Richard Nottenburg Sells 12,500 Shares of Applied Digital (NASDAQ:APLD) Stock

Applied Digital Corporation (NASDAQ:APLD) Director Richard Nottenburg sold 12,500 shares of the firm’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $34.59, for a total value of $432,375.00. Following the completion of the transaction, the director owned 208,378 shares in the company, valued at approximately $7,207,795.02. This trade represents a 5.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Applied Digital Stock Performance

Shares of APLD stock traded up $1.56 on Thursday, reaching $34.25. The stock had a trading volume of 21,531,486 shares, compared to its average volume of 26,865,785. The stock has a market cap of $9.79 billion, a P/E ratio of -46.28 and a beta of 7.25. Applied Digital Corporation has a 1 year low of $4.62 and a 1 year high of $42.27. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38. The company has a 50 day simple moving average of $28.22 and a 200 day simple moving average of $30.05.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). The firm had revenue of $108.55 million during the quarter, compared to analysts’ expectations of $78.47 million. Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The business’s quarterly revenue was up 139.3% on a year-over-year basis. During the same quarter last year, the business earned ($0.08) earnings per share. Equities research analysts expect that Applied Digital Corporation will post -0.52 EPS for the current year.

Analyst Ratings Changes

Several brokerages have recently weighed in on APLD. Citizens Jmp reiterated a “market outperform” rating and set a $40.00 price target on shares of Applied Digital in a research note on Thursday, April 9th. Freedom Capital upgraded shares of Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 6th. Arete Research began coverage on shares of Applied Digital in a research note on Wednesday, January 7th. They set a “buy” rating on the stock. Needham & Company LLC lifted their price target on shares of Applied Digital to $48.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. Finally, Roth Mkm reiterated a “buy” rating and set a $65.00 price target on shares of Applied Digital in a research note on Thursday, April 23rd. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $44.33.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds have recently modified their holdings of APLD. Teachers Retirement System of The State of Kentucky bought a new stake in Applied Digital during the 3rd quarter valued at approximately $994,000. Federated Hermes Inc. bought a new position in Applied Digital in the 3rd quarter worth approximately $3,204,000. AlphaQuest LLC bought a new position in Applied Digital in the 3rd quarter worth approximately $1,369,000. MRA Advisory Group purchased a new stake in Applied Digital during the 3rd quarter valued at approximately $978,000. Finally, Vanguard Group Inc. grew its holdings in Applied Digital by 23.2% during the 3rd quarter. Vanguard Group Inc. now owns 17,722,174 shares of the company’s stock valued at $406,547,000 after buying an additional 3,339,062 shares in the last quarter. 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.