Applied Digital (NASDAQ:APLD) Director Sells $2,336,250.00 in Stock

Applied Digital Corporation (NASDAQ:APLD) Director Richard Nottenburg sold 75,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total transaction of $2,336,250.00. Following the sale, the director owned 133,378 shares of the company’s stock, valued at approximately $4,154,724.70. This represents a 35.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Applied Digital Stock Up 1.2%

APLD stock opened at $29.22 on Friday. The company has a 50 day moving average of $35.48 and a two-hundred day moving average of $34.10. The company has a market cap of $8.52 billion, a price-to-earnings ratio of -32.83 and a beta of 5.75. Applied Digital Corporation has a 12-month low of $13.16 and a 12-month high of $50.72. The company has a quick ratio of 4.01, a current ratio of 4.01 and a debt-to-equity ratio of 2.88.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Monday, July 27th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.30). Applied Digital had a negative net margin of 37.78% and a negative return on equity of 16.42%. The company had revenue of $240.35 million for the quarter, compared to analysts’ expectations of $96.85 million. During the same quarter in the prior year, the firm earned ($0.24) earnings per share. The company’s revenue was up 406.3% on a year-over-year basis. On average, equities analysts anticipate that Applied Digital Corporation will post -1.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Applied Digital

Hedge funds have recently bought and sold shares of the business. Cannon Capital Management Inc. bought a new position in shares of Applied Digital in the 4th quarter valued at approximately $3,635,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Applied Digital in the 4th quarter worth approximately $2,674,000. Prime Capital Investment Advisors LLC bought a new stake in Applied Digital during the fourth quarter worth approximately $1,284,000. M&T Bank Corp acquired a new position in Applied Digital during the fourth quarter valued at approximately $2,232,000. Finally, TFR Capital LLC. acquired a new position in Applied Digital during the fourth quarter valued at approximately $1,741,000. 65.67% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have commented on APLD shares. Weiss Ratings restated a “sell (d-)” rating on shares of Applied Digital in a research note on Tuesday, July 21st. B. Riley Financial reaffirmed a “buy” rating and set a $75.00 price target (up from $66.00) on shares of Applied Digital in a research note on Monday, August 3rd. Citizens Jmp lifted their price target on Applied Digital from $40.00 to $60.00 and gave the company a “market outperform” rating in a report on Thursday, May 21st. Lake Street Capital boosted their price target on Applied Digital from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Finally, Morgan Stanley increased their price objective on Applied Digital from $36.50 to $37.50 and gave the stock an “equal weight” rating in a report on Thursday. Three investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $68.15.

About Applied Digital

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.