Richard N. Nottenburg Sells 19,369 Shares of Applied Digital Co. (NASDAQ:APLD) Stock

Applied Digital Co. (NASDAQ:APLD) Director Richard N. Nottenburg sold 19,369 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total value of $145,461.19. Following the sale, the director now owns 384,317 shares in the company, valued at approximately $2,886,220.67. This trade represents a 4.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Applied Digital Stock Down 4.3 %

APLD opened at $6.86 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. Applied Digital Co. has a 1-year low of $2.36 and a 1-year high of $9.48. The business has a 50 day moving average price of $7.21 and a two-hundred day moving average price of $5.51.

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

Institutional Investors Weigh In On Applied Digital

Institutional investors and hedge funds have recently modified their holdings of the stock. B. Riley Wealth Advisors Inc. raised its stake in Applied Digital by 66.1% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock valued at $4,609,000 after purchasing an additional 308,223 shares during the period. Alight Capital Management LP acquired a new stake in Applied Digital during the 2nd quarter valued at $3,570,000. Marshall Wace LLP acquired a new stake in Applied Digital during the 2nd quarter valued at $720,000. Vanguard Group Inc. raised its stake in 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 purchasing an additional 2,547,485 shares during the period. Finally, Point72 Asset Management L.P. acquired a new stake in Applied Digital during the 2nd quarter valued at $1,451,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Craig Hallum raised their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Needham & Company LLC restated a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research note on Friday, November 1st. B. Riley lifted their price target on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Lake Street Capital lifted their price target 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, HC Wainwright lifted their price target on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital presently has an average rating of “Buy” and an average price target of $10.50.

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.