Insider Selling: Applied Digital Co. (NASDAQ:APLD) Director Sells $80,100.00 in Stock

Applied Digital Co. (NASDAQ:APLD) Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director now owns 208,506 shares in the company, valued at $1,670,133.06. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Applied Digital Stock Down 5.7 %

Shares of NASDAQ:APLD opened at $8.61 on Thursday. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14. The company has a fifty day simple moving average of $6.21 and a 200 day simple moving average of $5.03. The firm has a market cap of $1.18 billion, a PE ratio of -10.90 and a beta of 4.56. Applied Digital Co. has a 12-month low of $2.36 and a 12-month high of $9.48.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. The business had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 107.05%. The business’s revenue was up 67.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.10) earnings per share. On average, equities research analysts anticipate that Applied Digital Co. will post -1.12 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Craig Hallum lifted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Roth Mkm reiterated a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research note on Thursday, October 10th. HC Wainwright lifted 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 set a $11.00 price objective on shares of Applied Digital in a research note on Thursday, October 17th. Finally, B. Riley lifted their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $10.50.

Hedge Funds Weigh In On Applied Digital

Hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. acquired a new position in Applied Digital in the first quarter worth $50,000. Headlands Technologies LLC boosted its holdings in Applied Digital by 381.8% in the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after purchasing an additional 6,933 shares during the period. ARS Investment Partners LLC acquired a new position in Applied Digital in the second quarter worth $60,000. Price T Rowe Associates Inc. MD boosted 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 purchasing an additional 3,182 shares during the period. Finally, Crumly & Associates Inc. acquired a new position in Applied Digital in the second quarter worth $110,000. Institutional investors and hedge funds 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.