Applied Digital Co. (NASDAQ:APLD) CEO Wes Cummins Sells 200,000 Shares

Applied Digital Co. (NASDAQ:APLD) CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the sale, the chief executive officer now owns 3,875,955 shares in the company, valued at $35,658,786. This represents a 4.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Applied Digital Stock Up 4.6 %

NASDAQ APLD traded up $0.44 on Friday, reaching $10.10. The stock had a trading volume of 11,647,755 shares, compared to its average volume of 7,954,302. 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 Co. has a 1 year low of $2.36 and a 1 year high of $10.94. The business has a 50 day moving average price of $7.89 and a 200 day moving average price of $5.95. The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of -8.88 and a beta of 4.65.

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. The business had revenue of $60.70 million during the quarter, compared to analysts’ expectations of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The firm’s quarterly revenue was up 67.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.10) EPS. On average, analysts forecast that Applied Digital Co. will post -0.4 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have weighed in on APLD. Roth Mkm reiterated a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. HC Wainwright upped their price target on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Craig Hallum raised their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a report on Friday, November 1st. Finally, Lake Street Capital increased their price target on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $10.50.

Institutional Inflows and Outflows

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

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.