Douglas S. Miller Sells 10,000 Shares of Applied Digital Co. (NASDAQ:APLD) Stock

Applied Digital Co. (NASDAQ:APLD) Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total transaction of $80,100.00. Following the transaction, the director now directly owns 208,506 shares of the company’s stock, valued at approximately $1,670,133.06. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Applied Digital Trading Down 5.7 %

Applied Digital stock opened at $8.61 on Thursday. The firm has a market cap of $1.18 billion, a price-to-earnings ratio of -10.90 and a beta of 4.56. Applied Digital Co. has a 1 year low of $2.36 and a 1 year high of $9.48. The firm’s 50 day moving average price is $6.21 and its two-hundred day moving average price is $5.03. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.08 and a current ratio of 0.08.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. The business had revenue of $60.70 million for the quarter, compared to analysts’ expectations of $54.85 million. During the same period in the previous year, the firm posted ($0.10) EPS. The company’s quarterly revenue was up 67.2% on a year-over-year basis. On average, research analysts predict that Applied Digital Co. will post -1.12 EPS for the current fiscal year.

Institutional Trading of Applied Digital

Hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. purchased a new stake in Applied Digital during the first quarter valued at about $50,000. Headlands Technologies LLC lifted its stake in Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after buying an additional 6,933 shares in the last quarter. ARS Investment Partners LLC purchased a new stake in Applied Digital during the second quarter valued at about $60,000. Price T Rowe Associates Inc. MD lifted its stake in Applied Digital by 15.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock valued at $103,000 after buying an additional 3,182 shares in the last quarter. Finally, Crumly & Associates Inc. purchased a new stake in Applied Digital during the second quarter valued at about $110,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

APLD has been the subject of several analyst reports. Craig Hallum boosted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. HC Wainwright upped their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. B. Riley upped their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a report on Thursday, October 17th. Finally, Lake Street Capital upped their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital currently has a consensus rating of “Buy” and an average target price of $10.50.

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.