Applied Digital (NASDAQ:APLD) Shares Down 1.7% After Insider Selling

Applied Digital Corporation (NASDAQ:APLD)’s share price dropped 1.7% on Wednesday after an insider sold shares in the company. The company traded as low as $34.71 and last traded at $36.10. Approximately 30,249,794 shares were traded during trading, a decline of 37% from the average daily volume of 48,272,605 shares. The stock had previously closed at $36.71.

Specifically, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $38.54, for a total transaction of $385,400.00. Following the completion of the transaction, the director owned 200,859 shares of the company’s stock, valued at $7,741,105.86. The trade was a 4.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on APLD. Weiss Ratings restated a “sell (d-)” rating on shares of Applied Digital in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of Applied Digital from a “sell” rating to a “hold” rating in a research note on Saturday. HC Wainwright raised their price target on shares of Applied Digital from $20.00 to $40.00 and gave the company a “buy” rating in a report on Friday, October 10th. Arete assumed coverage on shares of Applied Digital in a research report on Wednesday, January 7th. They set a “buy” rating for the company. Finally, Craig Hallum increased their price objective on Applied Digital to $39.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Applied Digital currently has an average rating of “Buy” and an average price target of $33.27.

Applied Digital Stock Performance

The company has a debt-to-equity ratio of 1.79, a quick ratio of 4.82 and a current ratio of 4.82. The stock has a market cap of $10.09 billion, a PE ratio of -66.85 and a beta of 6.89. The company’s 50-day moving average price is $27.55 and its two-hundred day moving average price is $22.29.

Applied Digital (NASDAQ:APLD) last released its earnings results on Wednesday, January 7th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). Applied Digital had a negative net margin of 43.49% and a negative return on equity of 13.53%. The firm had revenue of $126.59 million during the quarter, compared to the consensus estimate of $82.22 million. During the same period in the prior year, the company earned ($0.06) EPS. The firm’s revenue was up 250.1% compared to the same quarter last year. On average, equities research analysts forecast that Applied Digital Corporation will post -0.96 EPS for the current year.

Hedge Funds Weigh In On Applied Digital

Institutional investors have recently modified their holdings of the company. BNP Paribas Financial Markets boosted its stake in Applied Digital by 24,356.8% in the second quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock worth $52,561,000 after buying an additional 5,198,223 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Applied Digital by 23.2% in the 3rd quarter. Vanguard Group Inc. now owns 17,722,174 shares of the company’s stock worth $406,547,000 after acquiring an additional 3,339,062 shares during the last quarter. Two Sigma Investments LP bought a new stake in shares of Applied Digital in the 3rd quarter worth approximately $69,535,000. Situational Awareness LP boosted its stake in shares of Applied Digital by 63.3% in the 2nd quarter. Situational Awareness LP now owns 6,591,800 shares of the company’s stock valued at $66,379,000 after purchasing an additional 2,556,200 shares in the last quarter. Finally, HRT Financial LP bought a new position in shares of Applied Digital during the 2nd quarter valued at $14,759,000. 65.67% of the stock is currently owned by institutional investors.

Applied Digital Company Profile

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.