Applied Digital (NASDAQ:APLD) Director Richard Nottenburg Sells 34,375 Shares of Stock

Applied Digital Corporation (NASDAQ:APLD) Director Richard Nottenburg sold 34,375 shares of the firm’s stock in a transaction on Friday, October 24th. The stock was sold at an average price of $33.23, for a total value of $1,142,281.25. Following the completion of the sale, the director owned 263,612 shares of the company’s stock, valued at approximately $8,759,826.76. This represents a 11.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Applied Digital Stock Down 0.1%

Shares of APLD opened at $34.33 on Wednesday. The company has a market cap of $9.60 billion, a PE ratio of -30.38 and a beta of 6.77. The business has a fifty day moving average of $23.65 and a 200 day moving average of $14.31. Applied Digital Corporation has a 52-week low of $3.31 and a 52-week high of $40.20. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.29.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Thursday, October 9th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.08. The company had revenue of $38.01 million during the quarter, compared to the consensus estimate of $52.25 million. Applied Digital had a negative return on equity of 37.14% and a negative net margin of 111.29%.Applied Digital’s revenue was up 84.3% on a year-over-year basis. During the same period last year, the company earned ($0.15) earnings per share. On average, sell-side analysts expect that Applied Digital Corporation will post -0.96 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Citigroup reiterated an “outperform” rating on shares of Applied Digital in a research report on Thursday, October 9th. Craig Hallum lifted their target price on Applied Digital to $39.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd. B. Riley reiterated a “buy” rating on shares of Applied Digital in a research report on Wednesday, October 22nd. Needham & Company LLC lifted their target price on Applied Digital from $12.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, July 31st. Finally, HC Wainwright lifted their target price on Applied Digital from $20.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.70.

Hedge Funds Weigh In On Applied Digital

Institutional investors have recently made changes to their positions in the company. Dagco Inc. purchased a new position in shares of Applied Digital during the third quarter valued at $27,000. Evolution Wealth Management Inc. increased its stake in shares of Applied Digital by 101.8% during the third quarter. Evolution Wealth Management Inc. now owns 1,600 shares of the company’s stock valued at $37,000 after buying an additional 807 shares during the period. CoreCap Advisors LLC increased its stake in shares of Applied Digital by 124.9% during the third quarter. CoreCap Advisors LLC now owns 1,804 shares of the company’s stock valued at $41,000 after buying an additional 1,002 shares during the period. Farther Finance Advisors LLC increased its stake in shares of Applied Digital by 51.8% during the third quarter. Farther Finance Advisors LLC now owns 2,306 shares of the company’s stock valued at $53,000 after buying an additional 787 shares during the period. Finally, Atlantic Union Bankshares Corp purchased a new position in shares of Applied Digital during the second quarter valued at $25,000. Hedge funds and other institutional investors 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.