Applied Digital (NASDAQ:APLD) Shares Down 1.6% Following Insider Selling

Applied Digital Co. (NASDAQ:APLD)’s share price dropped 1.6% during trading on Wednesday following insider selling activity. The stock traded as low as $9.20 and last traded at $9.26. Approximately 8,632,402 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 23,031,754 shares. The stock had previously closed at $9.41.

Specifically, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the sale, the director now directly owns 342,923 shares in the company, valued at approximately $3,034,868.55. This represents a 5.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analyst Upgrades and Downgrades

Several analysts have weighed in on APLD shares. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research note on Wednesday, January 15th. Roth Mkm reiterated a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Cantor Fitzgerald reduced their price target on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. Craig Hallum boosted their target price on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, HC Wainwright raised their target price on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Digital has a consensus rating of “Buy” and an average target price of $11.29.

Applied Digital Stock Performance

The firm’s 50-day moving average price is $9.01 and its two-hundred day moving average price is $7.07. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $2.00 billion, a PE ratio of -5.18 and a beta of 4.78.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. During the same quarter in the previous year, the company posted ($0.05) earnings per share. Applied Digital’s revenue for the quarter was up 51.3% compared to the same quarter last year. As a group, research analysts predict that Applied Digital Co. will post -0.8 earnings per share for the current fiscal year.

Institutional Trading of Applied Digital

Several institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its position in Applied Digital by 48.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock worth $25,258,000 after buying an additional 1,002,862 shares in the last quarter. State Street Corp raised its holdings in shares of Applied Digital by 14.0% during the third quarter. State Street Corp now owns 2,337,267 shares of the company’s stock worth $19,282,000 after acquiring an additional 286,852 shares in the last quarter. Royce & Associates LP boosted its position in Applied Digital by 1.4% during the third quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock valued at $9,340,000 after purchasing an additional 15,763 shares during the last quarter. Exchange Traded Concepts LLC increased its position in Applied Digital by 37.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company’s stock worth $7,656,000 after purchasing an additional 273,666 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Applied Digital by 36.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock worth $7,419,000 after purchasing an additional 240,554 shares during the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.