Richard Nottenburg Sells 11,606 Shares of Applied Digital (NASDAQ:APLD) Stock

Applied Digital Corporation (NASDAQ:APLD) Director Richard Nottenburg sold 11,606 shares of Applied Digital stock in a transaction dated Wednesday, January 14th. The shares were sold at an average price of $35.28, for a total transaction of $409,459.68. Following the sale, the director owned 245,378 shares in the company, valued at approximately $8,656,935.84. This trade represents a 4.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Applied Digital Price Performance

APLD traded up $2.18 during midday trading on Friday, reaching $37.40. 31,696,035 shares of the company’s stock were exchanged, compared to its average volume of 44,866,664. The firm has a market capitalization of $10.46 billion, a price-to-earnings ratio of -69.26 and a beta of 6.89. The company has a quick ratio of 4.82, a current ratio of 4.82 and a debt-to-equity ratio of 1.79. Applied Digital Corporation has a one year low of $3.31 and a one year high of $40.20. The business has a 50-day simple moving average of $27.69 and a two-hundred day simple moving average of $22.48.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Wednesday, January 7th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The company had revenue of $126.59 million during the quarter, compared to the consensus estimate of $82.22 million. Applied Digital had a negative net margin of 43.49% and a negative return on equity of 13.53%. The company’s revenue for the quarter was up 250.1% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.06) earnings per share. As a group, research analysts predict that Applied Digital Corporation will post -0.96 EPS for the current year.

Analyst Upgrades and Downgrades

APLD has been the topic of several recent analyst reports. Lake Street Capital restated a “buy” rating and issued a $45.00 target price on shares of Applied Digital in a research note on Tuesday, December 30th. Northland Securities restated an “outperform” rating and issued a $40.00 price target on shares of Applied Digital in a research report on Tuesday, December 30th. B. Riley upped their price objective on shares of Applied Digital to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 9th. Freedom Capital upgraded shares of Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 6th. Finally, Roth Capital boosted their target price on Applied Digital to $58.00 and gave the stock a “buy” rating in a report on Thursday, January 8th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Applied Digital has an average rating of “Buy” and an average price target of $33.27.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Voya Investment Management LLC grew its position in shares of Applied Digital by 403.4% during the 3rd quarter. Voya Investment Management LLC now owns 1,464,909 shares of the company’s stock worth $33,605,000 after buying an additional 1,173,929 shares during the period. Chelsea Counsel Co. acquired a new position in Applied Digital in the second quarter valued at approximately $582,000. Lake Hills Wealth Management LLC bought a new position in Applied Digital in the second quarter valued at approximately $184,000. KLP Kapitalforvaltning AS grew its holdings in Applied Digital by 27.7% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 41,500 shares of the company’s stock worth $418,000 after acquiring an additional 9,000 shares during the period. Finally, Kovack Advisors Inc. bought a new stake in shares of Applied Digital during the 2nd quarter valued at $116,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

About Applied Digital

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.