Applied Digital Co. (NASDAQ:APLD) Director Sells $80,100.00 in Stock

Applied Digital Co. (NASDAQ:APLD) Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $8.01, for a total value of $80,100.00. Following the completion of the sale, the director now directly owns 208,506 shares in the company, valued at $1,670,133.06. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Applied Digital Stock Up 6.5 %

APLD traded up $0.53 on Monday, hitting $8.71. The company had a trading volume of 15,478,576 shares, compared to its average volume of 6,856,779. 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 Co. has a 52-week low of $2.36 and a 52-week high of $8.87. The stock has a fifty day simple moving average of $6.02 and a 200-day simple moving average of $4.97. The firm has a market capitalization of $1.20 billion, a P/E ratio of -11.03 and a beta of 4.56.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 107.05%. The business had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. During the same period last year, the business posted ($0.10) earnings per share. Applied Digital’s quarterly revenue was up 67.2% compared to the same quarter last year. As a group, equities analysts expect that Applied Digital Co. will post -1.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Applied Digital

Several large investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD lifted its holdings in shares of 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 purchasing an additional 3,182 shares during the last quarter. ICA Group Wealth Management LLC lifted its holdings in shares of Applied Digital by 56.8% during the second quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock valued at $112,000 after purchasing an additional 6,795 shares during the last quarter. Headlands Technologies LLC lifted its holdings in shares of 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 purchasing an additional 6,933 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Applied Digital by 25.0% during the second quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company’s stock valued at $224,000 after purchasing an additional 7,517 shares during the last quarter. Finally, ARS Investment Partners LLC purchased a new position in shares of Applied Digital during the second quarter valued at approximately $60,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on APLD. Lake Street Capital raised their target price on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. B. Riley raised 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. Roth Mkm reissued a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Craig Hallum raised their target price on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, HC Wainwright raised 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. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $10.50.

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.