Applied Digital (NASDAQ:APLD) Stock: Insider Wes Cummins Purchases 55,803 Shares

Applied Digital Corporation (NASDAQ:APLD) CEO Wes Cummins purchased 55,803 shares of the business’s stock in a transaction that occurred on Friday, October 16th. The stock was purchased at an average price of $18.04 per share, for a total transaction of $1,006,686.12. Following the completion of the transaction, the chief executive officer directly owned 5,874,453 shares in the company, valued at $105,975,132.12. This trade represents a 0.96% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link.

Applied Digital Price Performance

Shares of APLD stock opened at $18.05 on Monday. Applied Digital Corporation has a 12-month low of $17.65 and a 12-month high of $50.72. The firm has a market capitalization of $5.46 billion, a price-to-earnings ratio of -11.01 and a beta of 5.99. The company has a quick ratio of 2.56, a current ratio of 2.56 and a debt-to-equity ratio of 3.90. The firm has a fifty day moving average of $26.11 and a 200-day moving average of $32.36.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Wednesday, October 7th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.30) by $0.29. The business had revenue of $300.39 million for the quarter, compared to the consensus estimate of $116.29 million. Applied Digital had a negative return on equity of 27.21% and a negative net margin of 51.28%. The firm’s revenue was up 367.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.03) EPS. On average, equities research analysts forecast that Applied Digital Corporation will post -2.06 earnings per share for the current year.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently made changes to their positions in APLD. GAMMA Investing LLC increased its holdings in Applied Digital by 28.5% during the second quarter. GAMMA Investing LLC now owns 2,092 shares of the company’s stock worth $78,000 after buying an additional 464 shares during the last quarter. Krilogy Financial LLC raised its position in Applied Digital by 4.1% during the second quarter. Krilogy Financial LLC now owns 14,243 shares of the company’s stock worth $531,000 after acquiring an additional 561 shares in the last quarter. Vermillion Wealth Management Inc. raised its position in Applied Digital by 29.4% during the first quarter. Vermillion Wealth Management Inc. now owns 2,563 shares of the company’s stock worth $61,000 after acquiring an additional 583 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in Applied Digital by 4.7% in the second quarter. Envestnet Asset Management Inc. now owns 13,333 shares of the company’s stock valued at $497,000 after acquiring an additional 596 shares during the last quarter. Finally, Handelsbanken Fonder AB lifted its stake in Applied Digital by 1.0% in the second quarter. Handelsbanken Fonder AB now owns 71,600 shares of the company’s stock valued at $2,671,000 after acquiring an additional 700 shares during the last quarter. Institutional investors own 65.67% of the company’s stock.

Analyst Ratings Changes

APLD has been the topic of several research analyst reports. Wells Fargo & Company restated an “overweight” rating and set a $55.00 target price (up from $50.00) on shares of Applied Digital in a report on Thursday, October 8th. Zacks Research cut shares of Applied Digital from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 26th. Needham & Company LLC reduced their price target on shares of Applied Digital from $83.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, October 8th. Citigroup reissued a “market outperform” rating on shares of Applied Digital in a research report on Thursday, October 8th. Finally, Rothschild & Co Redburn set a $22.00 price objective on shares of Applied Digital and gave the stock a “neutral” rating in a report on Monday, September 21st. Three investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Applied Digital currently has an average rating of “Moderate Buy” and an average target price of $62.25.

About Applied Digital

Applied Digital Corporation (NASDAQ: APLD) develops and operates digital infrastructure designed to support high-performance computing, artificial intelligence and other data-intensive applications. The company provides data-center capacity and related services to customers that require substantial computing power and electricity.

The company’s business has included hosting infrastructure for cryptocurrency-mining operations and, increasingly, developing facilities for artificial intelligence and high-performance computing workloads.