Applied Digital Co. (NASDAQ:APLD) Director Richard N. Nottenburg Sells 20,000 Shares

Applied Digital Co. (NASDAQ:APLD) Director Richard N. Nottenburg sold 20,000 shares of the company’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the completion of the sale, the director now directly owns 342,923 shares of the company’s stock, valued at $3,034,868.55. The trade was a 5.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Applied Digital Price Performance

NASDAQ APLD opened at $9.27 on Friday. The stock’s 50-day moving average price is $8.93 and its two-hundred day moving average price is $7.04. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The company has a market cap of $2.07 billion, a PE ratio of -5.36 and a beta of 4.78. Applied Digital Co. has a 1 year low of $2.36 and a 1 year high of $11.25.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.08. The firm had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business’s revenue for the quarter was up 51.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.05) EPS. On average, analysts predict that Applied Digital Co. will post -0.8 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on APLD. Cantor Fitzgerald cut their price target on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Lake Street Capital upped their price target on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Roth Mkm reissued a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a report on Thursday, October 10th. HC Wainwright upped 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 Wednesday, January 15th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a report on Wednesday, January 15th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital currently has an average rating of “Buy” and an average target price of $11.29.

Hedge Funds Weigh In On Applied Digital

A number of large investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC increased its holdings in shares of Applied Digital by 16.8% in the 4th quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company’s stock valued at $90,000 after purchasing an additional 1,692 shares during the period. Wellington Management Group LLP increased its holdings in shares of Applied Digital by 8.8% in the 3rd quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock valued at $309,000 after purchasing an additional 3,040 shares during the period. R Squared Ltd acquired a new position in shares of Applied Digital in the 4th quarter valued at about $36,000. The Manufacturers Life Insurance Company increased its holdings in shares of Applied Digital by 14.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company’s stock valued at $355,000 after purchasing an additional 5,423 shares during the period. Finally, FMR LLC increased its holdings in shares of Applied Digital by 99.1% in the 3rd quarter. FMR LLC now owns 13,071 shares of the company’s stock valued at $108,000 after purchasing an additional 6,507 shares during the period. Institutional investors and hedge funds 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.