Applied Digital (NASDAQ:APLD) Stock Price Down 6.6% – What’s Next?

Applied Digital Co. (NASDAQ:APLD) dropped 6.6% on Friday . The company traded as low as $8.37 and last traded at $8.59. Approximately 5,052,017 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 8,645,497 shares. The stock had previously closed at $9.20.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. HC Wainwright increased their price objective on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Craig Hallum boosted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Cantor Fitzgerald initiated coverage on shares of Applied Digital in a research note on Friday, December 20th. They issued an “overweight” rating and a $15.00 target price for the company. Roth Mkm reissued a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research note on Thursday, October 10th. Finally, B. Riley lifted their price objective on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $11.14.

Applied Digital Trading Down 9.1 %

The company has a market capitalization of $1.77 billion, a PE ratio of -7.15 and a beta of 4.67. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. The business has a fifty day moving average price of $8.54 and a 200 day moving average price of $6.63.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The firm had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. During the same quarter last year, the firm posted ($0.10) earnings per share. Applied Digital’s revenue for the quarter was up 67.2% compared to the same quarter last year. Analysts expect that Applied Digital Co. will post -0.4 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Richard N. Nottenburg sold 19,369 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total transaction of $145,461.19. Following the transaction, the director now directly owns 384,317 shares of the company’s stock, valued at approximately $2,886,220.67. The trade was a 4.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total transaction of $80,100.00. Following the sale, the director now directly owns 208,506 shares of the company’s stock, valued at approximately $1,670,133.06. The trade was a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 359,369 shares of company stock valued at $3,115,161. Company insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

Several institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its holdings in Applied Digital by 48.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock worth $25,258,000 after acquiring an additional 1,002,862 shares in the last quarter. Hood River Capital Management LLC grew its stake in Applied Digital by 8.7% in the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock worth $57,098,000 after purchasing an additional 771,699 shares in the last quarter. Alight Capital Management LP bought a new stake in Applied Digital in the second quarter valued at about $3,570,000. Van ECK Associates Corp raised its stake in Applied Digital by 18.3% during the second quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock valued at $17,077,000 after buying an additional 443,699 shares in the last quarter. Finally, Barclays PLC lifted 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 buying an additional 428,428 shares during the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.

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.