Stock Traders Purchase Large Volume of Call Options on Applied Digital (NASDAQ:APLD)

22 Oct 2024, 12:09 by Doug Wharley · The Cerbat Gem

Applied Digital Co. (NASDAQ:APLD – Get Free Report) was the recipient of some unusual options trading on Tuesday. Stock traders purchased 65,032 call options on the company. This is an increase of approximately 171% compared to the average daily volume of 23,995 call options.

Applied Digital Stock Performance

APLD stock traded up $0.46 on Tuesday, reaching $9.17. 8,345,397 shares of the company were exchanged, compared to its average volume of 6,864,365. The firm has a market capitalization of $1.26 billion, a PE ratio of -11.82 and a beta of 4.56. Applied Digital has a 12 month low of $2.36 and a 12 month high of $9.48. The stock’s fifty day moving average price is $6.02 and its 200 day moving average price is $4.97. 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 – Get Free Report) last posted 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. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 107.05%. The company had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. During the same quarter in the previous year, the firm posted ($0.10) EPS. The business’s revenue was up 67.2% compared to the same quarter last year. On average, research analysts anticipate that Applied Digital will post -1.12 EPS for the current fiscal year.

Insider Activity at Applied Digital

In related news, Director Richard N. Nottenburg sold 80,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $7.37, for a total value of $589,600.00. Following the completion of the sale, the director now owns 433,686 shares of the company’s stock, valued at approximately $3,196,265.82. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Richard N. Nottenburg sold 80,000 shares of the firm’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the transaction, the director now owns 433,686 shares in the company, valued at approximately $3,196,265.82. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total transaction of $80,100.00. Following the completion of the sale, the director now owns 208,506 shares of the company’s stock, valued at $1,670,133.06. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 100,000 shares of company stock valued at $724,700. Insiders own 20.50% of the company’s stock.

Institutional Trading of Applied Digital

A number of hedge funds have recently modified their holdings of APLD. Nomura Holdings Inc. bought a new position in shares of Applied Digital during the 4th quarter worth about $183,000. Register Financial Advisors LLC boosted its holdings in Applied Digital by 74.0% during the first quarter. Register Financial Advisors LLC now owns 323,400 shares of the company’s stock valued at $1,384,000 after purchasing an additional 137,500 shares in the last quarter. Woodmont Investment Counsel LLC grew its stake in shares of Applied Digital by 4.2% in the 1st quarter. Woodmont Investment Counsel LLC now owns 250,319 shares of the company’s stock valued at $1,071,000 after purchasing an additional 10,149 shares during the period. Principal Financial Group Inc. acquired a new position in shares of Applied Digital in the 1st quarter worth approximately $50,000. Finally, Van ECK Associates Corp lifted its position in shares of Applied Digital by 92.1% during the 1st quarter. Van ECK Associates Corp now owns 2,426,281 shares of the company’s stock worth $10,384,000 after buying an additional 1,163,247 shares during the period. Institutional investors own 65.67% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on APLD. Roth Mkm restated a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a report on Thursday, October 10th. HC Wainwright boosted their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Lake Street Capital upped their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. B. Riley lifted their target price on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Finally, Needham & Company LLC restated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a report on Thursday, October 17th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $10.50.

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