Traders Purchase High Volume of Applied Digital Call Options (NASDAQ:APLD)

Applied Digital Co. (NASDAQ:APLD) was the recipient of unusually large options trading activity on Monday. Stock traders acquired 57,267 call options on the stock. This is an increase of approximately 108% compared to the average volume of 27,595 call options.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Lake Street Capital increased their target price on 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 raised their price objective on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. B. Riley upped their target price on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Roth Mkm reissued a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research note on Thursday, October 10th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Friday, November 1st. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $10.50.

Insider Transactions at Applied Digital

In related news, Director Richard N. Nottenburg sold 19,369 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total value of $145,461.19. Following the transaction, the director now directly owns 384,317 shares in the company, valued at approximately $2,886,220.67. This represents a 4.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total transaction of $80,100.00. Following the completion of the sale, the director now directly owns 208,506 shares in the company, valued at $1,670,133.06. This represents a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 119,369 shares of company stock valued at $870,161. 11.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of APLD. Headlands Technologies LLC raised its holdings in shares of Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after acquiring an additional 6,933 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Applied Digital in the 3rd quarter worth about $59,000. ARS Investment Partners LLC bought a new stake in shares of Applied Digital during the 2nd quarter valued at about $60,000. Beacon Harbor Wealth Advisors Inc. purchased a new position in shares of Applied Digital during the third quarter valued at about $83,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in shares of Applied Digital during the 3rd quarter worth approximately $88,000. Institutional investors own 65.67% of the company’s stock.

Applied Digital Trading Up 5.5 %

APLD stock traded up $0.40 during midday trading on Monday, hitting $7.63. The company had a trading volume of 21,637,452 shares, compared to its average volume of 7,484,074. 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 has a 52 week low of $2.36 and a 52 week high of $9.48. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of -7.14 and a beta of 4.65. The stock’s 50 day moving average price is $7.29 and its 200 day moving average price is $5.59.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. The business had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The company’s revenue was up 67.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.10) EPS. As a group, equities research analysts expect that Applied Digital will post -0.4 earnings per share for the current fiscal year.

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.