Traders Buy Large Volume of Applied Digital Call Options (NASDAQ:APLD)

Applied Digital Co. (NASDAQ:APLD - Get Free Report) was the recipient of unusually large options trading on Tuesday. Investors bought 65,032 call options on the stock. This is an increase of approximately 171% compared to the average volume of 23,995 call options.

Applied Digital Stock Up 4.8 %

NASDAQ APLD traded up $0.42 during trading on Tuesday, reaching $9.13. 15,054,981 shares of the company's stock were exchanged, compared to its average volume of 6,897,200. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14. Applied Digital has a fifty-two week low of $2.36 and a fifty-two week high of $9.48. The company's fifty day simple moving average is $6.12 and its 200-day simple moving average is $5.01. The firm has a market capitalization of $1.25 billion, a PE ratio of -11.56 and a beta of 4.56.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating analysts' consensus estimates of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 107.05%. The firm had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. During the same period in the previous year, the firm posted ($0.10) earnings per share. The firm's revenue was up 67.2% on a year-over-year basis. Sell-side analysts predict that Applied Digital will post -1.12 EPS for the current year.

Insider Buying and Selling

In other news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the transaction, the director now directly owns 218,506 shares in the company, valued at approximately $1,201,783. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the business's stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $5.50, for a total value of $55,000.00. Following the sale, the director now directly owns 218,506 shares in the company, valued at approximately $1,201,783. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard N. Nottenburg sold 80,000 shares of the firm's stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the transaction, the director now owns 433,686 shares of the company's stock, valued at approximately $3,196,265.82. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 100,000 shares of company stock valued at $724,700 over the last quarter. Corporate insiders own 20.50% of the company's stock.

Hedge Funds Weigh In On Applied Digital

Hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. purchased a new position in Applied Digital in the first quarter valued at about $50,000. Headlands Technologies LLC lifted its holdings in shares of Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company's stock valued at $52,000 after buying an additional 6,933 shares during the last quarter. ARS Investment Partners LLC bought a new stake in shares of Applied Digital in the 2nd quarter valued at approximately $60,000. Price T Rowe Associates Inc. MD increased its holdings in 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 worth $103,000 after buying an additional 3,182 shares during the last quarter. Finally, Crumly & Associates Inc. bought a new position in Applied Digital during the second quarter valued at approximately $110,000. 65.67% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have issued reports on APLD. Lake Street Capital upped 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. HC Wainwright boosted their target price on Applied Digital from $5.00 to $10.00 and gave the stock a "buy" rating in a research report on Wednesday, October 16th. Roth Mkm reiterated a "buy" rating and issued a $10.00 price target on shares of Applied Digital in a research report on Thursday, October 10th. B. Riley lifted their price target on Applied Digital from $8.00 to $9.00 and gave the stock a "buy" rating in a research note on Friday, September 13th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $11.00 price objective on shares of Applied Digital in a research note on Thursday, October 17th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $10.50.

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.