Chuck Hastings Sells 45,987 Shares of Applied Digital (NASDAQ:APLD) Stock

Applied Digital Corporation (NASDAQ:APLD) Director Chuck Hastings sold 45,987 shares of the firm’s stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $38.57, for a total transaction of $1,773,718.59. Following the completion of the transaction, the director directly owned 388,372 shares of the company’s stock, valued at $14,979,508.04. This represents a 10.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Applied Digital Stock Down 11.0%

NASDAQ:APLD traded down $4.19 during trading hours on Friday, hitting $33.88. 30,704,819 shares of the company’s stock traded hands, compared to its average volume of 41,795,406. The stock’s fifty day moving average price is $30.08 and its two-hundred day moving average price is $24.39. The firm has a market cap of $9.47 billion, a P/E ratio of -62.74 and a beta of 6.89. The company has a debt-to-equity ratio of 1.79, a quick ratio of 4.82 and a current ratio of 4.82. Applied Digital Corporation has a twelve month low of $3.31 and a twelve month high of $42.27.

Applied Digital (NASDAQ:APLD) last released its earnings results 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). Applied Digital had a negative net margin of 43.49% and a negative return on equity of 13.53%. The business had revenue of $126.59 million for the quarter, compared to analysts’ expectations of $82.22 million. During the same period last year, the firm earned ($0.06) EPS. The company’s revenue was up 250.1% compared to the same quarter last year. On average, research analysts expect that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Institutional Trading of Applied Digital

A number of large investors have recently bought and sold shares of the business. Atlantic Union Bankshares Corp acquired a new stake in shares of Applied Digital in the 2nd quarter valued at about $25,000. Noble Wealth Management PBC bought a new position in shares of Applied Digital during the 4th quarter worth approximately $25,000. Albion Financial Group UT bought a new position in shares of Applied Digital in the fourth quarter valued at about $25,000. Activest Wealth Management acquired a new stake in Applied Digital during the fourth quarter worth approximately $25,000. Finally, Larson Financial Group LLC grew its holdings in 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 buying an additional 1,129 shares in the last quarter. 65.67% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on APLD. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a research note on Wednesday, October 8th. B. Riley lifted their price objective on Applied Digital to $53.00 and gave the stock a “buy” rating in a report on Friday, January 9th. Craig Hallum upped their price objective on Applied Digital to $39.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. Northland Securities set a $56.00 target price on shares of Applied Digital in a research report on Wednesday. Finally, Lake Street Capital restated a “buy” rating and set a $45.00 target price on shares of Applied Digital in a report on Tuesday, December 30th. Three research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Applied Digital has a consensus rating of “Buy” and an average price target of $34.73.

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.