Stock Traders Purchase High Volume of Applied Digital Call Options (NASDAQ:APLD)

Applied Digital Co. (NASDAQ:APLD) saw unusually large options trading on Wednesday. Stock traders acquired 61,490 call options on the stock. This is an increase of approximately 83% compared to the average daily volume of 33,628 call options.

Insiders Place Their Bets

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total value of $80,100.00. Following the transaction, the director now directly owns 208,506 shares in the company, valued at approximately $1,670,133.06. This trade represents a 4.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the transaction, the chief executive officer now directly owns 3,875,955 shares in the company, valued at approximately $35,658,786. This represents a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 359,369 shares of company stock valued at $3,115,161. Corporate insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors have recently modified their holdings of APLD. Vanguard Group Inc. increased its stake in shares of Applied Digital by 70.2% in the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock worth $26,434,000 after purchasing an additional 2,547,485 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Applied Digital by 15.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock valued at $103,000 after acquiring an additional 3,182 shares during the last quarter. California State Teachers Retirement System raised its stake in shares of Applied Digital by 14.1% during the 1st quarter. California State Teachers Retirement System now owns 91,086 shares of the company’s stock worth $390,000 after purchasing an additional 11,288 shares in the last quarter. Register Financial Advisors LLC grew its stake in shares of Applied Digital by 29.2% in the second quarter. Register Financial Advisors LLC now owns 417,800 shares of the company’s stock valued at $2,486,000 after buying an additional 94,400 shares in the last quarter. Finally, ARS Investment Partners LLC acquired a new stake in Applied Digital in the second quarter valued at $60,000. Institutional investors own 65.67% of the company’s stock.

Analyst Upgrades and Downgrades

APLD has been the topic of several analyst reports. HC Wainwright increased their price target on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. B. Riley increased their target price on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Craig Hallum increased their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Roth Mkm reiterated a “buy” rating and set a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Finally, Needham & Company LLC reissued a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research note on Friday, November 1st. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $10.50.

Applied Digital Stock Performance

NASDAQ APLD opened at $10.04 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. The stock’s 50 day simple moving average is $8.15 and its 200-day simple moving average is $6.16. The company has a market cap of $2.12 billion, a PE ratio of -8.58 and a beta of 4.67. Applied Digital has a 1-year low of $2.36 and a 1-year high of $10.94.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. The firm had revenue of $60.70 million during the quarter, compared to analysts’ expectations of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. Applied Digital’s quarterly revenue was up 67.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.10) EPS. As a group, equities research analysts anticipate that Applied Digital will post -0.4 EPS for the current fiscal year.

Applied Digital Company Profile

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.