Applied Digital (NASDAQ:APLD) Stock Price Down 1.6% on Insider Selling

Applied Digital Co. (NASDAQ:APLD) shares were down 1.6% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $9.20 and last traded at $9.26. Approximately 8,632,402 shares were traded during trading, a decline of 63% from the average daily 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 that occurred 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 completion of the sale, 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 is accessible through this hyperlink.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on APLD. Needham & Company LLC restated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research note on Wednesday, January 15th. HC Wainwright boosted their price target on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Lake Street Capital upped their price target on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Cantor Fitzgerald dropped their price objective on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Wednesday, January 15th. Finally, Craig Hallum upped their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $11.29.

Applied Digital Trading Down 3.3 %

The stock has a 50 day moving average of $9.01 and a 200-day moving average of $7.07. The company has a market capitalization of $2.00 billion, a P/E ratio of -5.18 and a beta of 4.78. 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) last posted its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. The business had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The company’s revenue was up 51.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.05) earnings per share. On average, research analysts predict that Applied Digital Co. will post -0.8 EPS for the current year.

Institutional Investors Weigh In On Applied Digital

Institutional investors have recently bought and sold shares of the business. R Squared Ltd purchased a new position in shares of Applied Digital in the fourth quarter valued at about $36,000. Spire Wealth Management bought a new stake in Applied Digital during the 4th quarter valued at approximately $43,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Applied Digital in the 3rd quarter worth approximately $59,000. KBC Group NV bought a new position in Applied Digital in the 4th quarter worth approximately $55,000. Finally, Beacon Harbor Wealth Advisors Inc. purchased a new stake in Applied Digital during the 3rd quarter valued at approximately $83,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

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.