Applied Digital by 25.0% during the second quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company’s stock valued at $224,000 after purchasing an additional 7,517 shares during the last quarter. Finally, ARS Investment Partners LLC acquired a new position in shares of Applied Digital in the 2nd quarter valued at $60,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Roth Mkm reissued a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research report on Thursday, October 10th. Craig Hallum raised their price target 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. HC Wainwright upped their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a report on Thursday, October 17th. Finally, B. Riley lifted their price objective on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Six equities research 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 Performance

Shares of NASDAQ APLD traded up $0.46 during trading on Tuesday, reaching $9.17. The stock had a trading volume of 8,345,397 shares, compared to its average volume of 6,864,365. The firm’s 50 day moving average price is $6.02 and its two-hundred day moving average price is $4.97. Applied Digital has a one year low of $2.36 and a one year high of $9.48. The stock has a market cap of $1.26 billion, a PE ratio of -11.82 and a beta of 4.56. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.08 and a current ratio of 0.08.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data 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. The firm had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 107.05%. Applied Digital’s quarterly revenue was up 67.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.10) EPS. On average, research analysts forecast that Applied Digital will post -1.12 earnings per share for the current fiscal year.

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.