Applied Digital Co. (NASDAQ:APLD) Director Richard N. Nottenburg Sells 20,000 Shares of Stock

Applied Digital Co. (NASDAQ:APLD) Director Richard N. Nottenburg sold 20,000 shares of the firm’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $8.85, for a total value of $177,000.00. Following the completion of the transaction, the director now owns 342,923 shares in the company, valued at $3,034,868.55. The trade was a 5.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Applied Digital Price Performance

Applied Digital stock opened at $9.64 on Thursday. Applied Digital Co. has a 1 year low of $2.36 and a 1 year high of $11.25. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The company’s 50 day simple moving average is $8.88 and its 200-day simple moving average is $7.02. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of -5.57 and a beta of 4.78.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.08. The firm had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The company’s quarterly revenue was up 51.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.05) EPS. As a group, equities research analysts expect that Applied Digital Co. will post -0.8 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in APLD. Geode Capital Management LLC increased its stake in Applied Digital by 48.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock worth $25,258,000 after buying an additional 1,002,862 shares during the period. Alight Capital Management LP acquired a new position in shares of Applied Digital in the second quarter worth $3,570,000. Barclays PLC increased its position in shares of Applied Digital by 736.8% during the third quarter. Barclays PLC now owns 486,577 shares of the company’s stock worth $4,014,000 after acquiring an additional 428,428 shares during the period. B. Riley Wealth Advisors Inc. raised its stake in shares of Applied Digital by 66.1% in the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock valued at $4,609,000 after acquiring an additional 308,223 shares in the last quarter. Finally, State Street Corp boosted its holdings in Applied Digital by 14.0% in the third quarter. State Street Corp now owns 2,337,267 shares of the company’s stock valued at $19,282,000 after purchasing an additional 286,852 shares during the period. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. HC Wainwright raised their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research note on Wednesday, January 15th. Cantor Fitzgerald dropped their price target on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Roth Mkm reiterated a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. Finally, Craig Hallum boosted their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $11.29.

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.