Stock Traders Buy High Volume of Applied Digital Call Options (NASDAQ:APLD)

Applied Digital Co. (NASDAQ:APLD) saw unusually large options trading on Tuesday. Traders purchased 65,032 call options on the stock. This is an increase of 171% compared to the average volume of 23,995 call options.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research report on Thursday, October 17th. HC Wainwright lifted their price objective on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. Lake Street Capital lifted their price objective on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Craig Hallum lifted their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $10.50.

Insider Buying and Selling

In related news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $8.01, for a total value of $80,100.00. Following the sale, the director now directly owns 208,506 shares of the company’s stock, valued at $1,670,133.06. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Applied Digital news, Director Richard N. Nottenburg sold 80,000 shares of Applied Digital stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the sale, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total value of $80,100.00. Following the sale, the director now directly owns 208,506 shares in the company, valued at approximately $1,670,133.06. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 100,000 shares of company stock valued at $724,700 over the last ninety days. 20.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds have recently added to or reduced their stakes in the company. Hood River Capital Management LLC raised its holdings in Applied Digital by 8.7% in the 2nd quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock worth $57,098,000 after acquiring an additional 771,699 shares during the last quarter. Vanguard Group Inc. raised its holdings in Applied Digital by 70.2% in the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock worth $26,434,000 after acquiring an additional 2,547,485 shares during the last quarter. Van ECK Associates Corp raised its holdings in Applied Digital by 18.3% in the 2nd quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock worth $17,077,000 after acquiring an additional 443,699 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Applied Digital by 69.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,311,594 shares of the company’s stock worth $5,614,000 after acquiring an additional 536,948 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. raised its holdings in 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 acquiring an additional 308,223 shares during the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Applied Digital Price Performance

APLD stock opened at $9.13 on Wednesday. The firm has a 50 day moving average price of $6.12 and a 200-day moving average price of $5.01. Applied Digital has a 52-week low of $2.36 and a 52-week high of $9.48. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of -11.56 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 released its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating 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 firm 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 earned ($0.10) earnings per share. The business’s revenue was up 67.2% on a year-over-year basis. Equities research analysts forecast that Applied Digital will post -1.12 EPS for the current fiscal year.

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.