Richard N. Nottenburg Sells 20,000 Shares of Applied Digital Co. (NASDAQ:APLD) Stock

Applied Digital Co. (NASDAQ:APLD) Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction on Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the completion of the sale, the director now owns 342,923 shares of the company’s stock, valued at approximately $3,034,868.55. This trade represents a 5.51 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Applied Digital Stock Performance

Shares of APLD opened at $9.27 on Friday. Applied Digital Co. has a 1 year low of $2.36 and a 1 year high of $11.25. The company has a market cap of $2.07 billion, a price-to-earnings ratio of -5.36 and a beta of 4.78. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The firm has a fifty day moving average of $8.93 and a 200-day moving average of $7.04.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The company had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. During the same quarter in the previous year, the company posted ($0.05) earnings per share. The company’s revenue for the quarter was up 51.3% compared to the same quarter last year. As a group, equities analysts anticipate that Applied Digital Co. will post -0.8 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. HC Wainwright lifted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. Cantor Fitzgerald dropped their price target on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research note on Wednesday, January 15th. Roth Mkm reiterated a “buy” rating and set a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Finally, Lake Street Capital boosted their target price 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. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $11.29.

Hedge Funds Weigh In On Applied Digital

Hedge funds and other institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of Applied Digital by 36.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after acquiring an additional 240,554 shares during the period. Quadrature Capital Ltd acquired a new stake in Applied Digital in the third quarter worth about $545,000. Barclays PLC lifted its holdings in Applied Digital by 736.8% in the third quarter. Barclays PLC now owns 486,577 shares of the company’s stock worth $4,014,000 after purchasing an additional 428,428 shares during the period. Virtu Financial LLC acquired a new stake in Applied Digital in the third quarter worth about $2,030,000. Finally, B. Riley Wealth Advisors Inc. lifted its holdings in Applied Digital by 66.1% in the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock worth $4,609,000 after purchasing an additional 308,223 shares during the period. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.