Applied Digital (NASDAQ:APLD) Trading Down 2.4% on Insider Selling

Shares of Applied Digital Corporation (NASDAQ:APLD) fell 2.4% during mid-day trading on Thursday following insider selling activity. The company traded as low as $35.05 and last traded at $35.22. 25,785,727 shares changed hands during trading, a decline of 44% from the average session volume of 46,206,996 shares. The stock had previously closed at $36.10.

Specifically, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $38.54, for a total value of $385,400.00. Following the transaction, the director owned 200,859 shares of the company’s stock, valued at $7,741,105.86. This represents a 4.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on APLD shares. Wall Street Zen upgraded Applied Digital from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. Craig Hallum upped their price target on shares of Applied Digital to $39.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd. HC Wainwright lifted their price objective on shares of Applied Digital from $20.00 to $40.00 and gave the company a “buy” rating in a report on Friday, October 10th. Arete initiated coverage on shares of Applied Digital in a research note on Wednesday, January 7th. They issued a “buy” rating for the company. Finally, Freedom Capital raised Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 6th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $33.27.

Applied Digital Trading Down 2.4%

The stock’s fifty day simple moving average is $27.61 and its 200-day simple moving average is $22.39. The company has a debt-to-equity ratio of 1.79, a current ratio of 4.82 and a quick ratio of 4.82. The firm has a market cap of $9.85 billion, a PE ratio of -65.22 and a beta of 6.89.

Applied Digital (NASDAQ:APLD) last released its earnings results on Wednesday, January 7th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The firm had revenue of $126.59 million during the quarter, compared to analyst estimates of $82.22 million. Applied Digital had a negative net margin of 43.49% and a negative return on equity of 13.53%. Applied Digital’s revenue was up 250.1% on a year-over-year basis. During the same period in the previous year, the company earned ($0.06) earnings per share. On average, sell-side analysts forecast that Applied Digital Corporation will post -0.96 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Atlantic Union Bankshares Corp purchased a new stake in Applied Digital in the second quarter valued at approximately $25,000. Noble Wealth Management PBC acquired a new stake in Applied Digital during the 4th quarter valued at approximately $25,000. Larson Financial Group LLC boosted its holdings in shares of Applied Digital by 56,450.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock valued at $26,000 after acquiring an additional 1,129 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Applied Digital in the 2nd quarter valued at $26,000. Finally, Dagco Inc. acquired a new stake in shares of Applied Digital in the third quarter worth $27,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

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.