Stock Traders Buy High Volume of Applied Digital Call Options (NASDAQ:APLD)

Applied Digital Co. (NASDAQ:APLD) saw some unusual options trading on Tuesday. Stock traders purchased 65,032 call options on the stock. This is an increase of 171% compared to the typical volume of 23,995 call options.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Craig Hallum raised their price target on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. B. Riley raised their price target on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, September 13th. HC Wainwright raised their price target on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Lake Street Capital increased their price objective on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, 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. Six investment 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 a consensus price target of $10.50.

Insider Activity

In other Applied Digital news, 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 transaction of $80,100.00. Following the completion of the transaction, the director now directly owns 208,506 shares of the company’s stock, valued at approximately $1,670,133.06. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Applied Digital news, Director Richard N. Nottenburg sold 80,000 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the transaction, the director now directly owns 433,686 shares of the company’s stock, valued at approximately $3,196,265.82. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total value of $80,100.00. Following the transaction, the director now directly owns 208,506 shares of the company’s stock, valued at approximately $1,670,133.06. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 100,000 shares of company stock valued at $724,700 over the last three months. Corporate insiders own 20.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of large investors have recently added to or reduced their stakes in APLD. Headlands Technologies LLC grew its stake in shares of Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after buying an additional 6,933 shares during the last quarter. ARS Investment Partners LLC bought a new position in shares of Applied Digital during the second quarter valued at about $60,000. Principal Financial Group Inc. bought a new position in shares of Applied Digital during the first quarter valued at about $50,000. Crumly & Associates Inc. bought a new position in shares of Applied Digital during the second quarter valued at about $110,000. Finally, ICA Group Wealth Management LLC grew its stake in shares of Applied Digital by 56.8% during the second quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock valued at $112,000 after buying an additional 6,795 shares during the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Trading Up 4.8 %

NASDAQ APLD opened at $9.13 on Wednesday. The stock’s 50-day simple moving average is $6.12 and its two-hundred day simple moving average is $5.01. Applied Digital has a twelve month low of $2.36 and a twelve month high of $9.48. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of -11.56 and a beta of 4.56.

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

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.