Applied Digital (NASDAQ:APLD) Director Sells $400,000.00 in Stock

Applied Digital Corporation (NASDAQ:APLD) Director Richard Nottenburg sold 12,500 shares of the business’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $32.00, for a total transaction of $400,000.00. Following the completion of the transaction, the director owned 220,878 shares in the company, valued at approximately $7,068,096. This trade represents a 5.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Applied Digital Price Performance

NASDAQ:APLD traded up $1.56 on Thursday, reaching $34.25. The stock had a trading volume of 21,531,486 shares, compared to its average volume of 26,865,785. The company has a market capitalization of $9.79 billion, a P/E ratio of -46.28 and a beta of 7.25. Applied Digital Corporation has a 1-year low of $4.62 and a 1-year high of $42.27. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65. The stock has a fifty day moving average price of $28.22 and a 200-day moving average price of $30.05.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). The firm had revenue of $108.55 million during the quarter, compared to analyst estimates of $78.47 million. Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. Applied Digital’s quarterly revenue was up 139.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.08) earnings per share. Research analysts forecast that Applied Digital Corporation will post -0.52 EPS for the current year.

Hedge Funds Weigh In On Applied Digital

Several hedge funds have recently added to or reduced their stakes in the company. Ascentis Independent Advisors boosted its holdings in Applied Digital by 121.7% in the first quarter. Ascentis Independent Advisors now owns 20,154 shares of the company’s stock valued at $478,000 after acquiring an additional 11,065 shares during the last quarter. Hunter Associates Investment Management LLC lifted its stake in Applied Digital by 1.5% in the first quarter. Hunter Associates Investment Management LLC now owns 502,685 shares of the company’s stock valued at $11,933,000 after buying an additional 7,647 shares during the period. Baer Investment Advisory LLC acquired a new position in Applied Digital in the first quarter valued at about $230,000. World Investment Advisors acquired a new position in Applied Digital in the first quarter valued at about $598,000. Finally, Private Advisor Group LLC lifted its stake in Applied Digital by 3.6% in the first quarter. Private Advisor Group LLC now owns 96,558 shares of the company’s stock valued at $2,292,000 after buying an additional 3,333 shares during the period. Institutional investors own 65.67% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Texas Capital upgraded Applied Digital to a “strong-buy” rating in a report on Tuesday, January 20th. Zacks Research cut Applied Digital from a “hold” rating to a “strong sell” rating in a report on Wednesday, April 8th. Citizens Jmp restated a “market outperform” rating and set a $40.00 target price on shares of Applied Digital in a report on Thursday, April 9th. Needham & Company LLC increased their target price on Applied Digital to $48.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Finally, Roth Mkm restated a “buy” rating and set a $65.00 target price on shares of Applied Digital in a report on Thursday, April 23rd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $44.33.

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.