Richard Nottenburg Sells 12,500 Shares of Applied Digital (NASDAQ:APLD) Stock

Key Points

• Director Richard Nottenburg sold 12,500 shares of Applied Digital on April 28 at an average price of $32 for roughly $400,000, reducing his stake to 220,878 shares (a 5.36% decrease).
• Applied Digital reported a ($0.36) EPS for the quarter that missed estimates by $0.23 while revenue rose 139.3% YoY to $108.55 million, leaving the company with negative margins and return on equity.
• Analysts are generally bullish with a consensus rating of "Moderate Buy" and an average price target of $44.33, while the stock carries a market cap near $9.79 billion and high volatility (beta 7.25).

Applied Digital Corporation (NASDAQ:APLD - Get Free Report) Director Richard Nottenburg sold 12,500 shares of the company's stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $32.00, for a total value of $400,000.00. Following the transaction, the director owned 220,878 shares of the company's stock, valued at approximately $7,068,096. This trade represents a 5.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Applied Digital Stock Performance

Shares of APLD stock traded up $1.56 during trading hours on Thursday, reaching $34.25. 21,531,486 shares of the company's stock were exchanged, compared to its average volume of 26,865,785. Applied Digital Corporation has a fifty-two week low of $4.62 and a fifty-two week high of $42.27. The stock has a market capitalization of $9.79 billion, a P/E ratio of -46.28 and a beta of 7.25. The business has a fifty day moving average price of $28.22 and a 200-day moving average price of $30.05. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.23). Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The business had revenue of $108.55 million for the quarter, compared to analyst estimates of $78.47 million. During the same quarter last year, the firm earned ($0.08) earnings per share. The firm's quarterly revenue was up 139.3% compared to the same quarter last year. Analysts predict that Applied Digital Corporation will post -0.52 EPS for the current fiscal year.

Analysts Set New Price Targets

APLD has been the subject of a number of research analyst reports. Arete Research initiated coverage on Applied Digital in a report on Wednesday, January 7th. They set a "buy" rating for the company. Freedom Capital upgraded Applied Digital to a "strong-buy" rating in a report on Tuesday, January 6th. Roth Mkm restated a "buy" rating and set a $65.00 price objective on shares of Applied Digital in a research report on Thursday, April 23rd. B. Riley Financial raised their target price on Applied Digital to $53.00 and gave the stock a "buy" rating in a research report on Friday, January 9th. Finally, Needham & Company LLC lifted their price target on shares of Applied Digital to $48.00 and gave the stock a "buy" rating in a research note on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Applied Digital presently has an average rating of "Moderate Buy" and a consensus price target of $44.33.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds have recently modified their holdings of APLD. Ascentis Independent Advisors lifted its position in shares of Applied Digital by 121.7% during the 1st quarter. Ascentis Independent Advisors now owns 20,154 shares of the company's stock worth $478,000 after buying an additional 11,065 shares during the period. Hunter Associates Investment Management LLC grew its holdings in shares of Applied Digital by 1.5% in the 1st quarter. Hunter Associates Investment Management LLC now owns 502,685 shares of the company's stock worth $11,933,000 after purchasing an additional 7,647 shares during the last quarter. Baer Investment Advisory LLC acquired a new stake in shares of Applied Digital during the 1st quarter worth about $230,000. World Investment Advisors bought a new position in Applied Digital during the 1st quarter valued at about $598,000. Finally, Private Advisor Group LLC lifted its holdings in Applied Digital by 3.6% during the 1st quarter. Private Advisor Group LLC now owns 96,558 shares of the company's stock valued at $2,292,000 after purchasing an additional 3,333 shares during the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.

About Applied Digital

Applied Digital NASDAQ: APLD is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital's modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.

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