Applied Digital Co. (NASDAQ:APLD) CEO Wes Cummins Sells 200,000 Shares

Applied Digital Co. (NASDAQ:APLD) CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the sale, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. This represents a 4.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Applied Digital Stock Up 4.6 %

Shares of Applied Digital stock opened at $10.10 on Friday. Applied Digital Co. has a 52-week low of $2.36 and a 52-week high of $10.94. The company has a 50 day moving average of $7.97 and a 200 day moving average of $5.99. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $2.18 billion, a P/E ratio of -8.63 and a beta of 4.65.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in 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. Price T Rowe Associates Inc. MD lifted its position in shares of Applied Digital by 15.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock worth $103,000 after buying an additional 3,182 shares during the last quarter. California State Teachers Retirement System boosted its holdings in shares of Applied Digital by 14.1% in the 1st quarter. California State Teachers Retirement System now owns 91,086 shares of the company’s stock valued at $390,000 after buying an additional 11,288 shares in the last quarter. Register Financial Advisors LLC grew its position in shares of Applied Digital by 29.2% in the 2nd quarter. Register Financial Advisors LLC now owns 417,800 shares of the company’s stock valued at $2,486,000 after buying an additional 94,400 shares during the last quarter. Finally, ARS Investment Partners LLC acquired a new stake in Applied Digital during the 2nd quarter worth $60,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Analyst Upgrades and Downgrades

APLD has been the subject of a number of research analyst reports. HC Wainwright increased their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Lake Street Capital raised their price target on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. B. Riley boosted their price objective on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a report on Friday, September 13th. Roth Mkm restated a “buy” rating and set a $10.00 target price on shares of Applied Digital in a report on Thursday, October 10th. Finally, Craig Hallum boosted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $10.50.

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.