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

Applied Digital Co. (NASDAQ:APLD) Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total value of $55,000.00. Following the completion of the transaction, the director now directly owns 218,506 shares in the company, valued at approximately $1,201,783. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Applied Digital Stock Performance

Shares of APLD stock traded up $2.03 during trading hours on Monday, hitting $6.58. The stock had a trading volume of 52,900,848 shares, compared to its average volume of 5,697,183. The stock’s 50 day moving average is $4.86 and its 200 day moving average is $4.32. The firm has a market capitalization of $902.84 million, a PE ratio of -6.51 and a beta of 4.51. Applied Digital Co. has a twelve month low of $2.36 and a twelve month high of $8.65. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.08 and a quick ratio of 0.08.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Wednesday, August 28th. The company reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.29). The business had revenue of $43.70 million for the quarter, compared to analyst estimates of $42.70 million. Applied Digital had a negative return on equity of 111.80% and a negative net margin of 88.95%. During the same quarter in the prior year, the company earned ($0.07) EPS. As a group, research analysts forecast that Applied Digital Co. will post -1.02 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently weighed in on APLD. B. Riley boosted their target price on Applied Digital from $6.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. HC Wainwright restated a “buy” rating and set a $5.00 price objective on shares of Applied Digital in a research report on Thursday, August 29th. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research report on Thursday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research note on Monday. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $8.20.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital Research Global Investors lifted its position in Applied Digital by 427.2% during the 4th quarter. Capital Research Global Investors now owns 7,337,288 shares of the company’s stock worth $49,453,000 after acquiring an additional 5,945,559 shares during the period. Vanguard Group Inc. raised its stake in shares of Applied Digital by 70.2% during the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock worth $26,434,000 after purchasing an additional 2,547,485 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of Applied Digital by 92.1% during the first quarter. Van ECK Associates Corp now owns 2,426,281 shares of the company’s stock worth $10,384,000 after purchasing an additional 1,163,247 shares during the period. Oasis Management Co Ltd. grew its position in Applied Digital by 23.6% in the 4th quarter. Oasis Management Co Ltd. now owns 4,928,129 shares of the company’s stock valued at $33,216,000 after buying an additional 940,075 shares during the last quarter. Finally, Hood River Capital Management LLC increased its stake in 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 buying an additional 771,699 shares during the period. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Company Profile

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.