Applied Digital (NASDAQ:APLD) Trading Down 1.6% Following Insider Selling

Applied Digital Co. (NASDAQ:APLD) fell 1.6% on Wednesday after an insider sold shares in the company. The stock traded as low as $9.20 and last traded at $9.26. 8,632,402 shares were traded during trading, a decline of 63% from the average session volume of 23,031,754 shares. The stock had previously closed at $9.41.

Specifically, Director Richard N. Nottenburg sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the completion of the sale, the director now owns 342,923 shares in the company, valued at approximately $3,034,868.55. The trade was a 5.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on APLD shares. HC Wainwright upped their target price on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. Lake Street Capital upped 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. Roth Mkm restated a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research note on Wednesday, January 15th. Finally, Cantor Fitzgerald decreased their target price on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $11.29.

Applied Digital Stock Performance

The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $2.00 billion, a price-to-earnings ratio of -5.18 and a beta of 4.78. The stock has a 50-day moving average price of $9.01 and a 200 day moving average price of $7.07.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.08. The firm had revenue of $63.87 million during the quarter, compared to analysts’ expectations of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The firm’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.05) earnings per share. On average, analysts forecast that Applied Digital Co. will post -0.8 EPS for the current year.

Institutional Trading of Applied Digital

A number of hedge funds have recently bought and sold shares of APLD. Geode Capital Management LLC raised its position in 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 purchasing an additional 1,002,862 shares during the period. State Street Corp lifted its holdings in Applied Digital by 14.0% in the 3rd quarter. State Street Corp now owns 2,337,267 shares of the company’s stock worth $19,282,000 after buying an additional 286,852 shares in the last quarter. Royce & Associates LP boosted its holdings in Applied Digital by 1.4% in the third quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock valued at $9,340,000 after purchasing an additional 15,763 shares during the last quarter. Exchange Traded Concepts LLC increased its holdings in Applied Digital by 37.6% during the 4th quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company’s stock worth $7,656,000 after purchasing an additional 273,666 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Applied Digital by 36.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after purchasing an additional 240,554 shares in the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.