Applied Digital (NASDAQ:APLD) Stock Price Down 0.6% – Here’s Why

Applied Digital Co. (NASDAQ:APLD) was down 0.6% during trading on Thursday . The stock traded as low as $9.56 and last traded at $9.89. Approximately 14,920,338 shares traded hands during mid-day trading, a decline of 38% from the average daily volume of 24,078,941 shares. The stock had previously closed at $9.95.

Analyst Ratings Changes

APLD has been the subject of several research reports. Cantor Fitzgerald decreased their price target on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. HC Wainwright raised their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Compass Point started coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They set a “buy” rating and a $10.00 price target on the stock. Northland Securities raised their price objective on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, February 4th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research report on Wednesday, January 15th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $12.11.

Applied Digital Trading Up 4.6 %

The stock has a market capitalization of $2.37 billion, a P/E ratio of -6.16 and a beta of 4.77. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The business has a 50-day moving average price of $8.45 and a two-hundred day moving average price of $7.43.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The business had revenue of $63.87 million during the quarter, compared to analysts’ expectations of $62.41 million. During the same quarter in the prior year, the business posted ($0.05) earnings per share. Applied Digital’s revenue was up 51.3% compared to the same quarter last year. On average, analysts expect that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Insider Buying and Selling

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the transaction, 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 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. Also, Director Richard N. Nottenburg sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $177,000.00. Following the completion of the sale, the director now owns 342,923 shares in the company, valued at approximately $3,034,868.55. The trade was a 5.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 270,000 shares of company stock worth $2,477,000. Corporate insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

A number of hedge funds and other institutional investors have recently modified their holdings of APLD. Private Advisor Group LLC boosted its holdings in shares of Applied Digital by 159.7% during the 3rd quarter. Private Advisor Group LLC now owns 38,700 shares of the company’s stock valued at $319,000 after acquiring an additional 23,800 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Applied Digital during the third quarter valued at about $88,000. Hunter Associates Investment Management LLC grew its holdings in shares of Applied Digital by 14.5% during the third quarter. Hunter Associates Investment Management LLC now owns 425,143 shares of the company’s stock worth $3,515,000 after purchasing an additional 53,809 shares during the last quarter. Beacon Harbor Wealth Advisors Inc. acquired a new position in shares of Applied Digital in the third quarter valued at approximately $83,000. Finally, Victory Capital Management Inc. raised its holdings in Applied Digital by 72.5% in the 3rd quarter. Victory Capital Management Inc. now owns 19,535 shares of the company’s stock valued at $161,000 after buying an additional 8,212 shares during the last quarter. Institutional investors own 65.67% of the company’s stock.

About Applied Digital

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.