Applied Digital (NASDAQ:APLD) Director Sells 75,000 Shares

Applied Digital Corporation (NASDAQ:APLD) Director Richard Nottenburg sold 75,000 shares of the firm’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total transaction of $2,336,250.00. Following the completion of the transaction, the director directly owned 133,378 shares of the company’s stock, valued at approximately $4,154,724.70. This represents a 35.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Applied Digital Stock Performance

Shares of NASDAQ APLD traded down $1.01 during mid-day trading on Thursday, hitting $28.86. The stock had a trading volume of 12,509,245 shares, compared to its average volume of 24,368,668. The company has a 50 day moving average of $36.26 and a two-hundred day moving average of $34.19. The firm has a market cap of $8.41 billion, a PE ratio of -32.43 and a beta of 5.75. Applied Digital Corporation has a twelve month low of $13.16 and a twelve month high of $50.72. The company has a debt-to-equity ratio of 2.88, a quick ratio of 4.01 and a current ratio of 4.01.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Monday, July 27th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.30). Applied Digital had a negative return on equity of 16.42% and a negative net margin of 37.78%.The business had revenue of $240.35 million during the quarter, compared to analyst estimates of $96.85 million. During the same quarter last year, the company posted ($0.24) EPS. Applied Digital’s quarterly revenue was up 406.3% compared to the same quarter last year. Research analysts predict that Applied Digital Corporation will post -0.98 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Newbridge Financial Services Group Inc. raised its position in shares of Applied Digital by 8.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 3,800 shares of the company’s stock worth $93,000 after acquiring an additional 300 shares in the last quarter. Concurrent Investment Advisors LLC increased its position in shares of Applied Digital by 1.5% in the fourth quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company’s stock valued at $523,000 after buying an additional 318 shares in the last quarter. Brookstone Capital Management raised its position in shares of Applied Digital by 3.6% during the 4th quarter. Brookstone Capital Management now owns 9,275 shares of the company’s stock worth $227,000 after purchasing an additional 321 shares during the last quarter. Independent Advisor Alliance raised its holdings in shares of Applied Digital by 4.6% in the fourth quarter. Independent Advisor Alliance now owns 9,215 shares of the company’s stock worth $226,000 after acquiring an additional 407 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in Applied Digital by 28.5% in the 2nd quarter. GAMMA Investing LLC now owns 2,092 shares of the company’s stock valued at $78,000 after acquiring an additional 464 shares during the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on APLD shares. Lake Street Capital boosted their target price on shares of Applied Digital from $70.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, June 9th. Compass Point reaffirmed a “buy” rating and set a $70.00 price target on shares of Applied Digital in a research report on Friday, May 22nd. Citizens Jmp lifted their price objective on Applied Digital from $40.00 to $60.00 and gave the company a “market outperform” rating in a research note on Thursday, May 21st. Morgan Stanley upped their target price on Applied Digital from $36.50 to $37.50 and gave the stock an “equal weight” rating in a research note on Thursday. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Applied Digital in a research note on Monday. Three investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $68.15.

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.