Applied Digital Co. (NASDAQ:APLD) Director Sells $177,000.00 in Stock

Applied Digital Co. (NASDAQ:APLD - Get Free Report) Director Richard N. Nottenburg sold 20,000 shares of the firm's stock in a transaction on Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $177,000.00. Following the sale, the director now owns 342,923 shares in the company, valued at approximately $3,034,868.55. This represents a 5.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Applied Digital Trading Down 3.8 %

APLD stock traded down $0.37 during trading on Thursday, reaching $9.27. 15,424,137 shares of the stock were exchanged, compared to its average volume of 23,542,285. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The business has a 50 day moving average price of $8.93 and a 200-day moving average price of $7.04. Applied Digital Co. has a 1 year low of $2.36 and a 1 year high of $11.25. The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of -5.36 and a beta of 4.78.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping analysts' consensus estimates of ($0.14) by $0.08. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The company had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. During the same period in the previous year, the firm earned ($0.05) earnings per share. Applied Digital's quarterly revenue was up 51.3% compared to the same quarter last year. On average, research analysts predict that Applied Digital Co. will post -0.8 earnings per share for the current year.

Hedge Funds Weigh In On Applied Digital

A number of institutional investors have recently bought and sold shares of APLD. Nisa Investment Advisors LLC increased its position in shares of Applied Digital by 16.8% during the fourth quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company's stock valued at $90,000 after acquiring an additional 1,692 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Applied Digital by 8.8% during the third quarter. Wellington Management Group LLP now owns 37,411 shares of the company's stock valued at $309,000 after acquiring an additional 3,040 shares during the last quarter. R Squared Ltd acquired a new stake in shares of Applied Digital during the fourth quarter valued at about $36,000. The Manufacturers Life Insurance Company increased its position in shares of Applied Digital by 14.4% during the third quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company's stock valued at $355,000 after acquiring an additional 5,423 shares during the last quarter. Finally, FMR LLC increased its position in shares of Applied Digital by 99.1% during the third quarter. FMR LLC now owns 13,071 shares of the company's stock valued at $108,000 after acquiring an additional 6,507 shares during the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $11.00 price objective on shares of Applied Digital in a report on Wednesday, January 15th. Craig Hallum increased their price objective 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. Roth Mkm reaffirmed a "buy" rating and set a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Lake Street Capital raised their price target on shares of Applied Digital from $7.00 to $11.00 and gave the stock a "buy" rating in a research note on Thursday, October 10th. Finally, HC Wainwright 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 Wednesday, January 15th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $11.29.

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.