Chuck Hastings Sells 25,000 Shares of Applied Digital (NASDAQ:APLD) Stock

Applied Digital Corporation (NASDAQ:APLD) Director Chuck Hastings sold 25,000 shares of the business’s stock in a transaction on Friday, October 31st. The stock was sold at an average price of $34.27, for a total transaction of $856,750.00. Following the completion of the sale, the director directly owned 426,612 shares of the company’s stock, valued at $14,619,993.24. This represents a 5.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Chuck Hastings also recently made the following trade(s):

• On Wednesday, October 29th, Chuck Hastings sold 50,000 shares of Applied Digital stock. The stock was sold at an average price of $35.69, for a total transaction of $1,784,500.00.

Applied Digital Stock Performance

Applied Digital stock opened at $34.66 on Friday. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $9.69 billion, a PE ratio of -30.67 and a beta of 6.77. The firm has a fifty day simple moving average of $24.76 and a two-hundred day simple moving average of $14.93. Applied Digital Corporation has a twelve month low of $3.31 and a twelve month high of $40.20.

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

Hedge Funds Weigh In On Applied Digital

Institutional investors have recently bought and sold shares of the stock. Dagco Inc. bought a new position in Applied Digital in the third quarter worth about $27,000. Evolution Wealth Management Inc. raised its stake in Applied Digital by 101.8% in the third quarter. Evolution Wealth Management Inc. now owns 1,600 shares of the company’s stock worth $37,000 after buying an additional 807 shares in the last quarter. CoreCap Advisors LLC raised its stake in Applied Digital by 124.9% in the third quarter. CoreCap Advisors LLC now owns 1,804 shares of the company’s stock worth $41,000 after buying an additional 1,002 shares in the last quarter. Farther Finance Advisors LLC raised its stake in Applied Digital by 51.8% in the third quarter. Farther Finance Advisors LLC now owns 2,306 shares of the company’s stock worth $53,000 after buying an additional 787 shares in the last quarter. Finally, Atlantic Union Bankshares Corp bought a new position in Applied Digital in the second quarter worth about $25,000. 65.67% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

APLD has been the subject of several recent research reports. Northland Securities boosted their price target on shares of Applied Digital to $40.00 and gave the stock an “outperform” rating in a research note on Friday, October 10th. Lake Street Capital upped their price objective on shares of Applied Digital from $18.00 to $37.00 and gave the company a “buy” rating in a research note on Friday, October 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a research note on Wednesday, October 8th. Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a research note on Thursday, October 9th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $41.00 price objective on shares of Applied Digital in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Applied Digital presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.20.

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.