Richard Nottenburg Sells 12,000 Shares of Applied Digital (NASDAQ:APLD) Stock

Applied Digital Corporation (NASDAQ:APLD) Director Richard Nottenburg sold 12,000 shares of the firm’s stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $35.45, for a total value of $425,400.00. Following the transaction, the director owned 233,378 shares of the company’s stock, valued at $8,273,250.10. This trade represents a 4.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Applied Digital Stock Up 6.2%

Shares of APLD traded up $2.18 during mid-day trading on Friday, hitting $37.40. 31,696,035 shares of the company’s stock were exchanged, compared to its average volume of 44,866,664. The stock’s 50-day moving average is $27.69 and its 200-day moving average is $22.48. The company has a debt-to-equity ratio of 1.79, a quick ratio of 4.82 and a current ratio of 4.82. Applied Digital Corporation has a fifty-two week low of $3.31 and a fifty-two week high of $40.20. The company has a market cap of $10.46 billion, a price-to-earnings ratio of -69.26 and a beta of 6.89.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, January 7th. The company reported ($0.11) earnings per share 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 business had revenue of $126.59 million during the quarter, compared to analyst estimates of $82.22 million. During the same quarter last year, the firm posted ($0.06) EPS. The company’s revenue for the quarter was up 250.1% on a year-over-year basis. On average, sell-side analysts anticipate that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently commented on APLD shares. Arete assumed coverage on Applied Digital in a research note on Wednesday, January 7th. They set a “buy” rating for the company. Roth Capital boosted their price objective on Applied Digital to $58.00 and gave the stock a “buy” rating in a research report on Thursday, January 8th. HC Wainwright raised their target price 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. Lake Street Capital restated a “buy” rating and issued a $45.00 price objective on shares of Applied Digital in a report on Tuesday, December 30th. Finally, Freedom Capital upgraded shares of Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 6th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $33.27.

Hedge Funds Weigh In On Applied Digital

Hedge funds have recently made changes to their positions in the company. Hood River Capital Management LLC lifted its holdings in shares of Applied Digital by 2.8% in the 2nd quarter. Hood River Capital Management LLC now owns 21,859,031 shares of the company’s stock valued at $220,120,000 after purchasing an additional 592,314 shares during the last quarter. Vanguard Group Inc. increased its position in Applied Digital by 23.2% during the third quarter. Vanguard Group Inc. now owns 17,722,174 shares of the company’s stock worth $406,547,000 after buying an additional 3,339,062 shares during the period. Situational Awareness LP lifted its stake in Applied Digital by 63.3% in the second quarter. Situational Awareness LP now owns 6,591,800 shares of the company’s stock valued at $66,379,000 after buying an additional 2,556,200 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of 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 valued at $52,561,000 after acquiring an additional 5,198,223 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Applied Digital by 20.2% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,199,135 shares of the company’s stock valued at $73,388,000 after acquiring an additional 537,839 shares during the period. Hedge funds and other institutional investors own 65.67% of the company’s stock.

About Applied Digital

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.