Applied Digital (NASDAQ:APLD) Stock Price Down 5.4% Following Insider Selling

Applied Digital Co. (NASDAQ:APLD)’s share price fell 5.4% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $7.18 and last traded at $7.18. 3,400,885 shares were traded during trading, a decline of 53% from the average session volume of 7,309,523 shares. The stock had previously closed at $7.59.

Specifically, Director Richard N. Nottenburg sold 19,369 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $7.51, for a total transaction of $145,461.19. Following the completion of the sale, the director now owns 384,317 shares of the company’s stock, valued at $2,886,220.67. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on APLD. Needham & Company LLC reiterated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research note on Friday, November 1st. Lake Street Capital lifted their target price on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. HC Wainwright boosted their price objective on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. B. Riley upped their price target on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Finally, Craig Hallum boosted their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $10.50.

Applied Digital Stock Performance

The company has a 50-day moving average price of $7.04 and a two-hundred day moving average price of $5.47. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62.

Applied Digital (NASDAQ:APLD) last announced 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 business had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The business’s revenue for the quarter was up 67.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.10) earnings per share. On average, equities analysts expect that Applied Digital Co. will post -0.4 earnings per share for the current year.

Institutional Trading of Applied Digital

Institutional investors and hedge funds have recently made changes to their positions in the business. Headlands Technologies LLC grew its stake in Applied Digital by 381.8% in the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after acquiring an additional 6,933 shares in the last quarter. ARS Investment Partners LLC purchased a new position in Applied Digital during the 2nd quarter worth $60,000. Beacon Harbor Wealth Advisors Inc. bought a new stake in Applied Digital during the 3rd quarter valued at $83,000. Wealth Enhancement Advisory Services LLC purchased a new stake in Applied Digital in the third quarter worth about $88,000. Finally, Chesapeake Capital Corp IL bought a new position in Applied Digital during the 3rd quarter worth about $94,000. 65.67% of the stock is currently owned by institutional investors.

About Applied Digital

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.