Wes Cummins Purchases 25,000 Shares of Applied Digital Co. (OTCMKTS:APLD) Stock

Posted by Faye Duncan on Jan 24th, 2023

Applied Digital Co. (OTCMKTS:APLD – Get Rating) CEO Wes Cummins bought 25,000 shares of the firm’s stock in a transaction on Monday, January 23rd. The shares were bought at an average price of $2.33 per share, for a total transaction of $58,250.00. Following the completion of the transaction, the chief executive officer now directly owns 1,720,686 shares in the company, valued at approximately $4,009,198.38. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Wes Cummins also recently made the following trade(s):

On Thursday, January 19th, Wes Cummins bought 25,000 shares of Applied Digital stock. The shares were bought at an average price of $2.40 per share, for a total transaction of $60,000.00.
On Tuesday, January 17th, Wes Cummins acquired 50,000 shares of Applied Digital stock. The stock was acquired at an average price of $2.25 per share, for a total transaction of $112,500.00.
On Thursday, January 12th, Wes Cummins acquired 50,000 shares of Applied Digital stock. The stock was acquired at an average price of $2.17 per share, for a total transaction of $108,500.00.
On Wednesday, November 30th, Wes Cummins bought 75,000 shares of Applied Digital stock. The stock was purchased at an average price of $1.95 per share, for a total transaction of $146,250.00.
On Monday, November 28th, Wes Cummins acquired 30,000 shares of Applied Digital stock. The shares were bought at an average cost of $1.98 per share, with a total value of $59,400.00.
On Friday, November 25th, Wes Cummins purchased 50,000 shares of Applied Digital stock. The stock was bought at an average price of $2.24 per share, with a total value of $112,000.00.
On Wednesday, November 23rd, Wes Cummins bought 50,000 shares of Applied Digital stock. The stock was bought at an average cost of $2.23 per share, for a total transaction of $111,500.00.
On Friday, November 11th, Wes Cummins purchased 40,000 shares of Applied Digital stock. The stock was bought at an average price of $2.23 per share, with a total value of $89,200.00.
On Wednesday, November 9th, Wes Cummins acquired 30,000 shares of Applied Digital stock. The shares were acquired at an average price of $2.14 per share, with a total value of $64,200.00.
On Monday, November 7th, Wes Cummins purchased 30,000 shares of Applied Digital stock. The shares were purchased at an average cost of $2.52 per share, with a total value of $75,600.00.

Applied Digital Trading Down 2.5 %

Applied Digital stock traded down $0.06 during mid-day trading on Tuesday, reaching $2.34. 764,909 shares of the company were exchanged, compared to its average volume of 522,847. The company has a fifty day simple moving average of $1.97 and a 200-day simple moving average of $1.98. Applied Digital Co. has a 12 month low of $0.85 and a 12 month high of $27.12. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.30 and a quick ratio of 0.30.

Applied Digital (OTCMKTS:APLD – Get Rating) last announced its earnings results on Monday, January 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. The business had revenue of $12.34 million during the quarter, compared to analyst estimates of $12.36 million. Applied Digital had a negative return on equity of 24.36% and a negative net margin of 145.35%. As a group, equities analysts anticipate that Applied Digital Co. will post -0.38 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently weighed in on APLD. Needham & Company LLC cut their price target on Applied Digital from $5.50 to $3.70 and set a “buy” rating for the company in a research note on Friday, January 13th. Lake Street Capital cut their price objective on Applied Digital from $10.00 to $6.00 in a research note on Wednesday, October 12th. B. Riley dropped their price target on Applied Digital from $8.00 to $7.00 in a research report on Tuesday, January 10th. Finally, HC Wainwright started coverage on Applied Digital in a report on Thursday, December 22nd. They set a “buy” rating and a $4.00 price objective on the stock. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $6.31.

Institutional Trading of Applied Digital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC purchased a new position in Applied Digital in the fourth quarter worth $1,719,000. Jane Street Group LLC purchased a new stake in Applied Digital during the third quarter valued at about $42,000. Alliancebernstein L.P. purchased a new stake in Applied Digital during the third quarter valued at about $260,000. State Street Corp boosted its holdings in shares of Applied Digital by 54.4% during the third quarter. State Street Corp now owns 340,783 shares of the company’s stock worth $579,000 after purchasing an additional 120,110 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of Applied Digital by 25.6% during the third quarter. Vanguard Group Inc. now owns 36,112 shares of the company’s stock worth $61,000 after purchasing an additional 7,353 shares during the period. 48.42% of the stock is owned by institutional investors.

About Applied Digital

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Applied Digital Corp. operates as a technology company, which engages in the development and operation of data centers which provide computing power. The company was founded in May 2001 and is headquartered in Dallas, TX.