Richard Nottenburg Sells 75,000 Shares of Applied Digital (NASDAQ:APLD) Stock

Applied Digital Corporation (NASDAQ:APLD) Director Richard Nottenburg sold 75,000 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total value of $2,336,250.00. Following the transaction, the director owned 133,378 shares in the company, valued at $4,154,724.70. The trade was a 35.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Applied Digital Trading Up 1.2%

APLD stock opened at $29.22 on Friday. Applied Digital Corporation has a 52 week low of $13.16 and a 52 week high of $50.72. The company has a market capitalization of $8.52 billion, a PE ratio of -32.83 and a beta of 5.75. The company’s 50-day simple moving average is $35.48 and its 200 day simple moving average is $34.10. The company has a debt-to-equity ratio of 2.88, a quick ratio of 4.01 and a current ratio of 4.01.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Monday, July 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $240.35 million during the quarter, compared to the consensus estimate of $96.85 million. During the same period in the prior year, the firm earned ($0.24) EPS. The business’s revenue for the quarter was up 406.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Applied Digital Corporation will post -0.98 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on APLD. Lake Street Capital increased their target price on Applied Digital from $70.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Northland Securities set a $82.00 price objective on shares of Applied Digital and gave the stock an “outperform” rating in a research note on Wednesday, June 17th. Compass Point restated a “buy” rating and issued a $70.00 target price on shares of Applied Digital in a research report on Friday, May 22nd. Wall Street Zen downgraded shares of Applied Digital from a “sell” rating to a “strong sell” rating in a research report on Saturday. Finally, Roth Capital reaffirmed a “buy” rating and issued a $65.00 target price on shares of Applied Digital in a report on Thursday, April 23rd. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Applied Digital currently has an average rating of “Moderate Buy” and a consensus price target of $68.15.

Hedge Funds Weigh In On Applied Digital

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Applied Digital by 36.4% during the fourth quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock worth $592,601,000 after buying an additional 6,445,908 shares during the last quarter. Situational Awareness LP lifted its holdings in Applied Digital by 18.9% during the 1st quarter. Situational Awareness LP now owns 13,478,438 shares of the company’s stock worth $319,978,000 after buying an additional 2,139,378 shares during the period. Geode Capital Management LLC grew its position in shares of Applied Digital by 5.1% in the 4th quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company’s stock valued at $154,151,000 after buying an additional 304,228 shares during the last quarter. Value Aligned Research Advisors LLC acquired a new stake in Applied Digital during the 4th quarter valued at approximately $138,380,000. Finally, BNP Paribas Financial Markets raised its stake in Applied Digital by 24,356.8% during the second quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock worth $52,561,000 after buying an additional 5,198,223 shares during the last quarter. Institutional investors own 65.67% of the company’s stock.

Applied Digital Company Profile

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.