Applied Digital Sees Unusually High Options Volume (NASDAQ:APLD)

Applied Digital Co. (NASDAQ:APLD - Get Free Report) was the target of unusually large options trading on Wednesday. Stock investors bought 52,466 call options on the company. This represents an increase of approximately 16% compared to the typical volume of 45,142 call options.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on APLD shares. Cantor Fitzgerald cut their target price on Applied Digital from $15.00 to $14.00 and set an "overweight" rating for the company in a research report on Wednesday. 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. Craig Hallum raised their price target on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a report on Thursday, October 10th. Needham & Company LLC restated a "buy" rating and set a $11.00 price target on shares of Applied Digital in a report on Wednesday. Finally, Lake Street Capital raised their price target on Applied Digital from $7.00 to $11.00 and gave the company a "buy" rating in a report on Thursday, October 10th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $11.29.

Insiders Place Their Bets

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the company's stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $8.01, for a total value of $80,100.00. Following the completion of the sale, the director now owns 208,506 shares in the company, valued at $1,670,133.06. This represents a 4.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Wes Cummins sold 200,000 shares of the company's stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the sale, the chief executive officer now owns 3,875,955 shares of the company's stock, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 279,369 shares of company stock worth $2,525,561 over the last quarter. 11.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

Institutional investors and hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. increased its holdings in Applied Digital by 36.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company's stock worth $7,419,000 after purchasing an additional 240,554 shares during the period. Quadrature Capital Ltd purchased a new position in Applied Digital during the 3rd quarter worth $545,000. Barclays PLC increased its holdings in Applied Digital by 736.8% during the 3rd quarter. Barclays PLC now owns 486,577 shares of the company's stock worth $4,014,000 after purchasing an additional 428,428 shares during the period. Virtu Financial LLC purchased a new position in Applied Digital during the 3rd quarter worth $2,030,000. Finally, B. Riley Wealth Advisors Inc. increased its holdings in shares of Applied Digital by 66.1% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company's stock valued at $4,609,000 after acquiring an additional 308,223 shares during the period. 65.67% of the stock is owned by institutional investors.

Applied Digital Trading Down 2.0 %

Shares of NASDAQ:APLD traded down $0.17 during trading on Wednesday, hitting $8.37. The company had a trading volume of 35,173,048 shares, compared to its average volume of 23,673,061. The stock has a market cap of $1.77 billion, a price-to-earnings ratio of -7.15 and a beta of 4.78. Applied Digital has a one year low of $2.36 and a one year high of $11.25. The company has a fifty day simple moving average of $8.77 and a two-hundred day simple moving average of $6.95. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.08. The business had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The company's revenue for the quarter was up 51.3% on a year-over-year basis. During the same period last year, the company earned ($0.05) EPS. As a group, equities analysts forecast that Applied Digital will post -0.4 earnings per share for the current 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.