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Douglas S. Miller, a director at Applied Digital Corp. (NASDAQ:APLD), reported selling 10,000 shares of common stock on October 17, 2024. The shares were sold at an average price of $8.013, totaling approximately $80,130. Following this transaction, Miller holds 208,506 shares directly.
Additionally, Miller reported two transactions on October 18, 2024, involving the disposition of 3,000 shares of common stock, with no monetary consideration involved. These transactions reduced his holdings to 205,506 shares. The shares include 33,685 restricted stock units that will vest on November 9, 2024, as part of his service as a non-employee director on the company's board.
In other recent news, Applied Blockchain Inc. has been the subject of several analyst upgrades following significant revenue growth and executive changes. The company saw a 67% increase in its fiscal first quarter 2025 revenue, reaching $60.7 million, primarily due to strong performance in data center hosting and cloud services. However, it reported an adjusted net loss of $21.6 million.
H.C. Wainwright, Lake Street Capital Markets, and Craig-Hallum have all increased their stock price targets for Applied Blockchain, citing the company's progress on construction and ability to secure leases. Needham has maintained its Buy rating on the company, with emphasis on the nearing completion of a high-performance computing lease with a major hyperscaler, which is currently 98% finalized.
The company also announced strategic investments and progress on its Ellendale high performance computing campus construction. Saidal Mohmand has taken over as Chief Financial Officer, with David Rench transitioning to the role of Chief Administrative Officer. These developments highlight recent activities within Applied Blockchain Inc. as it continues to progress on its current projects and strategic investments.
InvestingPro Insights
As Douglas S. Miller reduces his stake in Applied Digital Corp. (NASDAQ:APLD), investors might be curious about the company's current financial standing and market performance. According to InvestingPro data, APLD has shown impressive growth, with revenue increasing by 124.03% over the last twelve months to $189.96 million. This aligns with an InvestingPro Tip indicating that analysts anticipate sales growth in the current year.
The stock has also demonstrated strong market performance, with a 221.4% price return over the past six months and currently trading at 98.2% of its 52-week high. This robust performance is reflected in another InvestingPro Tip, which notes the stock's significant return over the last week.
However, potential investors should be aware that APLD is not currently profitable, with an adjusted operating income of -$90.86 million over the last twelve months. This is consistent with an InvestingPro Tip suggesting that analysts do not anticipate the company will be profitable this year.
For those seeking a more comprehensive analysis, InvestingPro offers 20 additional tips on Applied Digital Corp., providing a deeper understanding of the company's financial health and market position. These insights can be particularly valuable when assessing the implications of insider transactions like Miller's recent stock sales.
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