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

Applied Digital Co. (NASDAQ:APLD - Get Free Report) Director Rachel H. Lee sold 24,212 shares of Applied Digital stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total transaction of $169,484.00. Following the completion of the sale, the director now owns 83,613 shares of the company's stock, valued at $585,291. This 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 accessible through the SEC website.

Applied Digital Trading Up 3.1%

Shares of APLD traded up $0.23 during midday trading on Tuesday, hitting $7.59. The stock had a trading volume of 30,637,123 shares, compared to its average volume of 30,644,299. Applied Digital Co. has a 1 year low of $3.01 and a 1 year high of $12.48. The firm has a market cap of $1.71 billion, a PE ratio of -4.39 and a beta of 5.98. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The stock's 50 day moving average is $5.56 and its 200 day moving average is $7.40.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings results on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.05). The company 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 quarter in the previous year, the company posted ($0.24) earnings per share. As a group, analysts forecast that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Analyst Ratings Changes

APLD has been the subject of several recent research reports. JMP Securities initiated coverage on shares of Applied Digital in a research report on Thursday, May 22nd. They set a "market outperform" rating and a $12.00 target price for the company. Citizens Jmp upgraded shares of Applied Digital to a "strong-buy" rating and set a $12.00 price target for the company in a research report on Thursday, May 22nd. Compass Point started coverage on shares of Applied Digital in a report on Tuesday, January 28th. They issued a "buy" rating and a $10.00 target price on the stock. Cantor Fitzgerald lowered their target price on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a report on Tuesday, April 15th. Finally, HC Wainwright lowered their target price on shares of Applied Digital from $12.00 to $7.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Applied Digital currently has a consensus rating of "Buy" and a consensus target price of $10.91.

Hedge Funds Weigh In On Applied Digital

Hedge funds and other institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. acquired a new stake in shares of Applied Digital during the 1st quarter worth approximately $28,000. Wilmington Savings Fund Society FSB grew its stake in shares of Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock worth $31,000 after purchasing an additional 2,000 shares during the period. R Squared Ltd acquired a new stake in shares of Applied Digital during the 4th quarter worth approximately $36,000. US Bancorp DE acquired a new stake in shares of Applied Digital during the 4th quarter worth approximately $37,000. Finally, Geneos Wealth Management Inc. grew its stake in shares of Applied Digital by 113.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock worth $37,000 after purchasing an additional 3,542 shares during the period. 65.67% of the stock is owned by hedge funds and other institutional investors.

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.