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

Applied Digital Co. (NASDAQ:APLD)’s share price traded down 1.5% during mid-day trading 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 traded hands 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 transaction of $589,600.00. Following the completion of the sale, the director now directly owns 433,686 shares in the company, valued at $3,196,265.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Roth Mkm restated a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research report on Thursday, October 10th. 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. Craig Hallum upped their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. B. Riley upped their price target on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Finally, HC Wainwright increased their target price on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $10.50.

Applied Digital Trading Up 2.9 %

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 stock’s fifty day moving average price is $5.92 and its two-hundred day moving average price is $4.91. The company has a market capitalization of $1.12 billion, a PE ratio of -10.35 and a beta of 4.56.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, topping 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 107.05%. The business had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. During the same period last year, the business posted ($0.10) earnings per share. Applied Digital’s quarterly revenue was up 67.2% compared to the same quarter last year. Sell-side analysts anticipate that Applied Digital Co. will post -1.12 earnings per share for the current year.

Institutional Trading of Applied Digital

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD lifted its holdings in Applied Digital by 15.3% in 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 during the period. ICA Group Wealth Management LLC increased its stake in shares of Applied Digital by 56.8% during the second quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock valued at $112,000 after purchasing an additional 6,795 shares in the last quarter. Headlands Technologies LLC increased its stake in shares of Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after purchasing an additional 6,933 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake 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 in the last quarter. Finally, ARS Investment Partners LLC bought a new position in shares of Applied Digital during the second quarter valued at approximately $60,000. 65.67% of the stock is currently owned by hedge funds and other 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.