Insider Selling: Applied Digital Co. (NASDAQ:APLD) CEO Sells $1,840,000.00 in Stock

Applied Digital Co. (NASDAQ:APLD) CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $1,840,000.00. Following the transaction, the chief executive officer now directly owns 3,875,955 shares in the company, valued at $35,658,786. This trade represents a 4.91 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Applied Digital Stock Up 4.6 %

Shares of NASDAQ APLD opened at $10.10 on Monday. Applied Digital Co. has a 52-week low of $2.36 and a 52-week high of $10.94. The business’s 50 day moving average is $7.97 and its two-hundred day moving average is $6.03. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of -8.63 and a beta of 4.65. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.13. The firm had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. Applied Digital’s revenue was up 67.2% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.10) EPS. Research analysts predict that Applied Digital Co. will post -0.4 EPS for the current year.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Headlands Technologies LLC lifted its holdings in Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after buying an additional 6,933 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Applied Digital in the third quarter valued at $59,000. ARS Investment Partners LLC purchased a new position in Applied Digital in the second quarter valued at $60,000. Beacon Harbor Wealth Advisors Inc. acquired a new position in Applied Digital during the 3rd quarter worth $83,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in Applied Digital during the 3rd quarter worth about $88,000. 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.