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

Applied Digital Co. (NASDAQ:APLD) saw some unusual options trading on Monday. Stock investors purchased 57,267 call options on the stock. This is an increase of 108% compared to the typical daily volume of 27,595 call options.

Analyst Ratings Changes

APLD has been the subject of a number of research analyst reports. HC Wainwright upped their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Lake Street Capital upped their price target on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Needham & Company LLC reiterated 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 boosted their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital currently has an average rating of “Buy” and an average price target of $10.50.

Insider Activity

In related news, Director Richard N. Nottenburg sold 19,369 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total transaction of $145,461.19. Following the transaction, the director now owns 384,317 shares of the company’s stock, valued at approximately $2,886,220.67. The trade was a 4.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total transaction of $55,000.00. Following the transaction, the director now owns 218,506 shares of the company’s stock, valued at approximately $1,201,783. The trade was a 4.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 119,369 shares of company stock valued at $870,161. 11.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Applied Digital

Several large investors have recently made changes to their positions in APLD. B. Riley Wealth Advisors Inc. boosted its position 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 valued at $4,609,000 after buying an additional 308,223 shares in the last quarter. Alight Capital Management LP bought a new position in shares of Applied Digital in the second quarter valued at approximately $3,570,000. Marshall Wace LLP bought a new position in shares of Applied Digital in the second quarter valued at approximately $720,000. Vanguard Group Inc. boosted its holdings in shares of Applied Digital by 70.2% in the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock worth $26,434,000 after acquiring an additional 2,547,485 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in Applied Digital during the 2nd quarter worth approximately $1,451,000. Institutional investors own 65.67% of the company’s stock.

Applied Digital Stock Up 7.2 %

NASDAQ APLD opened at $7.75 on Tuesday. Applied Digital has a 1-year low of $2.36 and a 1-year high of $9.48. The company has a market capitalization of $1.67 billion, a price-to-earnings ratio of -7.14 and a beta of 4.65. The stock’s 50 day moving average is $7.29 and its two-hundred day moving average is $5.59. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating 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 business had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. During the same quarter in the previous year, the firm earned ($0.10) EPS. Applied Digital’s quarterly revenue was up 67.2% on a year-over-year basis. Equities analysts forecast that Applied Digital will post -0.4 earnings per share 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.