Richard N. Nottenburg Sells 50,000 Shares of Applied Digital Co. (NASDAQ:APLD) Stock

Applied Digital Co. (NASDAQ:APLD) Director Richard N. Nottenburg sold 50,000 shares of the stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $460,000.00. Following the completion of the sale, the director now directly owns 334,317 shares in the company, valued at $3,075,716.40. This trade represents a 13.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Applied Digital Stock Performance

Shares of Applied Digital stock opened at $10.10 on Friday. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62. The stock’s fifty day moving average price is $7.97 and its 200-day moving average price is $6.01. The firm has a market cap of $2.18 billion, a P/E ratio of -8.63 and a beta of 4.65. Applied Digital Co. has a 12 month low of $2.36 and a 12 month high of $10.94.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. 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 firm posted ($0.10) EPS. The company’s revenue for the quarter was up 67.2% on a year-over-year basis. On average, equities research analysts expect that Applied Digital Co. will post -0.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Craig Hallum increased 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. Lake Street Capital increased their target price on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. HC Wainwright boosted their target price on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research note on Friday, November 1st. Finally, Roth Mkm reissued a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $10.50.

Hedge Funds Weigh In On Applied Digital

Several institutional investors have recently bought and sold shares of the business. Headlands Technologies LLC boosted its position in Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after acquiring an additional 6,933 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Applied Digital during the 3rd quarter worth $59,000. ARS Investment Partners LLC purchased a new stake in shares of Applied Digital during the 2nd quarter worth $60,000. Beacon Harbor Wealth Advisors Inc. bought a new stake in Applied Digital during the third quarter valued at about $83,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in Applied Digital in the third quarter valued at about $88,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

About Applied Digital

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.