Applied Digital (NASDAQ:APLD) Trading Down 11% on Insider Selling

Shares of Applied Digital Corporation (NASDAQ:APLD) fell 11% during mid-day trading on Friday following insider selling activity. The stock traded as low as $33.53 and last traded at $33.88. 30,621,043 shares were traded during mid-day trading, a decline of 27% from the average session volume of 41,786,125 shares. The stock had previously closed at $38.07.

Specifically, Director Chuck Hastings sold 45,987 shares of the business’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 sale, the director directly owned 388,372 shares of the company’s stock, valued at approximately $14,979,508.04. The trade was a 10.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Freedom Capital raised Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 6th. Needham & Company LLC restated a “buy” rating and set a $41.00 price objective on shares of Applied Digital in a research note on Thursday, January 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a research note on Wednesday, October 8th. Roth Mkm increased their target price on shares of Applied Digital to $58.00 and gave the company a “buy” rating in a report on Thursday, January 8th. Finally, Citigroup restated an “outperform” rating on shares of Applied Digital in a report on Wednesday. Three analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Applied Digital has a consensus rating of “Buy” and a consensus price target of $34.73.

Applied Digital Stock Down 11.0%

The company has a market capitalization of $9.47 billion, a PE ratio of -62.74 and a beta of 6.89. The stock’s fifty day moving average is $30.33 and its two-hundred day moving average is $24.66. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 1.79.

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

Hedge Funds Weigh In On Applied Digital

Institutional investors and hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC raised its stake in shares of Applied Digital by 84.8% in the first quarter. AQR Capital Management LLC now owns 18,945 shares of the company’s stock valued at $106,000 after buying an additional 8,692 shares during the period. NewEdge Advisors LLC increased its holdings in Applied Digital by 239.1% in the 1st quarter. NewEdge Advisors LLC now owns 33,267 shares of the company’s stock worth $187,000 after acquiring an additional 23,457 shares during the last quarter. Geneos Wealth Management Inc. raised its stake in Applied Digital by 113.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock valued at $37,000 after acquiring an additional 3,542 shares during the period. Strs Ohio bought a new stake in Applied Digital in the 1st quarter valued at about $71,000. Finally, PFG Investments LLC lifted its holdings in Applied Digital by 184.2% during the second quarter. PFG Investments LLC now owns 39,880 shares of the company’s stock valued at $402,000 after purchasing an additional 25,850 shares during 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.