Applied Digital Corporation (NASDAQ:APLD) Director Sells $159,975.00 in Stock

Key Points

• Director Richard N. Nottenburg of Applied Digital Corporation sold 11,250 shares of stock for approximately $159,975, resulting in a 3.42% decrease in his holdings.
• Applied Digital reported a negative net margin of 107.22% for the last quarter, with a year-over-year revenue increase of 41.3%, amounting to $38.01 million.
• Eight analysts have rated the stock with a buy rating or better, and the average price target has been set at $14.18.

Applied Digital Corporation (NASDAQ:APLD - Get Free Report) Director Richard N. Nottenburg sold 11,250 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $14.22, for a total transaction of $159,975.00. Following the sale, the director owned 317,987 shares of the company's stock, valued at $4,521,775.14. This trade represents a 3.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Applied Digital Price Performance

NASDAQ:APLD traded down $0.17 during mid-day trading on Monday, hitting $14.03. 18,956,894 shares of the stock traded hands, compared to its average volume of 38,332,383. The business's 50-day moving average price is $11.21 and its 200 day moving average price is $8.18. The company has a market cap of $3.67 billion, a PE ratio of -12.87 and a beta of 6.17. Applied Digital Corporation has a 12-month low of $3.01 and a 12-month high of $15.42. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.36.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported ($0.12) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.12). Applied Digital had a negative net margin of 107.22% and a negative return on equity of 50.03%. The business had revenue of $38.01 million during the quarter, compared to analyst estimates of $42.86 million. During the same period in the previous year, the business posted ($0.14) earnings per share. Applied Digital's revenue for the quarter was up 41.3% on a year-over-year basis. On average, analysts expect that Applied Digital Corporation will post -0.96 EPS for the current fiscal year.

Institutional Investors Weigh In On Applied Digital

Several hedge funds have recently bought and sold shares of the stock. Flagship Harbor Advisors LLC raised its holdings in Applied Digital by 6.0% in the 2nd quarter. Flagship Harbor Advisors LLC now owns 15,930 shares of the company's stock worth $160,000 after purchasing an additional 900 shares in the last quarter. Corebridge Financial Inc. raised its holdings in Applied Digital by 2.0% in the 1st quarter. Corebridge Financial Inc. now owns 97,224 shares of the company's stock worth $546,000 after purchasing an additional 1,899 shares in the last quarter. Wedbush Securities Inc. raised its holdings in Applied Digital by 14.8% in the 1st quarter. Wedbush Securities Inc. now owns 15,500 shares of the company's stock worth $87,000 after purchasing an additional 2,000 shares in the last quarter. Wellington Management Group LLP raised its holdings in Applied Digital by 11.7% in the 1st quarter. Wellington Management Group LLP now owns 19,056 shares of the company's stock worth $107,000 after purchasing an additional 2,001 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its holdings in Applied Digital by 10.2% in the 2nd quarter. Teacher Retirement System of Texas now owns 27,252 shares of the company's stock worth $274,000 after purchasing an additional 2,515 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on APLD shares. JMP Securities raised their price objective on shares of Applied Digital from $12.00 to $18.00 and gave the stock a "market outperform" rating in a report on Tuesday, June 3rd. Lake Street Capital raised their price objective on shares of Applied Digital from $14.00 to $18.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Cantor Fitzgerald decreased their price objective on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a report on Tuesday, April 15th. Needham & Company LLC lifted their target price on shares of Applied Digital from $12.00 to $16.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Finally, Craig Hallum lifted their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Twelve research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $14.18.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.