Applied Digital (NASDAQ:APLD) Shares Gap Down Following Insider Selling

Applied Digital Co. (NASDAQ:APLD)’s share price gapped down prior to trading on Monday following insider selling activity. The stock had previously closed at $8.18, but opened at $7.95. Applied Digital shares last traded at $7.97, with a volume of 446,605 shares trading hands.

Specifically, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total value of $80,100.00. Following the transaction, the director now owns 208,506 shares of the company’s stock, valued at $1,670,133.06. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Richard N. Nottenburg sold 80,000 shares of Applied Digital stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $7.37, for a total value of $589,600.00. Following the sale, the director now directly owns 433,686 shares of the company’s stock, valued at $3,196,265.82. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Ratings Changes

APLD has been the topic of several research analyst reports. B. Riley raised their target price on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Lake Street Capital increased their price target on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Craig Hallum boosted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research report on Thursday, October 17th. Finally, Roth Mkm reiterated a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research note on Thursday, October 10th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $10.50.

Applied Digital Stock Up 4.8 %

The business’s fifty day moving average price is $6.12 and its 200 day moving average price is $5.01. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of -11.56 and a beta of 4.56. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 107.05%. The company had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. During the same period in the previous year, the business posted ($0.10) earnings per share. Applied Digital’s quarterly revenue was up 67.2% on a year-over-year basis. On average, equities analysts expect that Applied Digital Co. will post -1.12 EPS for the current year.

Institutional Trading of Applied Digital

Several institutional investors and hedge funds have recently added to or reduced their stakes in APLD. Headlands Technologies LLC increased its holdings in shares of Applied Digital by 381.8% in the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after purchasing an additional 6,933 shares during the period. ARS Investment Partners LLC purchased a new stake in shares of Applied Digital in the second quarter valued at about $60,000. Principal Financial Group Inc. acquired a new position in shares of Applied Digital during the first quarter worth about $50,000. Crumly & Associates Inc. purchased a new stake in Applied Digital in the 2nd quarter valued at approximately $110,000. Finally, ICA Group Wealth Management LLC increased its position in Applied Digital by 56.8% during the 2nd quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock worth $112,000 after purchasing an additional 6,795 shares during the period. 65.67% of the stock is owned by hedge funds and other institutional investors.

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.