Applied Digital (NASDAQ:APLD) Stock Price Down 2.1% – What’s Next?

Applied Digital Co. (NASDAQ:APLD)’s stock price dropped 2.1% on Tuesday . The company traded as low as $6.01 and last traded at $6.11. Approximately 5,876,656 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 27,895,232 shares. The stock had previously closed at $6.24.

Analyst Ratings Changes

APLD has been the topic of a number of recent research reports. Cantor Fitzgerald reduced their target price on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research report on Monday, February 24th. HC Wainwright upped their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Northland Securities upped their target price on shares of Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 4th. Finally, Compass Point initiated coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 target price on the stock. Nine research 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 price target of $12.11.

Applied Digital Stock Down 5.1 %

The company’s 50-day moving average is $8.18 and its 200 day moving average is $7.80. The company has a market capitalization of $1.40 billion, a PE ratio of -3.63 and a beta of 4.69. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77.

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

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.85, for a total value of $177,000.00. Following the transaction, the director now owns 342,923 shares in the company, valued at $3,034,868.55. This represents a 5.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its holdings in Applied Digital by 36.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after buying an additional 240,554 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in Applied Digital during the 3rd quarter valued at approximately $545,000. Rhumbline Advisers grew its holdings in Applied Digital by 68.7% during the 4th quarter. Rhumbline Advisers now owns 258,892 shares of the company’s stock valued at $1,978,000 after buying an additional 105,428 shares in the last quarter. Exchange Traded Concepts LLC grew its holdings in Applied Digital by 37.6% during the 4th quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company’s stock valued at $7,656,000 after buying an additional 273,666 shares in the last quarter. Finally, Barclays PLC grew its holdings in Applied Digital by 736.8% during the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after buying an additional 428,428 shares in the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.

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.