Applied Digital (NASDAQ:APLD) Stock Price Down 5.4% on Insider Selling

Applied Digital Co. (NASDAQ:APLD) shares were down 5.4% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $7.18 and last traded at $7.18. Approximately 3,400,885 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 7,309,523 shares. The stock had previously closed at $7.59.

Specifically, Director Richard N. Nottenburg sold 19,369 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total value of $145,461.19. Following the completion of the transaction, the director now directly owns 384,317 shares in the company, valued at approximately $2,886,220.67. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

APLD has been the subject of a number of analyst reports. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research report on Friday, November 1st. Craig Hallum raised their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Roth Mkm restated a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. B. Riley raised their price objective 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. Finally, Lake Street Capital lifted their target price on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital has a consensus rating of “Buy” and an average price target of $10.50.

Applied Digital Trading Down 5.5 %

The firm has a market capitalization of $1.54 billion, a P/E ratio of -6.13 and a beta of 4.65. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. The firm’s 50-day simple moving average is $7.13 and its 200-day simple moving average is $5.50.

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Hood River Capital Management LLC increased its stake in shares of Applied Digital by 8.7% in the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock worth $57,098,000 after buying an additional 771,699 shares during the period. Vanguard Group Inc. increased its stake in shares of Applied Digital by 70.2% in the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock worth $26,434,000 after buying an additional 2,547,485 shares during the period. Van ECK Associates Corp increased its stake in shares of Applied Digital by 18.3% in the second quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock worth $17,077,000 after buying an additional 443,699 shares during the period. Royce & Associates LP increased its stake in shares of Applied Digital by 1.4% in the third quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock worth $9,340,000 after buying an additional 15,763 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Applied Digital by 36.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock worth $7,419,000 after buying an additional 240,554 shares during the period. 65.67% of the stock is owned by hedge funds and other institutional investors.

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.