Applied Digital (NASDAQ:APLD) Director Richard Nottenburg Sells 9,375 Shares

Applied Digital Corporation (NASDAQ:APLD) Director Richard Nottenburg sold 9,375 shares of the company’s stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $35.91, for a total value of $336,656.25. Following the completion of the transaction, the director directly owned 249,237 shares of the company’s stock, valued at approximately $8,950,100.67. The trade was a 3.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Applied Digital Trading Up 2.1%

Shares of APLD stock opened at $34.66 on Friday. The stock has a market cap of $9.69 billion, a price-to-earnings ratio of -30.67 and a beta of 6.77. The stock has a 50-day moving average of $24.76 and a 200-day moving average of $14.85. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.29. Applied Digital Corporation has a 1-year low of $3.31 and a 1-year high of $40.20.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Thursday, October 9th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.08. Applied Digital had a negative return on equity of 37.14% and a negative net margin of 111.29%.The company had revenue of $38.01 million during the quarter, compared to analysts’ expectations of $52.25 million. During the same quarter in the prior year, the firm posted ($0.15) earnings per share. The business’s quarterly revenue was up 84.3% on a year-over-year basis. On average, equities research analysts forecast that Applied Digital Corporation will post -0.96 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. HC Wainwright increased their price target on Applied Digital from $20.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, October 10th. Needham & Company LLC reiterated a “buy” rating and issued a $41.00 price target on shares of Applied Digital in a report on Wednesday. Wall Street Zen lowered Applied Digital from a “hold” rating to a “sell” rating in a report on Sunday, October 19th. Northland Securities increased their price target on Applied Digital to $40.00 and gave the stock an “outperform” rating in a report on Friday, October 10th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $26.20.

Institutional Trading of Applied Digital

Several hedge funds have recently made changes to their positions in the company. NWF Advisory Services Inc. bought a new stake in shares of Applied Digital in the third quarter valued at $285,000. Vanguard Personalized Indexing Management LLC raised its stake in shares of Applied Digital by 11.8% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 11,308 shares of the company’s stock valued at $259,000 after buying an additional 1,196 shares during the period. Keynote Financial Services LLC bought a new stake in shares of Applied Digital in the third quarter valued at $237,000. PFG Investments LLC raised its stake in shares of Applied Digital by 50.0% in the third quarter. PFG Investments LLC now owns 59,810 shares of the company’s stock valued at $1,372,000 after buying an additional 19,930 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp bought a new stake in shares of Applied Digital in the third quarter valued at $272,000. 65.67% of the stock is currently owned by institutional investors.

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.