Applied Digital Corporation (NASDAQ:APLD - Get Free Report) CEO Wes Cummins sold 400,000 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total value of $6,104,000.00. Following the transaction, the chief executive officer owned 2,659,379 shares in the company, valued at approximately $40,582,123.54. This trade represents a 13.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Applied Digital Stock Performance
APLD stock traded down $0.44 during midday trading on Friday, hitting $13.89. 16,318,691 shares of the company traded hands, compared to its average volume of 24,849,142. The business has a 50 day simple moving average of $12.82 and a 200-day simple moving average of $9.21. The stock has a market capitalization of $3.63 billion, a price-to-earnings ratio of -12.74 and a beta of 6.64. 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 Corporation has a twelve month low of $3.31 and a twelve month high of $17.60.
Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.12). The business had revenue of $38.01 million for the quarter, compared to the consensus estimate of $42.86 million. Applied Digital had a negative net margin of 107.22% and a negative return on equity of 50.03%. Applied Digital's quarterly revenue was up 41.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.14) earnings per share. As a group, equities research analysts predict that Applied Digital Corporation will post -0.96 earnings per share for the current year.
Institutional Investors Weigh In On Applied Digital
Large investors have recently added to or reduced their stakes in the business. Atlantic Union Bankshares Corp acquired a new stake in Applied Digital in the second quarter valued at approximately $25,000. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Applied Digital in the second quarter valued at $26,000. PNC Financial Services Group Inc. bought a new stake in shares of Applied Digital in the first quarter valued at $28,000. Geneos Wealth Management Inc. raised 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 valued at $37,000 after purchasing an additional 3,542 shares during the period. Finally, Ameriflex Group Inc. bought a new stake in shares of Applied Digital during the 2nd quarter valued at $42,000. Institutional investors and hedge funds own 65.67% of the company's stock.
Analyst Upgrades and Downgrades
A number of research analysts have issued reports on the company. Citizens Jmp raised Applied Digital to a "strong-buy" rating and set a $12.00 price objective for the company in a report on Thursday, May 22nd. Lake Street Capital boosted their target price on Applied Digital from $14.00 to $18.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Compass Point upgraded Applied Digital from a "neutral" rating to a "buy" rating and set a $13.00 price objective for the company in a research report on Friday, July 25th. Craig Hallum boosted their target price on Applied Digital from $12.00 to $23.00 and gave the company a "buy" rating in a research note on Monday, August 18th. Finally, Citigroup reiterated an "outperform" rating on shares of Applied Digital in a research note on Tuesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $15.64.
Check Out Our Latest Stock Analysis on APLD
About Applied Digital
(
Get Free Report)
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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