Applied Digital Co. (NASDAQ:APLD) CEO Wes Cummins Sells 200,000 Shares

Applied Digital Co. (NASDAQ:APLD) CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the sale, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. This represents a 4.91 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Applied Digital Stock Performance

NASDAQ:APLD opened at $10.10 on Friday. Applied Digital Co. has a twelve month low of $2.36 and a twelve month high of $10.94. The company has a market capitalization of $2.18 billion, a P/E ratio of -8.63 and a beta of 4.65. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62. The firm has a 50-day moving average price of $7.97 and a two-hundred day moving average price of $5.99.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The firm had revenue of $60.70 million during the quarter, compared to the consensus estimate of $54.85 million. During the same period in the previous year, the firm posted ($0.10) EPS. The company’s quarterly revenue was up 67.2% compared to the same quarter last year. As a group, research analysts expect that Applied Digital Co. will post -0.4 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. B. Riley upped their price target on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Craig Hallum upped their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Roth Mkm reiterated a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. Needham & Company LLC restated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research report on Friday, November 1st. Finally, HC Wainwright lifted their target price on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $10.50.

Hedge Funds Weigh In On Applied Digital

A number of institutional investors have recently made changes to their positions in APLD. Headlands Technologies LLC raised its stake in Applied Digital by 381.8% in the 2nd 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 last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Applied Digital in the third quarter valued at approximately $59,000. ARS Investment Partners LLC purchased a new position in shares of Applied Digital during the second quarter valued at approximately $60,000. Beacon Harbor Wealth Advisors Inc. purchased a new position in shares of Applied Digital during the third quarter valued at approximately $83,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in Applied Digital during the third quarter worth approximately $88,000. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Company Profile

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.