Rachel H. Lee Sells 24,212 Shares of Applied Digital Co. (NASDAQ:APLD) Stock

Applied Digital Co. (NASDAQ:APLD - Get Free Report) Director Rachel H. Lee sold 24,212 shares of the business's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total transaction of $169,484.00. Following the sale, the director now directly owns 83,613 shares in the company, valued at approximately $585,291. This trade represents a 22.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Applied Digital Stock Performance

Shares of Applied Digital stock traded down $0.11 during trading hours on Friday, reaching $7.37. 23,604,770 shares of the stock traded hands, compared to its average volume of 30,621,596. Applied Digital Co. has a one year low of $3.01 and a one year high of $12.48. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of -4.26 and a beta of 5.98. The company has a 50 day moving average price of $5.56 and a 200 day moving average price of $7.40. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings data on Monday, April 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.05). The firm had revenue of $52.92 million during the quarter, compared to the consensus estimate of $62.91 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. During the same period in the previous year, the business earned ($0.24) EPS. On average, equities research analysts expect that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Situational Awareness LP acquired a new position in shares of Applied Digital during the first quarter worth $22,680,000. Vanguard Group Inc. raised its position in Applied Digital by 39.1% during the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock worth $97,487,000 after buying an additional 3,587,619 shares during the last quarter. Van ECK Associates Corp lifted its position in Applied Digital by 113.8% in the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company's stock valued at $33,649,000 after purchasing an additional 2,344,572 shares during the period. Tidal Investments LLC boosted its stake in shares of Applied Digital by 14,635.7% in the fourth quarter. Tidal Investments LLC now owns 1,697,850 shares of the company's stock valued at $12,972,000 after buying an additional 1,686,328 shares in the last quarter. Finally, American Century Companies Inc. acquired a new position in shares of Applied Digital during the 4th quarter worth $12,843,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. JMP Securities assumed coverage on shares of Applied Digital in a research report on Thursday. They issued a "market outperform" rating and a $12.00 price target for the company. Needham & Company LLC reaffirmed a "buy" rating and set a $10.00 price objective on shares of Applied Digital in a research note on Wednesday, April 23rd. Citizens Jmp raised Applied Digital to a "strong-buy" rating and set a $12.00 target price on the stock in a research report on Thursday. Compass Point assumed coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They set a "buy" rating and a $10.00 price objective on the stock. Finally, Cantor Fitzgerald reduced their price objective on Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a report on Tuesday, April 15th. Ten research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $10.91.

About Applied Digital

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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