Investors Purchase High Volume of Call Options on Applied Digital (NASDAQ:APLD)

Applied Digital Co. (NASDAQ:APLDGet Free Report) saw some unusual options trading on Thursday. Stock investors purchased 32,248 call options on the stock. This represents an increase of approximately 72% compared to the typical daily volume of 18,711 call options.

Analyst Upgrades and Downgrades

APLD has been the subject of several research analyst reports. HC Wainwright reiterated a “buy” rating and set a $5.00 price target on shares of Applied Digital in a report on Thursday, August 29th. B. Riley upped 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. Roth Mkm reiterated a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research report on Thursday, September 5th. Finally, Needham & Company LLC restated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a report on Monday, September 9th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $8.40.

Read Our Latest Stock Report on APLD

Applied Digital Stock Performance

Shares of Applied Digital stock opened at $7.45 on Friday. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of -9.43 and a beta of 4.51. Applied Digital has a twelve month low of $2.36 and a twelve month high of $8.78. The company’s fifty day moving average is $5.25 and its 200 day moving average is $4.69. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14.

Applied Digital (NASDAQ:APLDGet Free Report) last released its quarterly earnings results on Wednesday, August 28th. The company reported ($0.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.29). Applied Digital had a negative net margin of 88.95% and a negative return on equity of 111.80%. The company had revenue of $43.70 million during the quarter, compared to the consensus estimate of $42.70 million. During the same quarter last year, the firm posted ($0.07) EPS. Sell-side analysts forecast that Applied Digital will post -1.12 EPS for the current year.

Insider Activity

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 stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the completion of the transaction, the director now owns 218,506 shares of the company’s stock, 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 the SEC website. Corporate insiders own 20.50% of the company’s stock.

Institutional Trading of Applied Digital

Several institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its position in Applied Digital by 15.3% during 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. ICA Group Wealth Management LLC boosted its position in shares of Applied Digital by 56.8% during the 2nd quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock valued at $112,000 after purchasing an additional 6,795 shares in the last quarter. Headlands Technologies LLC boosted its position 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 purchasing an additional 6,933 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Applied Digital by 25.0% during the second quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company’s stock worth $224,000 after purchasing an additional 7,517 shares during the period. Finally, ARS Investment Partners LLC bought a new stake in Applied Digital in the second quarter worth approximately $60,000. 65.67% of the stock is currently owned by institutional investors.

About Applied Digital

(Get Free Report)

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.

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