Applied Digital Co. (NASDAQ:APLD) Director Richard N. Nottenburg Sells 19,369 Shares

Applied Digital Co. (NASDAQ:APLD) Director Richard N. Nottenburg sold 19,369 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total transaction of $145,461.19. Following the completion of the transaction, the director now owns 384,317 shares of the company’s stock, valued at approximately $2,886,220.67. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Applied Digital Price Performance

Applied Digital stock traded up $0.01 during midday trading on Tuesday, reaching $7.59. The company had a trading volume of 8,387,447 shares, compared to its average volume of 7,327,240. The firm’s fifty day simple moving average is $7.04 and its 200-day simple moving average is $5.47. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. The company has a market capitalization of $1.63 billion, a P/E ratio of -6.48 and a beta of 4.65. Applied Digital Co. has a 12-month low of $2.36 and a 12-month high of $9.48.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.13. The company had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The firm’s revenue for the quarter was up 67.2% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.10) earnings per share. As a group, equities analysts anticipate that Applied Digital Co. will post -0.4 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a research note on Thursday, October 10th. B. Riley upped their target price on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. HC Wainwright boosted their price target on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Lake Street Capital increased their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research report on Friday, November 1st. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $10.50.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in APLD. Vanguard Group Inc. raised its position in Applied Digital by 70.2% in the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after purchasing an additional 2,547,485 shares during the last quarter. Hood River Capital Management LLC raised its stake in shares of Applied Digital by 8.7% in the 2nd quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after acquiring an additional 771,699 shares during the period. Alight Capital Management LP acquired a new position in shares of Applied Digital during the second quarter worth $3,570,000. Van ECK Associates Corp increased its stake in Applied Digital by 18.3% during the 2nd quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock worth $17,077,000 after buying an additional 443,699 shares during the period. Finally, Thomist Capital Management LP purchased a new position in Applied Digital in the 2nd quarter valued at about $2,529,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

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.