Applied Digital (NASDAQ:APLD) Shares Down 5.6% on Insider Selling

by · The Markets Daily

Shares of Applied Digital Co. (NASDAQ:APLD – Get Free Report) traded down 5.6% during mid-day trading on Monday following insider selling activity. The company traded as low as $7.68 and last traded at $7.72. 2,811,276 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 6,794,583 shares. The stock had previously closed at $8.18.

Specifically, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $8.01, for a total value of $80,100.00. Following the transaction, the director now directly owns 208,506 shares of the company’s stock, valued at approximately $1,670,133.06. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 sale, the director now owns 433,686 shares of the company’s stock, valued at approximately $3,196,265.82. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research note on Thursday, October 17th. HC Wainwright lifted their target price 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. Roth Mkm reiterated a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. B. Riley boosted their price target on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Finally, Craig Hallum increased their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $10.50.

Get Our Latest Report on APLD

Applied Digital Stock Performance

The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.08 and a current ratio of 0.08. The firm’s 50-day moving average price is $6.12 and its two-hundred day moving average price is $5.01. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of -10.59 and a beta of 4.56.

Applied Digital (NASDAQ:APLD – Get Free Report) last posted its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.13. The company had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 107.05%. Applied Digital’s revenue was up 67.2% on a year-over-year basis. During the same period in the previous year, the business posted ($0.10) EPS. On average, analysts expect that Applied Digital Co. will post -1.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Applied Digital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted its stake in shares of Applied Digital by 15.3% in the 1st 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 position in Applied Digital by 56.8% in the second quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock valued at $112,000 after buying an additional 6,795 shares during the last quarter. Headlands Technologies LLC boosted its stake in Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after buying an additional 6,933 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Applied Digital by 25.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company’s stock valued at $224,000 after acquiring an additional 7,517 shares during the period. Finally, ARS Investment Partners LLC purchased a new stake in shares of Applied Digital in the 2nd quarter valued at approximately $60,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Company Profile

(Get Free Report)

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.

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