Applied Digital Co. (NASDAQ:APLD) Director Richard N. Nottenburg Sells 19,369 Shares

Applied Digital Co. (NASDAQ:APLD) Director Richard N. Nottenburg sold 19,369 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total transaction of $145,461.19. Following the completion of the sale, the director now directly owns 384,317 shares of the company’s stock, valued at approximately $2,886,220.67. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Applied Digital Stock Performance

Shares of NASDAQ:APLD traded up $0.01 during midday trading on Tuesday, hitting $7.59. The company had a trading volume of 8,387,447 shares, compared to its average volume of 7,327,240. Applied Digital Co. has a 12-month low of $2.36 and a 12-month high of $9.48. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. The company has a market cap of $1.63 billion, a price-to-earnings ratio of -6.48 and a beta of 4.65. The company has a fifty day moving average of $7.04 and a two-hundred day moving average of $5.47.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.13. The business had revenue of $60.70 million for the quarter, compared to analysts’ expectations of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The business’s revenue for the quarter was up 67.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.10) EPS. On average, equities research analysts expect that Applied Digital Co. will post -0.4 EPS for the current fiscal year.

Hedge Funds Weigh In On Applied Digital

A number of institutional investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its stake in shares of Applied Digital by 36.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after buying an additional 240,554 shares during the period. Intech Investment Management LLC acquired a new stake in Applied Digital in the third quarter valued at $115,000. Chesapeake Capital Corp IL acquired a new stake in shares of Applied Digital in the 3rd quarter worth approximately $94,000. Royce & Associates LP increased its holdings in Applied Digital by 1.4% during the 3rd quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock valued at $9,340,000 after acquiring an additional 15,763 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in shares of Applied Digital by 72.5% in the third quarter. Victory Capital Management Inc. now owns 19,535 shares of the company’s stock valued at $161,000 after acquiring an additional 8,212 shares in the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on APLD. B. Riley upped their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research report on Friday, November 1st. Lake Street Capital increased their target price on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Craig Hallum raised their target price on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, HC Wainwright increased their price target on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $10.50.

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.