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

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

Applied Digital Trading Up 4.6 %

Shares of APLD stock opened at $10.10 on Friday. Applied Digital Co. has a twelve month low of $2.36 and a twelve month high of $10.94. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62. The business’s 50 day moving average is $7.97 and its two-hundred day moving average is $6.01. 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 announced its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating 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 88.87%. The company had revenue of $60.70 million for the quarter, compared to analysts’ expectations of $54.85 million. During the same period in the previous year, the company posted ($0.10) EPS. Applied Digital’s revenue was up 67.2% compared to the same quarter last year. Equities analysts forecast that Applied Digital Co. will post -0.4 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in APLD. Hood River Capital Management LLC boosted its holdings 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 purchasing an additional 771,699 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Applied Digital by 70.2% in the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after buying an additional 2,547,485 shares during the period. Geode Capital Management LLC boosted its stake in shares of Applied Digital by 48.7% in the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock valued at $25,258,000 after buying an additional 1,002,862 shares in the last quarter. Van ECK Associates Corp grew its holdings in Applied Digital by 18.3% during the second quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock worth $17,077,000 after acquiring an additional 443,699 shares during the period. Finally, State Street Corp raised its position in Applied Digital by 14.0% in the third quarter. State Street Corp now owns 2,337,267 shares of the company’s stock worth $19,282,000 after acquiring an additional 286,852 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have commented on APLD. HC Wainwright increased their price target on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Craig Hallum increased their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research report on Friday, November 1st. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Finally, Lake Street Capital lifted 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. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital presently has an average rating of “Buy” and a consensus target price 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.