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

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

Applied Digital Stock Down 3.4%

Shares of APLD stock opened at $28.86 on Friday. The company has a debt-to-equity ratio of 2.88, a quick ratio of 4.01 and a current ratio of 4.01. The firm’s 50-day moving average is $35.84 and its 200-day moving average is $34.13. The stock has a market cap of $8.41 billion, a price-to-earnings ratio of -32.43 and a beta of 5.75. Applied Digital Corporation has a 52-week low of $13.16 and a 52-week high of $50.72.

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

Analyst Ratings Changes

APLD has been the subject of a number of research analyst reports. Lake Street Capital lifted their price objective on shares of Applied Digital from $70.00 to $90.00 and gave the stock a “buy” rating in a research report on Tuesday, June 9th. Craig Hallum increased their target price on Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. B. Riley Financial restated a “buy” rating and issued a $75.00 price target (up from $66.00) on shares of Applied Digital in a research note on Monday. Northland Securities set a $82.00 target price on shares of Applied Digital and gave the company an “outperform” rating in a research report on Wednesday, June 17th. Finally, Roth Capital restated a “buy” rating and issued a $65.00 price target on shares of Applied Digital in a research note on Thursday, April 23rd. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $68.15.

Hedge Funds Weigh In On Applied Digital

Hedge funds have recently bought and sold shares of the company. Newbridge Financial Services Group Inc. boosted its holdings in shares of Applied Digital by 8.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 3,800 shares of the company’s stock worth $93,000 after buying an additional 300 shares in the last quarter. Concurrent Investment Advisors LLC increased its stake in shares of Applied Digital by 1.5% in the 4th quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company’s stock valued at $523,000 after acquiring an additional 318 shares in the last quarter. Brookstone Capital Management lifted its position in shares of Applied Digital by 3.6% during the 4th quarter. Brookstone Capital Management now owns 9,275 shares of the company’s stock valued at $227,000 after acquiring an additional 321 shares during the period. Independent Advisor Alliance lifted its position in shares of Applied Digital by 4.6% during the 4th quarter. Independent Advisor Alliance now owns 9,215 shares of the company’s stock valued at $226,000 after acquiring an additional 407 shares during the period. Finally, GAMMA Investing LLC boosted its stake 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 acquiring an additional 464 shares in the last quarter. 65.67% of the stock is owned by institutional investors.

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.