Applied Digital (NASDAQ:APLD) Stock Price Down 5.2% on Insider Selling

Key Points

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Applied Digital Corporation (NASDAQ:APLD - Get Free Report)'s share price dropped 5.2% during trading on Monday following insider selling activity. The company traded as low as $32.52 and last traded at $32.87. Approximately 26,845,208 shares changed hands during trading, a decline of 26% from the average daily volume of 36,356,453 shares. The stock had previously closed at $34.66.

Specifically, Director Ella G. Benson sold 42,569 shares of the company's stock in a transaction that occurred on Wednesday, October 29th. The stock was sold at an average price of $35.30, for a total transaction of $1,502,685.70. Following the transaction, the director directly owned 69,256 shares of the company's stock, valued at $2,444,736.80. This represents a 38.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Chuck Hastings sold 25,000 shares of Applied Digital stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $34.27, for a total value of $856,750.00. Following the transaction, the director owned 426,612 shares of the company's stock, valued at $14,619,993.24. This trade represents a 5.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In other Applied Digital news, Director Chuck Hastings sold 50,000 shares of Applied Digital stock in a transaction dated Wednesday, October 29th. The stock was sold at an average price of $35.69, for a total transaction of $1,784,500.00. Following the completion of the transaction, the director owned 451,612 shares in the company, valued at approximately $16,118,032.28. The trade was a 9.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on APLD. Citigroup reaffirmed an "outperform" rating on shares of Applied Digital in a research report on Thursday, October 9th. B. Riley reaffirmed a "buy" rating on shares of Applied Digital in a research report on Wednesday, October 22nd. Craig Hallum raised their target price on Applied Digital to $39.00 and gave the company a "buy" rating in a research report on Thursday, October 23rd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Applied Digital in a research report on Wednesday, October 8th. Finally, Northland Securities raised their target price on Applied Digital to $40.00 and gave the company an "outperform" rating in a research report on Friday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $26.20.

Applied Digital Stock Performance

The company has a 50-day moving average of $24.76 and a 200 day moving average of $15.01. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $9.19 billion, a PE ratio of -29.09 and a beta of 6.77.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its earnings results on Thursday, October 9th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.08. Applied Digital had a negative return on equity of 37.14% and a negative net margin of 111.29%.The business had revenue of $38.01 million during the quarter, compared to analysts' expectations of $52.25 million. During the same period in the previous year, the business earned ($0.15) earnings per share. The firm's revenue was up 84.3% on a year-over-year basis. Equities research analysts predict that Applied Digital Corporation will post -0.96 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in APLD. Atlantic Union Bankshares Corp purchased a new position in Applied Digital in the second quarter worth $25,000. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Applied Digital during the 2nd quarter valued at about $26,000. Dagco Inc. purchased a new position in shares of Applied Digital during the 3rd quarter valued at about $27,000. PNC Financial Services Group Inc. purchased a new position in shares of Applied Digital during the 1st quarter valued at about $28,000. Finally, Evolution Wealth Management Inc. raised its holdings in shares of Applied Digital by 101.8% during the 3rd quarter. Evolution Wealth Management Inc. now owns 1,600 shares of the company's stock valued at $37,000 after buying an additional 807 shares in the last quarter. 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.

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